Consumers are quickly beginning to accept, embrace, and even demand smart home technology. By 2022, the market for connected home technology is expected to exceed $53.45 billion.
This growing demand is influenced by a variety of factors. Smart technology is more appealing to younger demographics and millennial homeownership is growing faster than any other age group.
Consumers have begun to not only trust the technology but to recognise the safety and convenience it brings to their lives. This article will explain what a connected home is, how connected home devices can transform your home, and the types of technologies that are currently available.
What is a Connected Home?
The internet of things (IoT) refers to devices that can connect to the internet, can be managed from your smartphone, and interact with each other. Many of the connected products on the market you can buy for your home are IoT devices.
Since your devices connect to the internet, they need to be managed from a smart home hub app on your phone. This allows you to manage your home remotely and monitor the status of different devices, saving you both time and money.
Here are the most common types of smart home devices on the market:
- Smart speakers: Smart speakers, like the Amazon Echo, Google Home and Sonos, are wireless speakers you can give voice commands to. They also connect to and control other smart devices in your home.The demand for voice technology is growing; one research study found that by 2023, 275 million voice assistant devices will be used in homes. But smart speakers are just the beginning of voice technology. It’s expected that eventually, everyday household items will have voice capabilities.
- Smart heating systems: Smart heating systems allow you to control the temperature inside your home from your smartphone. Some examples include the Nest thermostat and Hive Active Heating. Most smart heating systems can also detect when you leave or return home and adjust the temperature in your house accordingly.
- Smart security systems: With a smart security camera, you can monitor the safety and security of your home remotely. Designed for both outdoor and indoor surveillance of your home, these cameras are fitted with motion sensors, sound sensors, facial recognition and more to send alerts to your phone.
- Smart lighting: Smart lighting adjusts the lighting in your home. You can turn the lights off from your phone or even turn certain lights on if you’re gone in the evening. What’s more, smart lighting is more energy efficient so it’ll save you money in the long run.
4 Benefits of a Connected Home
One report found that there are over 3 billion smartphone users worldwide. By 2021, that number is expected to pass 3.8 billion. Smartphones have improved many aspects of our lives so the natural next step is to bring this technology into our homes.
Connected devices allow you to improve control over every aspect of how your home operates. Here are four benefits of transitioning to a connected home:
- Increased property values: Smart home technology actually increases the property value of your home. Consumer Reports found that smart home technology increases the resale value of your home by 5%. And home appraisers are starting to account for the added value of smart home features.
- Safety: Smart home technology has the power to improve the safety of your home and ensure it is secure for your family.
Smart home devices can detect threats like carbon monoxide, fire, and can even alert the police for you in case of an emergency. Glass break sensors can detect possible break-ins and doorbell cameras let you see who is at your door even when you aren’t home so you always know your home is safe, no matter where you are. - Energy efficiency: The best way to cut down on your energy bill is by investing in a smart thermostat.
This could add up to a savings of around $145 a year which means the device will pay for itself after about two years. However, you should check with your electric provider because some companies will install them for free.
But smart thermostats aren’t the only way to boost your home’s energy efficiency. Smart light bulbs, dishwashers, and even laundry machines can help you conserve water and energy and save money down the road.
- Convenience: Smart home technology allows you to manage all your home devices from one location. Plus, you can control all of these systems remotely. So even when you aren’t home, you can adjust the temperature, turn lights on or off, and speak to someone at the front door.
Are you ready for the home of the future?
The global market share for smart home technology exceeded $14 billion in 2017. By 2025, 10% of homes worldwide will be connected homes. Connected homes are not just a fad or a trend among younger generations; they are the future of homeownership.
Many companies offer smart home kits with a variety of devices to help you start out. However, even making small changes can increase your home’s functionality, safety, and cost-effectiveness for years to come.
