Connected technology in apartments and households show great potential as the Internet of Things (IoT) continues to mature, with consumers interested in select products more than others. The number of North American and European homes with smart thermostats increased 105 percent up to 3.2 million in 2014, according to Berg Insight.
Most of the growth occurred in North America, which saw 107 percent growth, reaching 2.5 million homes in just one year. Berg Insight believes the North America will continue to see massive growth in smart thermostats, with 24.6 million homes embracing the technology by 2019.
Nest, Honeywell and Ecobee currently lead the North American smart thermostat market, with a growing number of manufacturers and vendors joining the market. The ability for homeowners to more accurately track their utilities, and customize temperature controls, will become even more appealing as the technology matures.