With more innovators using modern technology to improve the home owner’s experience, it’s no surprise that more people are expecting homes to incorporate smart technology. Currently, almost 70% of American households own a smart device with 45% of them in the U.S. being used for entertainment. Some products have higher labels of adoption than others, such as audio video devices and wireless speakers, but overall there are more than 175 million smart homes worldwide that have dozens of different devices, machines, and applications.
Many Millennials and Gen Zers are modernizing their living rooms, bedrooms, and more with smart devices that range from smoke detectors to sprinkler control systems, but why are younger generations more likely to adopt new technologies? In fact, 63% of people want to own a home with smart security systems and almost 50% of homeowners want their homes to have smart devices. Many Millennials and Gen Zers say adopting smart home technology is a positive and value the convenience. The cost-effectiveness and security that comes with a smart home is what attracts the younger generation the most.
The smart homes market is expected to grow to $205.61 billion by 2026, promising major shifts and growth for the industry, including more mechanical innovations, the use of different prices and subscription models, and an increase in acquisition rates. With smart homes continuing to have a profound effect on the housing market, are you ready for what comes next?