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Smart homes are increasingly popular these days, with an estimated 175 million smart homes in operation around the world as of 2022. In this year alone, it’s estimated that smart home devices have generated nearly $91 billion in revenue, and it’s projected that this amount is going to grow significantly over the next few years. In fact, the projected compound annual growth rate of the smart home industry’s revenue between 2020 and 2025 is an astonishing 25 percent.
While smart homes are popular around the world, the real peak of their popularity is in North America. It’s estimated that the North American market will account for a full 40% of the smart home market by next year, with the United States making up a good portion of that market share. To give you an idea of how big of a share this is, the combined number of smart homes in all of Europe (which contains 45 countries and has seen heavy smart home adoption in the UK, France, and Germany) is around 84 million, while there are around 63 million in the US alone.
The Smart Home Trend
Despite some people being nervous about the possibility of smart devices driving more targeted ads or being used for nefarious purposes, it’s clear that the popularity of smart homes is not diminishing. The use of smart devices can help people stay organized, saving time and making it easier to keep appointments and other critical functions. These devices can also help you save money, with some additions like smart thermostats helping homeowners to save as much as 50 percent on their energy use. Some insurance companies even offer rate reductions on homeowner’s insurance specifically for smart security systems.
Having a smart home can also help to sweeten the pot if you’re looking to sell as well. Around 86% of millennials would consider paying more for a home that had smart devices installed, and even around 9% of baby boomers admit that they already own smart speakers or similar devices. Even if you don’t have full smart systems and thousands of dollars of equipment in place, you can still attract the attention of potential buyers by placing emphasis on the smart devices that you do have in your listing.
Smarten Up Your House
There are a lot of ways that you can add automation and other smart home functionality to your home. For many homeowners, adding a smart speaker with a digital assistant, and a few easy additions such as smart light bulbs for voice-controlled lighting, may be as far as they take it. Others might add smart thermostats and climate control, leak detection sensors on their pipes, and maybe a few other smart devices to give them control over things like the TV. Still others might go all the way and add things like smart cameras, a full security system, and even smart door locks and window sensors to make their homes safe and secure.
It’s important to keep in mind that while the average all-in smart home installation can cost up to $4,000, even if you choose to go in that direction, it’s not a step that you have to take all at once. Some basic smart home functionality can be had for $100 or less, and even with a few hundred dollars’ worth of investment, you can see significant savings in things like energy costs. Smart thermostats alone tend to pay for themselves within two years, and adding smart LED lighting and other energy-saving smart features can increase the savings even more.
Do You Want a Smart Home?
If having a smart home sounds nice but you aren’t sure what you should get, don’t worry…We’re here to help. We can help you connect with smart home installers and other pros who will guide you to choosing exactly what you need for your home.
