A larger and larger percentage of homes are qualifying as smart every day. In simple terms a smart home has devices that can be controlled by the owner remotely through a mobile app. Having a basic understanding of the industry and some statistics is a great way to start navigating all the options available.
SMART HOME MARKET STATISTIC
In 2017 there was an estimated 142 million smart homes in the world. The projection for the end of 2023 is that the number of smart homes in the world will be 353 million.
150% growth in five years is impressive. Some percentage of this growth is happening in almost every country in the world.
ADVANTAGES OF SMART HOMES
Saving time at 57% and saving money at 45% are the key drivers of people investing in smart home technology.
Routines created to control the scheduling of smart devices can save you time.
Lighting routines and energy-efficient features of smart thermostats can save you money.
RESALE IMPACT OF SMART HOMES
More than 50% of owners believe having a smart home will help it sell faster and more than 80% of millennials are ready to pay more for a smart home.
Smart devices add to a property value, especially if they are already installed.
Millennials are paying more, and the Gen Zers that follow will continue that tradition.
5G IMPACT ON SMART HOMES
The IoT is the backbone of a smart home and once 5G capability is standard in smart devices the integration possibilities increase exponentially. Additionally, 5G technology will run these integrations faster.
The Internet of Things (IoT) is a network of things with embedded software and sensors that connect and then exchange data with other similar devices over the internet.
The benefits of owning a smart home are comfort, convenience, energy savings, and peace of mind. The potential to be realized with the technology being introduced to our homes is limitless. Multiple studies have shown that more than 40% of homes already have at least one digital assistant device. As you start to smarten your home or consider adding smarts to what you have, work with Smart Homes Solutions LLC, the local experts, who provide personalized assessment, installation, and education services for homeowners.
