They survey, which was carried out with 2,500 households, shows that the majority of consumers have yet to be convinced by the value of smart home products, said EY’s lead telecommunications analyst Adrian Baschnonga.
However, the firm also stressed that opportunities remain for organisations looking to capitalise on the “smart home revolution.”
Opportunities look most promising for energy and energy services providers with smart heating technology identified as the favourite connected home technology currently available. 26 per cent of those surveyed said they would be likely to buy a smart heating device in the next five years while 53 per cent said they would be unlikely to do so.
The main obstacle to growth in the connected homes market is awareness and a “fragmented market place of competing solutions”, according to Baschnonga. These problems are “hindering the development of simple offerings that resonate with households,” he said.