smart homes

The Way of the Future: Smart Home Technology

The market for smart home devices has evolved in recent years, with seven in 10 U.S. households now owning a smart device and at least 18% owning two or more. Most smart devices in homes are being used for entertainment, security, and usage monitors with some products being adopted more than others, such as wireless speakers. In this era, there are now more than 176 million smart homes in the world that use a variety of smart technology. 

Millennials and Gen Z are making their homes smarter using technology that is incorporated into their indoor smart bulbs, gate locks, smoke detectors, and more. 86% of Millennials have even stated they would pay more for a connected home while almost 50% of homeowners desire smart devices in their homes. Millennials and Gen Z are mainly attracted to the convenience, cost-effectiveness, and security that comes with a smart home, causing them to spend almost $1,226 per year on the technology.

The smart homes marketis predicted to grow significantly in the next few years with the use of more mechanical innovations, different subscription models, and more people purchasing smart devices for their homes. It might not be long before very few homes exist without smart technology.

Smart Devices and Homes of the Future