{"id":43134,"date":"2023-10-20T15:26:22","date_gmt":"2023-10-20T15:26:22","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/internet-of-things-is-next-big-thing-how-startups-can-benefit-startupsmart\/"},"modified":"2023-10-20T15:26:22","modified_gmt":"2023-10-20T15:26:22","slug":"internet-of-things-is-next-big-thing-how-startups-can-benefit-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/internet-of-things-is-next-big-thing-how-startups-can-benefit-startupsmart\/","title":{"rendered":"Internet of Things is next big thing: How startups can benefit – StartupSmart"},"content":{"rendered":"
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A new study has found that the Internet of Things (IoT) in the home market is set to boom in Australia, as a whole host of startups look to capitalise on this growing trend in consumer goods.<\/p>\n

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The study by tech analyst firm Telsyte finds the Australian IoT home market is set to grow by almost 11 times to $3.2 billion by 2019. It also says that by then the average household will have 24 internet-connected devices, up from nine this year.<\/p>\n

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Telsyte senior analyst Steven Noble says much of this growth will be naturally as products evolve and incorporate the internet.<\/p>\n

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\u201cWhile long mooted, the internet-enabled \u2018whitegood\u2019 will finally become the norm, as most manufacturers \u2013 aided by the lower cost of micro-processing \u2013 build wireless internet connectivity into most of their products,\u201d Noble says.<\/p>\n

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There is much room for startups to take advantage of in this market, Noble says.<\/p>\n

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Here are some major takeaways from the study for startups in Australia:<\/p>\n

 <\/p>\n

IoT is becoming normalised<\/b><\/h2>\n

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While once almost a novelty expensive product, home appliances being integrated with the internet is fast becoming the usual thing, according to Noble.<\/p>\n

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\u201cWe\u2019re on the cusp of a boom, and IoT at home will become normalised in most homes,\u201d Noble says. \u201cThe IoT will be backed into ordinary products by default.\u201d<\/p>\n

 <\/p>\n

\u201cIt\u2019s something ordinary people will be able to get started on without massive investments or big personal commitments. It\u2019ll just be a natural aspect.\u201d<\/p>\n

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As IoT products become more mainstream, time is running out for startups to take advantage of this trend, Noble says.<\/p>\n

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\u201cThis is an opportune area for startups, but the best time for a startup to get involved would be yesterday,\u201d he says.<\/p>\n

 <\/p>\n<\/p>\n

Smart lifestyle is set to boom<\/b><\/h2>\n

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Smart lifestyle services are set to be the fastest growing and most lucrative area of home IoT, according the study.<\/p>\n

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Including appliances and gardening, the sector is expected to be worth $1.2 billion by 2019.<\/p>\n

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According to Noble, much of this growth is because of many companies are integrating the internet into their already existing products.<\/p>\n

\u201cCompanies not traditionally in the technology market ranging from Ikea to Breville are starting to unveil their IoT plans.\u201d<\/p>\n

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It comes as Samsung has pledged to connect 100% of its new products to the internet by 2020.<\/p>\n

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There are many Australian startups offering smart lifestyle services, including LEAPIN Digital Keys, allowing users to control locks from their smartphone.<\/p>\n

Users will get smart home hubs whether they like it or not<\/b><\/h2>\n

<\/b><\/p>\n

The study says smart hubs will have an expected market size of $64 million by 2019, due mostly to many customers getting a hub automatically when they buy a product like the Apple TV.<\/p>\n

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This makes it a tricky area for startups, Noble says.<\/p>\n

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\u201cThe majority of users will get it for free, they\u2019re maybe not thinking about smart home automation, they just connect a TV and the bonus is a simple smartphone hub,\u201d he says.<\/p>\n

\u201cYou used to have to understand it all and want it, now you just get it for free automatically.<\/p>\n

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\u201cUnless you\u2019ve got something really special, now is the wrong time to launch a smart home hub because people are going to be given one for free.\u201d<\/p>\n

One Australian startup offering a new take on the smart home hub is Oomi, which unlike many other startups, is taking the smartphone out of the equation.<\/p>\n

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The startup has its own remote, the Oomi Touch, which can control the accessories, as well as the home entertainment system.<\/p>\n

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Smart home security systems are also on the rise<\/b><\/h2>\n

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Many Australian startups are already entrenched in the IoT home security market, with the Sydney-based Homeboy leading the way.<\/p>\n

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The startup has won numerous prizes already and bills itself as an accessible alternative for online home security.<\/p>\n

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The Telslyte report says that global giants like Google getting involved in this field with the Nest camera monitoring solution will mean the adoption rates will skyrocket.<\/p>\n

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\u201cServices like Google\u2019s new US$10 per month Nest camera monitoring solution will disrupt traditional smart home service providers \u2013 increasing adoption of smart home services while lowering unit prices.\u201d<\/p>\n

 <\/p>\n

It\u2019s expected to be worth $416 million by 2019.<\/p>\n

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Startups need to keep ahead of the big players<\/b><\/h2>\n

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With big players like Samsung getting on board with the IoT in homes, startups need to keep innovating and coming up with new ideas, Noble says.<\/p>\n

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\u201cThey need to be in the right place at the right time,\u201d he says.<\/p>\n

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\u201cIt might be the right time for something like a smart light bulb startup.\u201d<\/p>\n

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That\u2019s good news for LIFX, an Australian startup offering Wi-Fi enabled, multi-colour energy efficient LED light bulbs that can be controlled through a smartphone.<\/p>\n

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\u201cThere are still opportunities for startups, they can come in and do things that the big guys haven\u2019t thought of yet,\u201d Noble says.<\/p>\n

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\u201cThere\u2019s some other space that the big guys aren\u2019t thinking of, and startups can get the future advantage there.\u201d<\/p>\n

 <\/p>\n

Raising your<\/i> first round of capital<\/i><\/a>? Starting a<\/i> crowdfunding campaign<\/i><\/a>? Want to grow your business<\/i> with Instagram?<\/i><\/a> StartupSmart School can help.<\/i><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

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