Industry Overview: How will smart home technology impact our future homes?
Current statistics show that the smart house market will approach 40 billion USD in the US alone by 2020. Many people look to smart houses to make their lives more convenient and lower the amount of things that they have to worry about. 57% of Americans say that having smart products in their house saves them about 30 minutes per day, that's 182.5 hours a year, or roughly a week and a half. The percentage of people with smart products in their house is growing substantially with 47% of Millennials already owning some devices while 70% who already own one product are planning to buy another one.
Homebuyers: Which smart products do they want?
Many buyers (⅗) of smart home products buy for the ability to monitor their house via their smart phone. They'll also buy cameras and video doorbells, carbon monoxide and fire alarms, and smart lighting. The market for these products is growing as more people switch to having smart technology in their homes. 63% want smart locks and alarms, 63 % want smart thermostats and fans, 58% want smart lighting, and 56% want carbon monoxide detectors and nightlights.
Homeowners: How "smart" does a home have to be?
Even though the demand for such products is growing, many homebuyers do not expect smart technology to be in place in old homes (new construction, yes). Over half of current homeowners (54%) plan to buy such products to increase the resale value of their house. However, not everyone is willing to pay extra for smart products, but are fine if they're already in place. Some people (37%) who don’t already have such products in their house do not think of themselves as early adapters to the technology.
Home Security: Can a smart home be outdone?
One of the biggest fears about this technology is if the house be hacked. There are many access points through which hackers can get into your system and access it via the internet. However, a majority of smart house systems require that the user be connected to the wifi at the house, so the hacker would have to be in range of the wifi signal. Another deterrent is that hackers have not found a way to make money off of hacking different smart house technologies.
To avoid hackers altogether, there are some simple things you should not do when connecting your smart devices. You should avoid having multiple devices connected to the same service and not allow public wifi. The best ways to keep your house safe is to use different kinds of authentication for your devices, always conduct security updates for new and old devices, and make sure to have malware protection.
Smart devices will be ubiquitous in the future. In order to be ready for the change, make sure you know more about the different smart house devices available for your home, the different ways they can benefit you, and the security measures that you can take in order to make the transition to smart house devices smoother.