When smart home technology first came about, it was more of a fancy novelty for the wealthy. Back in 2008, when the movie Iron Man hit the screens, we all thought the smart home Tony Stark owned was awesome. Leaping forward a decade and we now have many of those smart home devices available to us by making a quick order on Amazon or a trip to the store.
As technology advanced and the cost to produce these products decreased, it has become more affordable to the average consumer. Market analysts all agree that smart home technology will be one of the fastest technology sectors for the next several years. The anticipated growth is a result of consumer acceptance and the low cost to purchase the devices.
Technology products, in general, experience rapid development once they receive consumer acceptance. What this means for us consumers is we can expect to see products hitting the market that we have never seen before and existing products with new features. Here is where we can expect to see the smart home technology market head in the future.
1. Standardization of Home Automation
One of the issues we have seen in the past, smart devices lacked compatibility to be controlled by one automation system. Currently, two command centers are dominating the market, Amazon Alexa, and Google Home. Manufacturers of smart home devices are teaming up with these two giants to integrate their products to work seamlessly with the command centers. Smart devices that were designed to work with these command centers make it adding new devices to your existing system, a much easier process.
Integrating all the devices into one system allows all devices to be controlled by one command center. Both Alexa and Home are smart speakers that will enable the user to control smart home devices with voice commands.
As many as 39 million people already own smart speakers, making it even more convenient to addon smart home devices with the device, they are already familiar with using.
2. Smart Homes Will Change The Housing Market
Smart home technology, advertised as standard in a majority of new homes built by national builders. Consumers want these conveniences in their new homes, and to attract buyers, builders are installing some level of smart home tech. Depending on the builder, the standard system may be pretty minimal, but they offer a wide range of upgrades. With the compatibility of most devices, a homeowner can make the upgrade on their own.
The cost to install smart technology in new construction is considerably less than fitting it into an existing home. Many of these devices offer the homeowner conveniences as well as energy savings. All are terrific selling points for their homes.
3. Improved Home Monitoring Technology
Nearly all Internet of Things (IoT) devices use sensors to monitor conditions in the home and send data to the homeowner. Smart thermostats, smoke detectors, and alarm systems are some of the current devices using sensors to keep homeowners updated on the condition of the home. But the number of products that will soon be available is going to require more advanced sensors and technology.
Imagine a monitor that could detect termites in the structure of your home before they cause extensive damage. Or a system that can detect a leaking water heater or pipe and prevent a flood in your home. There are companies currently working on these and many more devices designed to monitor various aspects of your home.
4. Smart Furniture
Manufacturers are working on bringing several smart furniture pieces to market. While these may not be energy-saving devices, they do offer more comfort in your home.
Sleep Number is working on a bed that monitors how you sleep and then adjusts itself to give you a better night's sleep. If snoring is detected, it can gently raise the head of the bed. It provides notification if someone gets out of bed in the middle of the night. A nice feature if you are monitoring a sick child or an elderly family member.
5.More Energy Savings
One of the best selling points for smart home devices is their energy savings potential. Studies on smart home thermostats show up to a 30% savings on energy bills, and this type of saving is what consumers have come to expect. Many consumers justify the purchase if there is data there to show the savings will offset the purchase price.
The future of the smart home technology market will be driven by consumer spending. We can expect to see most future devices designed to integrate with existing systems and be able to install without significant effort.