The State of the Smart Home in 2017

It’s 2017 and the smart home is more popular than ever. Everything from an explosion in the usage of all-in-one devices to record setting sales in markets around the globe—it’s happening. Smart TVs, money-saving utilities, airtight security measures and more are starting to make us wonder—when will a smart home become just a regular home?

The fully connected home rules the market in 2017, and as more homeowners realize the benefits of extra security, money saved on bills, and unprecedented convenience, we are sure that will be true in 2018, too. Here’s a look at back at some of the major trends from 2017.

An Explosion in Sales and Shipments

According to statistics compiled by GFK, sales of devices, especially smart TVs (the most popular device) exploded in markets around the world. Here’s a quick glance at what we’ve discovered (source):

Europe: Sales more than tripled from 5.68 million to over 17 million sales in 2016 over the previous year, and, according to Statista, over 70 million shipments are predicted for 2018!
Asia: Asia leads the way in shipments with 65 million recorded in 2016 and over 100 million expected next year.
North America: The smart TV is catching on here in North America, with almost 45 million shipments expected next year. In fact, in 2016 the majority of shipments were for smart TVs (source)!

What Customers Are Saying

Consumers of all generations love smart technology, but reasons for their purchases differ (source).

Baby Boomers: This generation is finally getting to retirement, and they are taking advantage of all of this new technology. 61% of boomers say they purchased their smart tech to reduce utility bills.
Generation X: Gen Xers are finally reaching the stage in their lives when they’ve accumulated wealth—and it shows. The most popular reason for getting smart tech is to keep their homes safe and secure.
Millennials: Millennials have far different values at this point in their lives than older generations. 39% responded they bought smart tech to be cool and trendsetting! Another response was to help protect the environment.

Future Growth Expected

Significant advancements in IoT (Internet of Things) technology have made smart tech more accessible and powerful. The result is massive growth across the board. According to MarketsandMarkets.com, the market for smart home technology will be worth over $137 billion by 2023!

Companies like Fluent Home Edmonton are helping to drive the trends that are defining the smart tech market, and we are happy to be at the forefront of this home revolution. Visit us today on the web to see why smart technology defined life in the home in 2017!