The continuously booming smart home industry will bring opportunities to players in the security, insurance, telecommunication, commercial and digital health industries, according to the recently released Z-Wave Ecosystem Report by the
Z-Wave Alliance.
As smart speakers continue to boost smart home adoption, the residential security market is still a huge driver. While DIY security products like Ring and Scout gain traction, demand for professional installation from ADT, Vivint and Alarm.com, for example, is still present. ADT reported that 40% of its 7.2 million subscriber base were users of ADT Pulse, the company’s smart home offering.
“Many consumers aren’t interested in diving into self-installation and want professional help aka “do it for me,” says the Z-Wave report.
Insurance application
As smart home adoption grows, insurance providers have begun to
form partnerships with smart solution companies in order to foray into the industry. They started slow by offering small discounts for customers who install certain smart security devices.
A smart lock may be linked to a doorbell camera so that homeowners can see who’s trying to get in. The use case becomes more powerful when multiple devices work together along with an intelligent back-end and a system collecting data.
One of the strongest benefits of a smart home is its ability to help prevent a home or building from damage — whether that is weather, appliance, home structure or human (burglary or theft) related.
“Is getting a notification on your smartphone about a sensor detecting water in the basement really a game changer? Maybe not by itself, but give consumers access to a water management device that can actually turn off a water source from the app on their phone? That is a compelling story for an insurer,” the Z-Wave Alliance cites an IoT Agenda source.
Telco application
For telecommunications companies, the value of smart home lies in its ability to bring various devices in a home together including TV and internet, into a single, bundled platform.
“As more consumers add smart home gear to their existing entertainment and connected setups, telcos are looking at ways that they can be a part of this emerging revenue stream,” says the report.
Telco adoption is playing a large role in Europe: the largest telco in Europe (by revenue), Deutsche Telekom, announced earlier this year their expansion into the smart home via a partnership with Norweigan telco Hitch. Deutsche Telekom’s Smart Home solution has reportedly been rolled out to seven countries in Europe.
Commercial application
Connected technology is moving beyond the home and into commercial applications: large-scale installations in buildings like offices, multi-dwelling unit properties, hospitality, retail, etc. Many professionals who install lighting and building automation systems are starting to see smart technology as a great fit for both residential and larger commercial projects that can help save energy costs, reduce operational redundancy, provide for a productive working environment, and streamline lighting, security and more.
For example, Z-Wave Alliance member Parakeet offers a gateway and suite of software products that enable the deployment and management of home automation in large-scale rental properties.
Healthcare application
Digital health is a trending topic in the U.S.
There are numerous ways that devices like sensors can help with patient monitoring in homes and hospitals. For example, Systech and its partners have created a healthcare IoT solution that brings benefits for patients, healthcare providers and others.
Z-Wave devices for this application include door contact sensors to monitor restroom usage. Also, a bed sensor, customized with Z-Wave, is used to monitor real-time patient movement as well as unexpected bed moisture.
Besides patient monitoring, Systech’s IoT solution monitors the medical equipment used in a patient’s room. This includes monitoring the status of specialized medical equipment and generating alerts caused by conditions such as a low battery, or if a device is experiencing behavior outside of normal parameters. Advanced data analytics helps minimize equipment downtime.