As we launch a new year, it’s becoming increasingly clear that smart home technology wasn’t just a fad. It’s a promising industry with lots of anticipated growth in the coming months and years. With that being said, some trends are more important than others. Let’s take a look at some of the more promising trends and predictions in the smart home technology space so that you can decipher where things are headed in 2016 and beyond.
1. Rapid Adoption by Millennials
According to one study, 79 percent of millennials are interested in using smart home technology. While older generations are slowly becoming more and more comfortable with new technologies, the future of smart home adoption lies with millenials. This generation is the first to be utterly immersed in technology and has come to expect “smart” features in every aspect of their lives.
2. Bluetooth Lights are the Future
If you look at practical smart home technology that’s available to homeowners and renters regardless of budget, Bluetooth enabled light bulbs top the list. These products are extremely cost effective and allow people to customize their lighting with the click of a button. Even better is that many of these bulbs are guaranteed to last for years at a time. That means no more climbing ladders and replacing those hard to reach lights.
3. The Home Security Game is Changing
In the coming months, you can expect a lot of growth in the security portion of the smart home industry. People are always looking for superior security solutions to protect their families, and smart home technology offers advantages that standard systems and solutions do not. From automated door locks that can be remotely controlled to video cameras with facial recognition, the future of security is certainly bright.
4. Prepare for Rapid Growth
The global smart home market was valued at $20.38 billion in 2014, and is expected to reach an impressive $58.68 billion by 2020. Between 2015 and 2020, the estimated compound annual growth rate is 17 percent. As this growth occurs, consumers can expect prices to drop. Manufacturers will begin to develop economies of scale and competitors will engage in price wars. This will further increase adoption among budget conscious consumers.
5. Décor Friendly Gadgets the Focal Point
Up until now, functionality has been the main goal. If smart home technology increases efficiency and works well, then it’s considered a good thing. Moving forward, the criteria for new products and devices will become much stricter. In addition to developing functional products, brands will have to invest in designing aesthetically pleasing solutions that look good in the home. If these products can be successfully designed, the industry will grow at an even faster rate.
6. Big Savings with Smart Thermostats
While a certain segment of the market will purchase smart home technology for the “cool” factor, most people want to see tangible value. What better way to provide tangible value than to see financial savings? This is exactly what smart thermostats afford buyers. For example, while the Nest thermostat costs $249, it can provide up to $172 in annual savings. That means it can pay for itself in less than two years. Look for big savings to drive sales.
The Future of the Smart Home
As a homeowner, smart home technology is extremely exciting. The idea that you can streamline processes and chores in the home, while simultaneously reducing costs and eliminating inefficiencies that deplete your time and energy is invigorating. As we move forward, keep an eye on the trends referenced in this article and don’t be afraid of investing in some of them yourself.
from Darlene Milligan http://ift.tt/1VgvJIj via transformational marketing
from Tumblr http://ift.tt/1StJYLV
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