Global smart home services are expected to generate total revenues of about $71bn by 2018, according to a report from Juniper Research.
According to the report, the increasing smart home services created revenues of $33bn in 2013.
Entertainment services are expected to contribute to about 80% of the total smart home service revenues during the forecast period, driven by the increase in faster connections that would allow service providers to offer better volumes of content.
The introduction of the OTT (Over-The-Top) content providers includes Netflix, LOVEFiLM and Amazon Instant Video.
The report revealed that the industry collaboration between stakeholders is important for capitalising from the Internet of Things.
Security and control systems used in the smart home services are also expected to add to the growth with generation of about $12bn in revenues by 2018.