Despite the fact that forecast numbers and market size estimates are often questionable and always to be taken with a grain of salt, we can compare by looking at one reliable firm’s numbers. Markets and Markets measured the Smart Home market at 5.3 billion in 2010 and about 84.5 billion in 2021. That’s certainly some growth, but I don’t think I’m alone in looking around and not finding the promised (projected) hockey stick growth, based on that 15x growth over a decade. And in the same recent report, the company only projects the Smart Home market to grow at a 10.4 percent CAGR from 2021 to 2026.
The causes are manifold and the subject of much discussion at every IoT networking session (put your favorite pet theory in the comments), but for my money, it’s a perception problem. Anyone who isn’t a tech-savvy early adopter thinks Smart Home tech is either too expensive, too dangerous (read: insecure), too complicated to manage, or all three.
Well, if I’m right, Veea, a leader in edge computing with a rich heritage in advancing connectivity from CMDA to Wi-Fi across many verticals, unveiled a solution at CES that addresses the challenges with smart home adoption.
The company is bursting into the IoT scene by (in their words) with a turnkey Smart Home as a Solution (SHaaS) called [email protected] [email protected] provides Managed Service Providers (MSPs) with an all-in-one offering featuring a Smart Hub with Wi-Fi 6 mesh router technology and application server, IoT connectivity with included connectivity for Zigbee, Bluetooth, and Thread, support for the new smart home interoperability standard Matter, 4G Gigabit LTE or 5G network connection, an intuitive control app with voice support, integration with leading smart home accessories, robust platform security, and built-in remote support.
All of these easy-to-use, plug and play features and surrounding support services are ready-made to ease concerns about difficulty and expense, while the robust hardware and software security is going to lock down any security worries, too. Finally, and wisely, in my opinion, Veea says they are ready to license and white label the SHaaS solution for existing MSPs to offer to their own consumers and small and medium businesses. The MSPs that buy-in, Veea says, will delight their customers and increase loyalty while driving new revenue streams via multiple routes.
“We see STAX being the standard-bearer for Smart Hubs of the future as a new product category in the broader mass-market,” said Alan Salmasi, Chairman and CEO of Veea, in the press release. “With its unique design, breadth of capabilities, and price-performance, and when combined with our Smart Home As A Service offering, this first-of-a-kind bundle delivers on the promise of a turnkey smart home experience for consumers while providing Managed Service Providers a highly sought-after value-added service that will boost subscriber loyalty and retention.”
Look, if those lackluster numbers aren’t going to be the real story for Smart Home, the industry is going to need a Grand Slam success that will take the whole market around the bases to everyday consumers, and I think this kind of approach has a good shot at the pennant.
Let’s play ball.