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Often, when faced with the question of how many devices a person is connected to, we think, of mobile devices, tabs or more recently VR headsets. But think about how many devices you’re actually connected to – cars, speakers, household electronic appliances, TVs, home security devices, security cameras, and door locks, to name a few. They’ve all long become a surprisingly mundane part of our lives. In an almost blink-and-miss way, we’ve already become rather comfortable in the ‘Connected Living’ era without realizing it. And the business world is sitting upright, taking notice of this. 

Connected living refers to a lifestyle that integrates technology into daily life to enhance convenience, efficiency, and personalization. It encompasses a wide range of applications like smart homes, wearable devices, connected cars, and smart cities. Connected living uses the Internet of Things (IoT), automation, data analytics & Artificial Intelligence, presenting entrepreneurs an opportunity to be part of a growing story that is the world of connected living.
According to a report by Mordor Intelligence, the smart home market alone is already estimated to be US$ 120 billion by the end of 2024. That number will rise more than three times, by 2029 to touch US$ 370 billion. Bouquet those homes into cities, says MarketsAndMarkets and the world is looking at a 1 trillion dollar market before this century turns 30. To put that into perspective, the global pharmaceutical medicine market in 2023 was estimated to be US$1.6 trillion.

Emerging Trends in Connected Living – Where Innovation Will Thrive

Starting with the obvious- smart homes, individuals and families continue to seek ways to make their lives simpler through automation. From microwaves to cook food while watching TV, right down to ACs that can be turned on on your way home, or refrigerators that can order groceries when they run out, homes are getting increasingly smarter by the day.

Just last year the Canadian government, for instance, inked a deal with Ericsson committing nearly UD$350 million towards the development of advanced 5G, 6G, AI, cloud RAN, and core network research over the next five years. This quantum and pace of investment, primarily seeking to proliferate the ease of availability of faster internet speeds, will only serve to hasten connected living.

From smart homes leveraging IoT and AI to intelligent energy management systems, some of the emerging trends in the domain of connected living are:

Smart Home Devices with IoT and AI

Finger pressing a smart home thermostat


The integration of IoT and AI technologies is revolutionizing the smart home market, enabling devices to communicate, track and analyze data, and make intelligent decisions autonomously. A report by Grand View Research suggests that the global IoT in smart home market size is expected to reach $540 billion by 2030 – a CAGR of just over 27% – driven by increasing demand for connected devices and home automation solutions.

Enhanced convenience and increased comfort, efficient energy usage and savings, and improved safety and security are just some of the topline benefits for those seeking to live a more connected life.

Google Nest, for example, claims its UK customers can save between 8.4 to 16.5% of their heating bills. Americans too, in another example, can shed off some of the US$ 130 billion they spend on wasted energy. Canadian Ecobee’s smart thermostats claim they can help you save up to 26% on your annual heating and cooling costs with their ability to program heating schedules, adjust comfort settings to reduce energy consumption when the home is unoccupied, and SmartSensors that adjust the temperature based on room occupancy.

Augmented Reality in Connected Living

Hands holding a phone showing a chair in their living room


Virtual visualization of the world, especially since the 2020 pandemic, has become a hotbed of innovation and investment. By the end of 2023, there were an estimated 1.4 billion AR device users globally. 61% of consumers preferred retailers that used AR – like the IKEA Place App that uses augmented reality to overlay products into their living room to see how they fit. Spending on AR is only going up from here, as it is expected to surpass US$ 50 billion by 2026.

Smart Building Automation

computer model of smart condo buildings


An extension of the smart homes phenomenon, buildings – both commercial and residential – and gated communities, are leaning heavily towards smart solutions. They seek to solve the same problems and tweak the same efficiencies as that of homes. Better communal security, collection, and collation of data for better decision-making, and greener and cleaner consumption of non-renewable energy are some of the areas of focus for smart buildings.

The global market for smart buildings is expected to cross over US$120 billion by 2026.

Intelligent Energy Management Systems (IEMS)

Intelligent energy refers to the use of advanced technologies, data analytics, and automation to optimize energy production, distribution, and consumption in a more efficient, sustainable, and cost-effective manner. Technology that classifies itself under intelligent energy includes, but is not restricted to smart power grids, energy monitoring and analytics, efficient response systems for demand and supply, enhanced energy storage and deployment, distributed energy resources (DERs), and building automation systems.

Undoubtedly a critical pillar of connected living, intelligent energy management is a direct cousin of the clean and green future of the globe. With over 40% of the world’s emissions coming from CO2 and other greenhouse gas emissions arising directly from electricity consumption by individual and commercial consumers, energy management is the lowest-hanging fruit for connected living solutions. Experts believe that up to 20% of that energy can easily be saved with smarter energy management systems.

Estimated to be valued at US$36.2 billion in 2020, the global energy management systems market size is projected to reach $161.9 billion by 2030, growing at a CAGR of 16.2% from 2021 to 2030.

The Future of Connected Living in Canada

Very few countries promote a balanced life like Canada does. With its globally renowned healthcare system, its robust welfare system, its ecosystem for innovation in tech and emphasis on quality of life, Canada is already the chosen destination for millions across the world to make Canada their home. This also, then, makes it home to some unique challenges, such as an aging population, or the need to efficiently deliver healthcare.

Understandably, then Canada has emerged as a hub for innovation in connected living with homegrown startups making waves in the global market.

The Implications of Connected Living for Businesses: Opportunities and Challenges

The implications of connected living for businesses are multifaceted, presenting a landscape filled with both exciting opportunities and formidable challenges. 

Let’s start with the opportunities:

Now for the challenges:

Why Canada for Connected Living Startups

Fortunately, startups based in Canada are well-equipped to tackle these challenges directly, thanks to the country’s exceptionally robust and supportive ecosystem.

Other Information and Links for Further Reading:

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