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Over the past decade, the tech market broke boundaries they could only imagine. These advances made people’s lives easier by a wide mile. By 2024, there will be more than 400 million smart homes worldwide.
People are now living in the golden age of innovative technology. Furthermore, the convenience that smart devices offer is undeniable. With this new tech, one can manage all home equipment from one interface and tap into near-limitless features.
With that in mind, smart homes will only grow more common. Let’s dive into the fantastic world of smart homes!
As customers rush to acquire the technology, smart home companies are keen to cash in on the rising demand. Thanks to the current high supply of options, automating homes is becoming more affordable.
Take a gander at these numbers showcasing the rising trend in smart appliance usage.
Matter is a standard for smart home tech that lets devices connect and communicate with other Matter-compliant devices. Developed by more than 170 organizations, this wireless tech allows working with a variety of voice assistants and applications, such as:
In 2022 alone, 500,000 Matter-compliant products circulated in the market, and a further 5 million will reach customers by 2025.
Matter compliance makes your technologies work seamlessly together, regardless of brand. This is the main reason why more consumers purchase smart home devices.
Smart appliances are flying off the shelves in the US. 70% of consumers own at least one product. Most customers still plan to add more of the devices in the future, resulting in a sharp rise in revenue for the industry.
The public's interest in innovative home technologies is understandable since it adds another layer of security and accessibility, even if you’re far from home.
However, it does come with some risks. With the rise of cybercrime, $10.5 trillion will be lost due to security issues by 2025. Now, the US is eyeing the launch of a new trust mark aiming to strengthen smart devices by establishing cybersecurity criteria for companies to follow.
The participation of companies for the trust mark program is voluntary. However, tech giants like Google, Amazon, Samsung, Logitech, and LG Electronics USA have agreed to participate.
The smart home projection has been gaining momentum over the years. By 2023, over half of American homes will be equipped with smart devices.
It's almost twice as high as the 2019 figure of 33.2%. Forecasts for 2023 are significantly higher than the 31% compound annual growth rates for 2015, 2016, and 2017.
Home automation will likely be standardized soon, allowing people to get the most from these futuristic possibilities.
(Today’s Home Owner)
With a projected annual growth rate of 31%, experts forecast that the global home automation market will be valued at $81.6 billion by 2023. The growth of this market is driven by:
Home automation takes on repetitive, boring, and tedious work that people do at home. With the rise of these devices, people can use their valuable time to focus on more creative pursuits.
Home automation figures predict that by 2023, the global smart home market will be approximately $100.42 billion.
As more companies enter the market, consumers can access a broader range of options and prices. Having more options makes creating a fully connected and controlled home environment easier.
Smart home market projections show that by 2023, the North American region will be the biggest consumer at 40%. The Asia Pacific (APAC) region will be the second-largest at 30%.
By country, the US market led the North America Smart Home Services Market in 2021 and will hold this position through 2028.
Higher salaries in the US increase Americans’ disposable income. With more people having money to spend, people are more likely to give in to the demand for smart home gadgets.
The rise of smart home devices wouldn’t have happened without the widespread use of the internet. With 93% of Americans using the internet, owning smart speakers is a way to maximize connectivity.
Smart speakers enable people to access entertainment more easily, stay connected with family, and enjoy the assistance of a virtual helper for daily tasks.
Smart appliances come in all shapes and forms, from lights to thermostats. Aside from the comfort and convenience they can offer, smart appliances also give you control over how much electricity is used, which can help you save more energy.
Let’s dive into some interesting stats and facts about smart device usage.
(Todays Home Owner)
Nearly half of all US millennials are already on board with smart devices. Moreover, among those who still need to join the party, up to 70% have plans to snag one soon.
It's also important to remember that millennials were the first to grow up on the internet. They are also more likely to be early adopters of tech and other innovations.
🎉 Fun Fact: Technology is advancing more rapidly than ever. By 2030, 500 billion devices will be connected to the internet.
More than half of Americans state that using the devices usually saves them about half an hour of their time each day. Smart appliances can save on-the-go users by automating tasks that would otherwise require manual actions, such as:
These numbers might not look like much. However, it adds up to about 182.5 hours saved annually if you look at it cumulatively.
The global smart home market is on an upward trajectory, with the number of households expected to rise continuously between 2023 and 2027, reaching 311.9 million households. This represents a substantial growth of 86.47%!
By 2027, the number of families is estimated to reach 672.57 million. The world will move swiftly and effortlessly in the future, hands-free.
Voice-controlled devices play a big part in intelligent home systems. It can control your smart home's fixtures. 40% of adults use voice search in their daily activities.
Aside from voice searches, voice assistants can make calls, search for things online, send texts, or open messaging applications on your phone, smart TV, etc.
Here are some smart speaker and voice assistant statistics you’ll find interesting.
If you’ve ever used Alexa, you already know how smart speakers work. These handy speakers with assistants have become a hit in most US households. Almost half of the homes with broadband have adopted smart speakers with brilliant assistants.
With a smart speaker, anyone can make a voice command to:
It’s easy to see why these devices have become so popular in America.
🎉 Fun Fact: Alexa can do more than just play your favorite song and dim your living room lights. She also has a Super Alexa Mode, which unlocks her funny side.
Half of US citizens currently use the search-by-voice feature at least once a month. Smart speakers and smartphones are the top choices for voice users among consumers.
Experts expect that number to grow further as more companies introduce their versions of voice assistants and smart speakers.
The voice search method is more popular than other search points of entry, such as the phone's search box.
(Blogging Wizard & Demand Sage)
You know that voice-controlled devices will only be as efficient as their accuracy. Siri, Google Assistant, and Alexa are three of the biggest names in the industry.
