Smart home product and service providers are changing in many ways. Smart home controllers and smart home platforms are adding more networks, more intelligence, more data analytics, and more value-added services.
Smart home service providers currently control nearly every aspect of their offerings. Consumers can choose their service provider, but the service provider chooses everything else. The service provider determines what products work with the platform, what algorithms control those products, what the user interface looks like, and even how the system is installed. The consumer has almost no control. If consumers want a group of products that work together, the easiest choice is to select a service provider or home control platform. With only a few exceptions, products that work together are not available without a smart home controller or a smart home platform.
Connectivity opens up many new possibilities that use smart products to enhance the value chains of different industries, unlocking new value and enabling participation in new revenue streams that are not directly funded by the consumer.
When asked, industry experts agree that the energy industry can provide the greatest financial benefit for smart home service providers. Therefore, the energy industry has a significant long term competitive advantage in the smart home market.
In addition, 90% of industry experts agree that alternative business models will have a significant impact on the competitive landscape in the next five years. At Smart Energy Summit, the session “Energy Providers: Opportunities to Dominate the Smart Home and Energy Management Market” discussed the offerings and new opportunities for energy providers to increase their role in the home.
- Corey Chao, Innovation Manager, Connected Home, NRG/Reliant
- Rick Luna, Sr. Manager, Products and Services, CPS Energy
- Steve Nisbet, VP - External Relations & Power Solutions, Wright-Hennepin Cooperative Electric Association
For more information about Smart Energy Summit, or to download the Event Summary, Click Here.
