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The US smart home market has yet to take off. Quirky's recent announcement that it was filing chapter 11 bankruptcy — and selling off its smart home business, Wink — highlights this well.
At its current state, we believe the smart home market is stuck in the 'chasm' of the technology adoption curve, in which it is struggling to surpass the early-adopter phase and move to the mass-market phase of adoption.
There are many barriers preventing mass-market smart home adoption: high device prices, limited consumer demand and long device replacement cycles. However, the largest barrier is the technological fragmentation of the smart home ecosystem, in which consumers need multiple networking devices, apps and more to build and run their smart home....
Here's a look at the challenges of the smart home market and why it has yet to take off