Smart Home Market
Modern state-of-the-art homes are no longer required to have smart homes market. Sales of smart home technology devices have increased globally since the epidemic hit, with the goal of lowering energy usage, enhancing security, and automating household chores. The market for smart homes is therefore anticipated to grow to USD 313.95 billion by 2027.
The terms “smart houses” or “home automation” are used to describe a variety of monitoring, controlling, and automating options for homes. Smart home systems require a web gateway or smartphone app to communicate with the automated system, unlike simple home automation options like motorized garage doors. These gadgets have Wi-Fi automation capabilities that let users handle things like home theatre, temperature control, lighting, and security access.
Real-time management systems and the application of smart technology provide multiple benefits for the environment, homeowners, and tenants. The New York State Energy Research and Development Authority (NYSERDA) claims that by fostering an environment that minimizes energy waste, smart home technology can lower expenses by an average of 15% and boost profitability.
There are still some uncertainties about which products and systems will rule the smart home market, though, as it expands. In conversation with our Smart Technology Consultants, we present the 2022 Smart Home market. Trends that will affect the market’s final course.
Global Smart Home Industry
The largest market share is in North America, where it is anticipated that roughly 30 million US households will soon upgrade to smart home technology. This includes connected lightbulbs, smart locks, smart speakers, connected cameras, and video doorbells.
And people other than homeowners are incorporating smart home technology. The US Department of Energy says that 76 percent of all electricity was used in the building sector. This led to a large amount of greenhouse gas (GHG) emissions into the environment. It is essential that energy usage in buildings is decreased as well, in order to comply with laws and environmental issues.
5 Trends in Smart Home Technology
As the use of smart home technology continues to soar into 2022, the reigning champion from 2021 continues to be unbeaten. Smart home devices are becoming better linked, more organized, and simpler to use as a result of using the same goods and services throughout the house, such as Google Assistant or Amazon Alexa.
Smart home start-ups are creating ways for these devices to connect with one another from an integration perspective, saving homeowners important time and money. A Philips Hue lighting system is one example; it manages all of the lights in your house and may adhere to predetermined routines to switch them on and off in accordance with your schedule and demands.
Connectivity is essential to advancing the smart home system. As an illustration, a smart refrigerator may identify when you are running low on milk or eggs and add those items to your shopping list that is kept on an Amazon Alexa device. Additionally, ease of use keeps getting better, lowering the entry barrier. To set up a variety of gadgets, you only need a smartphone, Wi-Fi, and an outlet.
But its significance now goes well beyond just prospective homeowners. As many tenants have grown accustomed to expecting these devices to be installed in the homes they rent, a streamlined connection can also assist landlords or rentals in attracting customers. Prepare to pay more to live in a wired house!
Thanks to voice assistants like Amazon Alexa and Siri, which are now considered industry standards, AI gadgets are making common household tasks like setting a timer, updating your grocery list, and playing music as simple as giving a voice command. Today, AI advancements far outpace smart speakers, from voice-activated ovens that turn on and off to mirrors that play workout videos and give you feedback on your form.
In the upcoming years, we expect AI and IoT gadgets to be much more prevalent in every part of the house, including the bedroom for precise sleep tracking and the refrigerator, oven, and microwave. Expect a significant increase in smart home technology, especially in kitchens and bathrooms, which will come at a high cost to homebuyers and sellers.
Home Health Monitoring
A large number of start-ups in smart home technology have jumped into the health sector as a result of the global epidemic. Over the past few years, health and well-being have gained precedence, and our homes have evolved into an extension of this endeavor. While smart thermostats have previously dominated the market, recent innovations have given rise to additional features geared toward the health-conscious household, like contactless appliances and humidity sensors to help with air quality.
The need for smart air purifiers and air conditioners has increased in response to the recent worldwide health crisis, improving and sustaining air quality. A temperature-taking feature has been incorporated into certain smart doorbells to screen visitors before they enter the house.
There are smart health gadgets in many homes as well. Smart beds assist consumers in getting a better night’s sleep by diagnosing sleep issues they may not be aware of. Smart kitchen gadgets provide recipe recommendations and remove most of the guesswork from cooking.
The development of smart toilets provides a clearer illustration. Sensors are utilized to analyze waste and skin to reveal information about the user’s health and notify them of any difficulties that have been found, going well beyond a regular toilet. Although this is still more of a concept than a finished product, it is anticipated that more of these concepts will be put into practice over the next 12 months.
It is crucial to secure homes against the potential of break-ins because smart home equipment can be expensive. The traditional house alarm has been eclipsed by advances in smart home security, which can now also listen for fires and detect the sound of breaking glass. Because security cameras are now so connected, you can check in on your house and operate the cameras from a distance.
Even if you aren’t concerned about break-ins, smart home security enables you to monitor your pets while you are away, keep tabs on when your kids return home from school or find out when a package has been delivered. Thanks to Alexa Smart Responses, smart video doorbells like Ring ultimately serve as a kind of virtual butler.
It was only a matter of time, really! Household robots are receiving time and attention from the biggest brands in smart home technology. Some divisive and even unsettling beliefs have resulted from this.
Although it may not be a popular choice for everyone, robot innovations have been commercialized over time. The Bee, an autonomous home security drone for your garden, was introduced by Sunflower Labs in 2020, and Samsung’s JetBot AI+ is the product that comes the closest to a home robot on the market thanks to its integrated home security capabilities!
Even though we may be a long way from having a robot that can dust the blinds, this year’s technological advancements will undoubtedly move us closer.
And that’s not the end of it. Due to the wide range of advancements made toward creating a smarter, more connected community, it is simple to overlook that smart home technology is still in its infancy. The coming year will be marked by new developments and efficiency, especially as the world catches up after the worldwide epidemic, even though the next several decades will bring about more ground-breaking discoveries (especially with the likes of the metaverse dominating).
More advancements lead to more outstanding smart home enterprises. The desire to create smart home teams also arises from smart home entrepreneurs. If it applies to you, get in touch right now! We can connect you with the greatest personnel that meets your demands because our specialized consultants solely work in the GreenTech sector, Smart Tech is one of our largest divisions.