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Convenience Merge in Smart Home Ecosystem
The growth of smart home devices is on the rise and shows no signs of slowing as consumers continue to view security as part of their overall smart home ecosystem. A variety of trends suggests that 2023 will be an “extremely opportunistic window” for security and smart home professionals, our sources say.To get more news about smart home security products, you can visit securamsys.com official website.
Increasingly, smart home systems are becoming part of an overall ecosystem that rolls up both convenience and security, says Scott Harkins, vice president of sales at Resideo, Scottsdale, Ariz. “Smart products continue to grow in the market,” he says. “Data suggest that when the consumers make the decision, they overwhelming choose smart home technology. A large percentage of ‘burglar’ alarms are now smart home solutions and offer the opportunity to improve the integrator’s RMR by adding thermostats, lights, locks and more. The key is to allow the consumer to participate in the decision process; they will see the value.”
Over the last two years, and spurred by COVID-19 quarantines and work-from-home options, consumers have become more accustomed to connected property technology and expect these systems to provide not only security, but also convenience, operational efficiencies and business insights, says Stephanie Kinney, director of product management at Alarm.com, McLean, Va. “Security dealers have evolved into technology providers, and this is creating real growth in the industry,” she says.
Although connected smart products are not standard in the home just yet, they are quickly becoming a consumer expectation, Harkins says. “We have already passed an important mile marker on the smart home journey: that is, some large builders have come to offer smart products as standard in the home,” he says. “While there may be risk of an economic downturn slowing that transition, it has clearly begun, and I believe it will continue to gain momentum.”
According to Statista, there will be an estimated 481.9 million smart homes across the world by 2025, with revenue related to smart home expected to show a 13.64 percent annual growth rate through 2027 and household penetration reaching 28.8 percent by 2027.
Hippo Insurance, which surveyed all demographics of smart tech users across the country, finds that convenience is the most significant factor for consumers to add smart home devices (46 percent), with fire-theft alarm systems ranking as the top protective device by 37 percent. The Hippo survey also found that 36 percent of men and women ages 35 to 54 think that cameras provide the most protection for their homes, while 14 percent of women ages 25 to 34 ranked automatic locks as the most protective smart home device.