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30 Million Homes Predicted to Add Smart Technology in Next 12 Months

A study by August Home and Xfinity Home shows a growing interest in smart homes technology and smart security. The study has helped reveal which features are most compelling as well as the motivation of consumers to use smart home technology.

Out of the 1,300 consumers surveyed, nearly 18% replied that they’d like to buy new smart home products during the next year and this includes 56% of those who have already installed at least one smart home product. Additionally, 12% of those without any smart home technology replied that they were planning to buy a product within the next year. This means smart home ownership would effectively double over the next 12 months, reaching 30 million households.

Analysts point out that the smart home industry is still extremely young, but as consumer awareness grows then the market is expected to see significant growth in end-user adoption over the next five years.

When it comes to adopting smart home technology, family safety is one of the biggest motivators for most consumers, but adding convenient features such as the ability to provide remote access to service providers and the ability to turn on lights after dark also rates highly in consumer’s wish lists. When it comes to smart home security, certain events can trigger a consumer to install these products. Not surprisingly neighborhood break-ins top the list at 46%, while moving into a new home came second at 26%. Another 14% would install home security as part of a home remodeling project, while 6% would install this type of product when managing a rental property. Just 5% consider installing home security after having a baby.

Consumers interested in the potential of smart home security rate connected cameras, video doorbells, connected lightbulbs and smart locks very highly. In spite of this many consumers still value more traditional call center monitoring systems that have worked extremely well for the home security market for decades.

Adopting smart home products can also provide consumers with new ways to manage their lives. One such possibility is to use a smart lock and smart phone access to control front door access to home service providers. Some 57% of those surveyed replied that they are open to the idea of letting service professionals into their home remotely using a smart phone. They were more likely to let service providers into their home where they had a longer term relationship with them. However an increasing number would consider letting in on demand delivery services and package delivery personnel, even though these are people they may only interact with once.

Allison Halliday

Allison Halliday is a Realty Biz News contributing writer. She handles International Real Estate and is a seasoned blogger.

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