International. After a few years of existence, the smart thermostat market is now poised for growth, according to analyst Navigant Research. This market is being driven by the arrival of a range of innovative devices and software that appeal to a wide variety of customer segments, particularly in North America and Europe.
According to the research firm's report, annual global revenue from smart thermostats and associated software and services is expected to grow from $146.9 million in 2014 to $2.3 billion in 2023.
"It's not just end users who are interested in smart thermostat technologies," said Lauren Callaway, a research analyst at Navigant Research. "Today, adoption is increasing in various customer segments, such as utilities, energy retailers, small businesses and homeowners, who realize the value in using these devices to manage their energy consumption and save money."
Smart thermostats, along with associated software and services, offer a variety of capabilities, including temperature control, analytics and automation, connectivity to home area networks, and the ability to respond to utility price signals, including time to use and demand response. according to the report. In addition, these devices can access cloud-based services.
