As modern technology becomes more prevalent in our lives, it can be increasingly found in our homes. Today, 7 in 10 US households now own smart devices, and 18% own 2 or more. The most used smart device categories in the US are appliances, lighting, usage monitors, security and entertainment. However, with over 175 million smart homes worldwide, they can feature a plethora of different devices, machines, and applications.
While some of the most popular products are centered around the living room, such as the Amazon Echo or Samsung TV, there are devices for every area of the house. For example, garage openers, located outdoors, have a 13.8% usage rate. The demand for these products, especially among young buyers, is remarkably high, with millennials spending roughly $1,226 per year on smart home tech.
This industry is developing quickly, projected to grow to $205.61 billion by 2026 and promising major shifts in the horizon. While smart tech is proven to be cost-effective, 51% of buyers believe that prices are too high, which may be addressed by the development of new pricing and subscription models. Additionally, there may be more mechanical innovations, with the development of touchless technology, high-speed connections, and greater privacy protections. Finally, one can expect to see acquisition rates increase, as 51.3% of current device owners definitely want to buy another.
As smart devices continue to grow in prevalence, stay tuned for what is next.