But who is the mightiest among them? Google claims that its voice search is 93.7% accurate and is working on improving the remaining 6.3% of its voice search technology. So, that’s good news for all those hesitant to invest.
You no longer have to worry about your accent, either. Google will know.
Smart home industry statistics report that the current home penetration of smart speakers in the US is 1%. However, forecasts show that the figure will rise by 21% by 2023.
Smart speakers are popular among Americans due to their many features, which they can widely use for various purposes.
With its main selling point being speed and convenience, smart speakers allow people to find information without pulling out a phone or a laptop.
Smart devices offer homeowners some of the most advanced security options. They not only provide protection, but they also offer users peace of mind. You can monitor them via your smartphone or laptop, making them super convenient.
Here are some smart home technology trends regarding security:
(Source: Comfy Living)
Households that have embraced intelligent home security technologies since 2020 have invested nearly $19.4 billion. This figure is going to double to a whopping $35 billion by the year 2024!
Even though some of these devices are extremely expensive, consumers buy home security equipment to increase home protection.
(Todays Home Owner)
60% of US households feel comfortable using smart security devices. The growing emphasis on them means that the number is likely to grow in the future.
One of the main reasons why people love these devices is that you will have complete control and remote access to your home security at your fingertips. You can even give virtual “keys” to people you trust.
Smart devices have the ability to notify you of visitors and enable communication through a speaker, whether you're at home or away. It also helps keep children safe through indoor and outdoor cameras and geofencing features.
👍 Helpful Article: Adding safety features to your homes doesn't hurt, especially if you have kids around. Check out our list of leading parental control software to keep you and your little ones safe from virtual and physical harm.
Smart home facts show that some insurance companies reduce their premiums for homes with smart security systems. This means your insurer can decrease your premiums by up to a quarter of their regular rate.
Aside from peace of mind, you can save at least 20% on your home insurance.
(Todays Home Owner)
Eco-friendliness is one of the key advantages of smart homes. According to 74% of Americans, and 49% of US customers, they are willing to pay extra for such products.
Adapting to rapidly evolving technologies will be less difficult if you don't increase the energy cost.
Smart homes offer energy consumption data that improves consumers' energy efficiency and ecological awareness.
(Todays Home Owner)
63% of households have admitted interest in connected homes, security-wise. This makes sense because security systems remain one of the top smart devices people look for when investing in intelligent home systems.
A typical smart security system may include:
Smart home security systems help you protect your homes and belongings 24/7. A good smart system lets you monitor your home and your loved ones anytime and anywhere.
People's homes are getting smarter. We are already witnessing a revolution in smart home technologies that give us complete control over our homes. By 2025, there may be 27 billion connected IoT devices.
You can operate your lights, televisions, garage doors, cameras, laptops, and even your refrigerator from your couch while using your smartphone. Interconnected appliances, controlled with one hand in a click! Who wouldn't want all that?
If you are still on the fence, here are some exciting trends to follow:
Electricity and other utilities have become more costly in the past few years. In the US, 2022 saw an 11% increase in electricity prices from the year before.
The rising fuel costs for power plants also drove residential electricity prices higher. Moreover, there’s also increasing demand for reliable power grids. With this, even governments are now advocating for intelligent meters. As a result, the smart home market will experience exponential growth in the coming years.
With the growing demand for smart meters, homeowners will now be more empowered to control how much electricity they utilize. Furthermore, the market for these devices will be worth $29.8 billion by 2026. Experts expect its compound annual growth rate (CAGR) to reach 7.2% from 2020 to 2026.
👍 Helpful Articles: The rise of smart devices also means that companies will have access to your data. Thankfully, global trends show that people are more concerned about privacy than ever. Keep yourself safe, and check out our articles on privacy and security.
(Todays Home Owner )
As more people become privy to the benefits of having connected homes, homebuyers will likely see smart homes as more of a requirement than an option.
81% of consumers with experience using smart house systems admit they are likelier to purchase a home with such technology.
They cite the convenience and security that these smart home devices offer them and their families.
Men are more likely to own smart devices and adopt tech earlier than women. In the US, 82% of men and 49% of women possess at least one smart home device.
Many young people have been looking to integrate smart home technologies into their existing homes in recent years.
Living in a smart home gives people a convenient life and adds fun, pleasure, and relaxation to their daily lives.
Homeowners in the US, on average, save up to $98 by using the technology. This adds up to around $1,180 in savings each year.
With motion detectors, lights can be automatically turned off if no one’s using them. Google, Amazon, and Apple have advanced energy-saving features that you can connect to your smart gadgets.
This advancement in the industry makes it possible to save even more by using the latest smart devices at home.
Smart home devices will only become more popular with the fast-paced world becoming increasingly tech-reliant. With people having more disposable income and wanting more control over their time, smart home devices offer a unique way of providing security and control over their homes.
Smart home devices can do almost everything possible, from simple tasks like turning off lights and adjusting thermostats to warding off intruders and securing children and pets.
A hacking incident occurs every 39 seconds. Unfortunately, smart home devices are no exception. Hackers can get through your home security in a way you would expect. Cybercriminals can hack into your system and control your devices if you don’t secure them properly.
As of 2023, over 60.4 million households living in the US use smart home devices.
As of 2023, at least 69% of American homes will have a smart device. In 2024, it is expected to rise as more people install gadgets for monitoring, controlling, entertaining, and simplifying processes.
According to smart home statistics, smart homes are growing in popularity yearly. As the technology for automated homes gets more innovative, you will see an increase in the number of households looking to benefit from such technologies.
While many options exist, some companies have a larger market share than others. For instance, security and temperature control systems remain at the top of this category's list of popular devices.
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