These are devices like smart thermostats that allow users to remotely control household temperatures or LED lights that can be switched on and off from a smartphone. Basically it is the same thing as the IoT concept in the residential setting.
Navigant Research, global revenue from shipments of residential IoT devices is expected to total more than US$330 billion from 2015-2025. That is a lot of talking fridges and Internet connected underware.
Neil Strother, principal research analyst with Navigant Research said that the IoT is like putting together a jigsaw puzzle without any edge pieces, with the number of pieces growing exponentially into the billions.
"Communicating devices in the IoT traverse a wide range of industries and sectors-virtually all areas of life can expect to see some form of this connected world."
Despite the many drivers for the residential IoT market, there are at present multiple protocols and standards that are creating an interoperability barrier, he said.
Wi-Fi, ZigBee, Bluetooth, and others are all vying for market viability, which is creating confusion for consumers and stalling overall adoption, he said.