In an August 2012 interview, Ingersoll Rand Chief Technology Officer Paul Camuti said that the home automation market was worth $1.5 billion, and could top $2.5 billion in five years' time. The sole barrier to this progress, he said, was cost.
"If the minimum price you have to pay to automate a home is $2,500, the addressable market is pretty small," he said. "If your entry level price is $250, the market is a lot bigger."
Today, price remains an obstacle for the majority of homeowners, so it remains to be seen if Camuti's prediction turns out to be accurate. But while the cost of a "smart home," also known as a "connected home," might be an issue for some, the technology isn't.
If you've got the money to spend, then the means to automatically heat your house, run a bath and turn on mood music are already at your disposal. You can even do those things from your smartphone, before you even get home.
CNBC.com presents a look at the growing industry of home automation, smart homes and connected homes, and spotlights what's on the market today, and what's to come in the not-too-distant future.
By Daniel Bukszpan
Posted 17 Sept. 2013
From refrigerators to freight trains, CNBC's "Rise of the Machines" shows you how a new generation of connected machines can now speak to us, and each other. "Rise of the Machines" premieres Wednesday, Sept. 18 at 9 p.m. ET/PT.