Technology evolution has made inroads to our homes, deeply. A host of smart home products are now available, that automate the functioning of almost everything from lights to security cameras to electronic devices to curtains to dustbin shutters. Smart home gadgets today boast convenience and flexibility with panache.
Per IDC, smart home investments by consumers will more than double between 2016 and 2020, reaching over $63 billion by 2020. The smart home trend is here to stay, for a really long time.
Numbers say it all (Source- Statistica):
- Revenue in the Smart Home market amounts to US$69,551m in 2019.
- Revenue is expected to show an annual growth rate (CAGR 2019-2023) of 20.3%, resulting in a market volume of US$145,434m by 2023.
- Household penetration is 9.5% in 2019 and is expected to hit 22.1% by 2023.
Key technology trends to watch for, promising a smarter smart home in the future:
- Artificial Intelligence will take the smart home to the next level
Interestingly leading consumer electronics majors like LG, Samsung and Panasonic all are unveiling their plans to add AI to a host of their appliances.
AI enables appliances to work in tandem with each other to accomplish a task, like doing laundry for example.
By using AI and a wireless internet connection, devices can also identify when users are coming home to turn lights on, and when they have gone on holiday to put refrigerators into low-power mode. In the future, through AI technology, your smart home might even be able to monitor consumer behavior, learn and pre-empt the needs – without being instructed. The beauty is that the learning can be perfected by practice over years.
- The integration will make or break smart home devices
One of the main appeals of the smart home is the convenience it provides homeowners. We all love the convenience and it’s the smart home products that offer them this that will thrive in 2018 and beyond.
Technology is set to become much more efficient in 2018 and beyond with increased convenience, control and customization.
Smart homes filled with these connected products are loaded with possibilities to make our lives easier, more convenient and more comfortable.
- More internet-connected appliances than ever before
The IoT refers to the connection of the internet to everyday devices, which means you can control your devices from a smartphone or remotely. The IoT home market is set to skyrocket as internet connectivity is built into many existing products and services.
- Increased focus on surveillance in terms of functionality
Safety and security are continuing to be a big focus of the smart home because no matter what kind of household, everyone craves comfort and peace of mind.
Connected safety and surveillance systems with remote monitoring capabilities are expanding their share of the global smart home market rapidly. Per the BI Intelligence research company, report by 2019 home security systems will account for 38% of the connected home market.
Smart home surveillance products range from smoke alarms with carbon monoxide detectors to electronic locks and motion sensors that can be controlled via apps on consumers’ smartphones and Android devices.