Trend Opportunity Profiles—Home Ecosystems

Trend Opportunity Profiles—Home Ecosystems

With more customers preferring to stay home following the COVID-19 pandemic, they want to make their living spaces multifunctional and efficient. Homes will serve multiple purposes: work, entertainment, relaxation, shared living, and health and wellness. Home ecosystems and service-based models that assist people with everyday tasks will cause a social shift. Safety, simplicity, and convenience are the driving factors convincing customers to adopt home ecosystem devices. Purposeful designs and efficient use of space are other aspects that boost smart device adoption. Companies in this market must consider integrating materials and technology to accommodate customers’ varying needs and provide the best at-home experience. This study explores home ecosystems making an impact and how major players are creating a network of multiple services to aid customers in their daily tasks. The home ecosystem architecture comprises the following components: 1) Digital Platforms, 2) Connected Devices, 3) Cognitive and Network Enablers, and 4) Connected Services. Companies offering digital platforms provide a central smart home hub for integrating smart devices. Connected devices are the devices that the digital platforms run. Cognitive and network enablers encompass software and technologies such as machine learning and natural language processing that make home appliances smart. Connected services refer to the spectrum of services that home ecosystems perform. Sustainable architecture, open collaboration, and personalization are the critical elements for the success of smart homes. Important steps and practices within each component will shape the purpose, design, and living environments of homes in the future.