With 7 in 10 US households owning a smart device, and 18% owning two or more, it is clear that smart devices will be shaping homes of the future. These smart devices span categories such as appliances, lighting, usage monitors, security, and entertainment, with entertainment being the most popular at a 45% usage rate. However, some products have higher levels of adoption than others, with audio video devices being the most popular at a 56% usage rate.
There are now more than 175 million smart homes worldwide, a movement facilitated by millennials and Generation Z. In the living rooms of these homes, you can expect to find a speaker, television, or a hub with a screen. In the bedrooms, look for smoke detectors in, indoor smart bulbs, or electric window shades. In the kitchens, identify a smart refrigerator, a smart dishwasher, or a smart oven. In the bathroom, there may be a smart mirror, a smart shower head, or a smart bidet. Outdoors, search for a garage door opener, smart gate lock, and sprinkler control system. With products like these being developed for every area of the house, millennials and Gen Z buyers have fallen in love with smart home technology.
The global boom in these devices is being facilitated by young buyers. Today, 86% of millennials would pay more for a connected home. 94% of Gen Z values the convenience of smart home products. Together, 80% of millennials and Gen Z say adopting smart home tech is a positive, as opposed to 69% of baby boomers. This is in recognition of the fact that smart tech is both cost effective, and helps create a more secure home.
Smart water heaters can save $4,500 over 10 years, and other technologies can lower HVAC and lighting costs. 17% of consumers used smart devices to watch their homes while away, creating added protection and making it the third most popular device category.
Thanks to the help of experts like Marja Koopmans, Director of Health and Smart Home at Amazon, developments in smart home technology are being faster, better, and more streamlined. The smart homes market will grow to 205.61 Billion by 2026, and feature more mechanical innovations, different prices and subscription models, and increase in acquisition rates. With smart homes being the way of the future, be sure to be ready for what comes next.