Thanks to modern technology we can now tell our oven to warm up before we get home from work or see if anyone has been prowling around the house while we are on vacation. In fact, it seems new levels of convenience and luxury are arriving continually. With this in mind, what does the future hold for smart devices in the home?
One consideration is the clear trend towards more and more smart homes, especially with the younger generations. Currently 69% of American homes already have a smart device, and that number soars to 175 million across the globe. Yet, as new innovations arise, surely those numbers will only continue to increase. It is easy to envision a future where we would be hard pressed to find a home without smart devices.
So, which smart devices are the millennials and generation Z filling their homes with the most? 25% are buying smart televisions, and 36% are enjoying smart speakers such as Amazon Alexa. In fact, these generations are so enamored with their home technology that 86% would pay more for a home with this technology. Millennials rank at the top of spending on smart devices at a total of $1,226 per year.
Surely the demand for smart home technology will only rise as more and more people see the savings also. For example, smart thermostats can easily cut heating and cooling costs by 10% every year. Even a smart light bulb saves $35 a year.
Indeed, as new technology comes on the market, and more people experience the benefits of smart home devices, housing markets stand to be greatly impacted. With connected devices becoming an ever increasing selling point, home sellers and buyers have much to gain.
From smart freezers to smart vacuum cleaners to smart smoke detectors, connected homes are becoming big business—and new technology is arriving on the scene all the time. Overall, the market is booming so quickly that it is predicted by 2026 to reach $205.61 billion.
The future looks smart.