The research firm's study found that more than 40 per cent of Australian households have at least one IoT device, with the average Australian household currently having about 14 different internet connected devices.
Telsyte defines IoT devices as smart internet-connected devices and appliances that allow consumers to control, monitor and enhance their lifestyles, typically remotely via mobile apps.
The company's managing director, Foad Fadaghi, said "The applications that are likely to become mainstream include voice activation hubs that control many aspects of the smart home and third party services".
"These include Amazon Echo and Google Home, and rumour has it that Apple is also set to launch a Siri hub device too ... The Internet of Things at home will touch many industries as businesses use smart automation to create new products and services for their customers."
Telsyte said the rise in value of the IoT-at-home market would be dramatic, with the $4.7 billion 2021 figure a sharp rise from $377 million booked in 2016.
It said an average of 13.7 connected devices in homes in 2017 would grow to 30.7 by 2021, with 14 of those devices being IoT.
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