Google had plenty of good reasons to scoop up Nest last month, but the latest report from Juniper Research could be one of the best yet. According to the report, revenues generated from smart home devices are expected to reach $71 billion by 2018, up from $33 billion in 2013. Although much of that revenue will come from entertainment services, the entire connected market will continue to expand exponentially in the coming years, from Nest’s thermostats and smoke detectors to smart refrigerators and washing machines.
Now that Google has taken the helm, Nest’s reach should grow along with the smart home market. Juniper notes that “security and control elements” of the smart home could be worth nearly $12 billion by 2018, something that could factor in to future Nest products as they begin to ingratiate themselves further into our lives. There’s still plenty of growth ahead for the smart home market, and Google looks to have entered right on time.