Smart devices are now entering – and elevating – the comfort of homes. 69% of Americans own some form of a smart device, and this percentage is only expected to grow. Out of the 175 million smart home devices worldwide, the most popular categories of devices are in the entertainment, security, and usage monitors space. Examples of devices that are creating waves in this market are audio video devices, speakers, and smoke detectors.
Younger generations, such as millennials and Gen Z, are driving this global boom in smart home devices. 94% of Gen Z claim to value the convenience of the devices. They believe that smart technology is able to provide additional security to their home, such as providing surveillance while the owner is away. Smart devices are also able to increase cost-savings on appliance usage. For example, smart thermometers can cut HVAC costs by 10% every year.
The future for smart devices is very exciting. Touchless technology is on the horizon. High speed connections will only continue to accelerate and there will be greater privacy protections. Prices are also expected to drop, making the devices more affordable for Americans. Smart homes are the way for a safer and more convenient future.