The Big Business of Smart Devices

Technology is evolving around us, resulting in advancements in phones, televisions, cars, and so much more.  Smart houses are one element of this advancing technology.  Their prevalence has implications for the housing market and technology, making smart devices and homes important to understand. 

Currently, 69% of Americans own a smart device.  Most of these devices fall into the entertainment category, such as televisions and speakers.  However, security also makes up a large chunk of smart device usage.  These products are growing at a rapid rate; in 2021, 349 million smart devices were shipped, and that number is expected to leap to 1.77 billion in 2025.

Young buyers lead the charge in smart device implementation.  86% of Millennials would pay more for a connected home, and 80% of Millennials and Gen Z believe that smart home technology is a positive.  For context, 69% of Baby Boomers see smart devices as a positive change, showing a marked increase across generations. 

Smart devices have several benefits.  They are cost-effective; for example, smart water heaters can save $4,500 in ten years.  They are also more secure, allowing consumers to increase their security and watch their home while away.  Additionally, smart devices are convenient.

Moving forward, smart devices will continue to improve, incorporating touchless technology, high speed connections, and great privacy protections.  Prices will likely fluctuate as the market changes.  Smart devices will also influence the housing market, as consumers may install smart devices to improve their prospects in the housing market. 
Smart devices are already popular, but this is just the beginning of their influence.  Keep an eye out for new models and increasing sales as smart devices take consumers by storm.  

Smart Devices and Homes of the Future