Smart home technology is all the rage for Millennials and Gen Z. Millions of devices were sold in 2021 alone, as people become drawn to the convenience, cost-effectiveness, and safety that smart devices can provide. 7 in 10 households within America own a smart device, including speakers, smoke detectors, or video doorbells throughout their house. Devices within the entertainment category are the most popular, followed by security measures and usage monitors.
All of these devices help comprise the 175 million smart homes that exist worldwide. Young buyers make up the majority of this market, with 94% of Gen Z valuing the convenience of smart home products.
Smart tech is attractive because it is able to save a lot on homeowners’ energy costs. For example, smart thermostats can cut HVAC cots by 10% per year. Smart homes are also more secure; consumers are able to watch their homes while away through the help of security devices.
As technology develops, devices will become faster and more streamlined within a house’s ecosystem of devices. Touchless technology and greater privacy protections are some of the predictions for the future of this market. More homeowners are expected to be won over by this amazing technology, and the market is expected to grow to $205 billion by 2026.