More homeowners than ever before are plugging into the Internet of Things (IoT) and controlling their homes right from a smart device. There are a bevy of gadgets at your disposal to make your home smarter and your life easier. Not only does it make your life easier in the short run, it makes it more lucrative in the long run—real estate agents rave about houses with smart tech and how easy they are to sell or rent (more on that later!).
The market is growing, more and more devices are being shipped, and homeowners are demanding a “smarter” house more than ever. Here are 3 smart home stats that surprised even us.
The smart home market will be worth $137.9 billion by 2023
Yes, that’s billion with a B. According MarketsandMarkets.com, the market is expected to surge to nearly $140 billion in just over five years. This massive growth is attributed to advancements in the IoT and the increasing demand for convenience, comfort, and safety. Energy savings are another driving factor in the rising demand for smart tech. What was one a small niche for the tech savvy is now a full-fledged industry serving millions of homeowners across North America.
86% of Millennials want smart home tech
A survey conducted by Wakefield Research found that Millennials want smart home tech when they rent. 86% of respondents indicated that they would pay more if the rental already had smart gadgets installed. Examples include leak detectors, connected thermostats, and a smart security system. If you’re thinking of renting your home to the younger crowd, you better get it connected!
80 million devices were shipped in 2016
If anything is to show the growth of the market, it’s the fact that 80 million devices were shipped worldwide in 2016. That is a 64% increase over 2015. This incredible growth is driven by the exposure that the IoT gained in the public spotlight and the rapid advancements in accessibility (easier to control systems at lower prices). Items such as smoke detectors and Google Home were in major demand. Other items driving the trend were video doorbells, smart locks, and Amazon’s Alexa.
These statistics were surprising even to us. The market is growing in value, Millennials are demanding IoT products at record rates, and 64% more products were shipped in 2016 than the previous year.
As the market continues to grow, Fluent Home will grow with it to help make the lives of homeowners in the city safer, more energy-efficient, and convenient.