It’s a sign of the times — and the booming business of IoT.
New research conducted by Parks Associates reveals that smart thermostats taking a larger portion of the market this year, accounting for over 40% of the nearly 10 million thermostats sold in the U.S.
The new report — “Winning Smart Home Strategies for Energy Management” — estimates that so-called smart thermostats will account for over 50% of the total market by 2017.
“Smart thermostats already account for more than one-half of the smart home devices in U.S. broadband households,” said Tom Kerber, Director of Research ans Home Controls & Energy for Parks Associates.
“Many utilities,” he adds, “have promoted smart thermostats as part of their home energy management initiatives; however, the retail channel accounts for the most units sold last year, nearly 45% of the total market, so opening utility programs to include the variety of different types and brands of devices is an important consideration.”
According to the provided report summary, leading retailers like Target, Walmart, and Best Buy are working to increase their offerings in the smart home category, including dedicated space to demonstrate these new products and build consumer awareness.