Smart Home Systems: Here to Stay?

Technological advancements continue to keep us not only connected to each other, but to our homes, too. New devices are making residential properties "smarter" with each passing day—and consequently, facilitating easier and more convenient home management.

Smart home systems featuring high-tech security, surveillance and other automated capabilities provide customizable performance, improved efficiencies, and perhaps most importantly, that all-important peace of mind from knowing your family is safe and sound. They're also growing in popularity.

While some may think the fascination with this technology may eventually fade with time, past and present data prove otherwise—indicating smart home systems are indeed here to stay.

RESEARCH CHARTS CONTINUAL GROWTH WITHIN THE SMART HOME INDUSTRY.

Market research consumer data portal Statista found impressive growth in the sheer volume of such systems installed throughout recent years, stating: “The number of these systems installed came to 3.5 million in 2012 and increased to 5.5 million in 2013.”

That’s a 57.14-percent increase in just one year, with more to come, predicts the analysis.

"Further growth is expected and the number of smart home systems is projected to exceed the 30 million mark by 2017," it continues.

ADDITIONAL STATISTICS ALSO SHOW AN OPENNESS AMONG U.S. CONSUMERS, PARTICULARLY MILLENNIALS, TO UTILIZE SMART HOME TECHNOLOGY.

Multinational professional services network PricewaterhouseCoopers (PwC) breaks down some of the underlying facts behind this popularity within a January 2017 infographic based on feedback from U.S. consumers. Titled "Smart Home, Seamless Life," it found that 81 percent of U.S. internet users were at least aware of smart home technology. Additionally, although only about a quarter of those reported owning such a device—26 percent, to be exact—43 percent "would be interested in future ownership."

Such figures exemplify the trajectory of the technology's future adoption.

Furthermore, the infographic identifies millennials—the generational demographic including those born between 1981 to 1996—as “better at imagining what’s to come” compared to their elders. This demonstrates their open-mindedness when it comes to utilizing new, innovative technologies.

Twenty-nine percent of those surveyed between the ages of 18 and 34 owned a smart home device at the time of the study, with another 18 percent reporting their intentions to purchase at least one device within the next year. Similarly, 35 percent of U.S. internet users between the ages of 35 and 49 embraced smart home technology, with an additional 13 percent planning to within a year, according to the analysis.

THESE NUMBERS ARE EXPECTED TO SIGNIFICANTLY INCREASE OVER THE NEXT FIVE YEARS.

Recent figures from economic and industry statistics search engine Reportlinker report that smart home systems—including those with security, entertainment, lighting, heating, ventilation and air conditioning (HVAC), healthcare, kitchen and additional applications—will continue to catch consumers’ attention, not just in the United States, but globally.

“The global smart home market is expected to reach an estimated $107.4 billion by 2023 with a CAGR [compound annual growth rate] of 9.5% from 2018 to 2023,” it states.

There are several reasons for this projected growth.

“The major growth drivers for this market are increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies,” explains the analysis.

Consequently, those who haven’t already adopted smart home systems will likely do so in the future.

General Security provides smart security systems to homeowners in various parts of New York State—including Long Island, Rochester, Utica, Albany and Buffalo—Florida, Virginia and North Carolina. Request a quote from us today.