Smart home technology is sweeping across the nation as rapidly as a field fire. Not only that, it is changing the world at the same time. Here are 10 trends in the smart home industry making a huge impact on people’s lives!.
1. Demand For Voice Control
72% of smart home device owners want voice control capability. It’s one of the easiest ways to automate a home. But voice control capability comes at a high price. Interestingly enough this demand comes first and foremost from Millennials.
2. Demand For Security
3 out 5 Americans buy smart home products with which to monitor their homes via Smartphone. 62% of Americans claim home security as the top benefit derived from smart homes. It is estimated that the smart security industry will surpass $100 billion by 2020. Smart security products are some of the most used devices.
Smart homes are designed to benefit its users. Appliances and devices are automated to give its users greater freedom. It’s no wonder that 57% of owners claim their smart devices save them 30 minutes per day. Add that up over a year and you’ll save more than 182 hours. That is a little more than a week.
4. Millennials Are The Early Adopters
47% of Millennials already own smart devices. They roughly make up about 34,6% of the total users in the market. They are the early adopters of this technology. They aren’t the wealthiest generation currently on the planet. But they own the most smart home products because of their willingness to buy the technology.
5. Smartphone’s Help To Drive The Technology
76% of smart home products are being controlled by Smartphone. It is then glaringly obvious why Samsung is the industry leader in Smart home product revenue. They see sales of over $213 billion. They have a footprint in 104 countries worldwide. Their Smartphone division is certainly helping them to keep momentum in the smart home industry.
6. Housing Market Needs
81% of home buyers in America would rather buy a house with pre-installed smart home products. 68% of Americans believe the smart home will be as common as a Smartphone within 10 years from now. The housing market may experience price shuffling due to the demand for smart technology.
45% of smart homeowners claim to save on average $98,30 per month. That adds up to $1’179,60 per year. Smart home devices can help your budget as well. Some of these products may be expensive. But it may save you money in the long run.
8. Smart Thermostats
Smart thermostats help owners to save about 20% per year. It drastically lowers home warming and cooling costs. This technology is extremely convenient to use. Access your thermostat remotely and change your indoor temperature over a Smartphone. With the convenience comes the added bonus of cost saving as well.
9. America Is The Leading User
32% of Americans use smart home products. It is the leading nation of the world. 7,5% of homes in America have products installed. That number is expected to grow to 19,5% by the year 2022. America has great infrastructure. It helps to support new technological advancements. Smart homes will grow faster in America than in third world countries.
10. America Spends A Pretty Penny
Americans have spent $19,827 billion on smart home devices. That may sound like a low amount when you compare it to the Gross Domestic Product of the US. Hang on to that stat for a while.
Smart homes run on a technology called the Internet of Things (IoT). IoT is expected to generate revenue exceeding $300 billion dollars in 2020. $19 billion odd spent on smart homes in 2018 equates to $300 billion in 2020. That carries a significant impact.
Ride The Wave
Smart homes are causing disruptive changes in how we go about our daily routine. It is also causing growth in technological advancements, especially when you look at automation and Internet of Things. It’s still in its infancy years. Only time will tell where it will go, but we’re sure it’s only going bigger. Take a look at the infographic below, and it will help you to understand better.
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