At home, we are the kings of our castle. When we care about where we live, we often spend a good deal of time and money on the aesthetics and beautification of our homes. Isn’t it about time that our homes kept up with the times technologically? The good news is that many of the homes are. Smart homes are rising in popularity. And why wouldn’t they? Smart homes make our lives easier in plenty of different ways, as well as more enjoyable, and more fun as well! Let’s explore the smart home and smart device market below, along with what types of devices there are and what generations these devices are most popular with.
How Large is the Smart Devices Market?
There is a surprisingly large and mature market for smart devices. Worldwide, there are more than 175 million homes with smart devices in them. In addition, there are nearly 70% of American households that now own at least one smart device. Hundreds of millions of devices of all kinds are shipped every year. The future holds an even larger influx of smart devices, with an estimated 1.77 billion total to be shipped by the year 2025. Smart home security devices, audio and video devices, kitchen appliances, as well as many more, are taking the spotlight as millions of homeowners modernize their homes.
What are Some Examples of Smart Devices?
So what devices are actually considered to be part of the smart devices market? Smart home tech devices such as smart speakers, smart fridges, and smartbulbs, are becoming more and more commonplace.
Moreover, here are the most popular smart devices with the United States Market:
- Smart Appliances (13%) which includes: fridges, freezers, and air conditioners
- Smart Metering (21%): this includes: smart home thermostats and smart water meters
- Smart Security (33%) which includes: security systems with an internet connection and remote monitoring capabilities
- Smart Entertainment (45%)which includes entertainment devices with Bluetooth, wi-fi, and hands-free screen controls such as smart speakers
What Demographic Generations Are Primarily Purchasing Smart Devices?
You might be wondering what age ranges of homeowners are typically the ones leading the charge in smart home device purchasing. It should come as no surprise that Millennials and Gen Z alike are leading the charge.
Many young homeowners have fallen in love with smart home tech and want to incorporate it into their new homes. 86% of millennials would pay extra in order to have a more connected home, with most homeowners wanting smart security systems for their homes. These younger generations see adopting this tech as a positive because of the convenience, cost-saving attributes, and security that these devices provide. Smart security is the third most popular device category as homeowners like to be able to check back on their homes while they’re away and value the extra protection and security they give.
Bringing it All Together
Learn more about why smart home tech is so popular and how to be prepared for this booming industry’s future in the visual deep dive below, courtesy of Rave Reviews: