For the young home consumer today, there are few advancements more popular than smart devices. This covers a range of products from smart security to TV’s to even showerheads. It’s something that is not only widely desired, 46% of all homeowners wanting a home with smart devices. But for younger demographics like millennials there’s a wide majority of approval, 86% wanting a more connected home.
That’s not to say the products are perfect, they tend to be more expensive than many can casually afford. Although year after year prices drop and more practical alternatives emerge. So for some there are the smart mirrors or window shades. Although for others a simple smart lock or speaker does the job just as well.
This is why the market has been booming so much as of late. The expected market growth over the next four years is a 22.3% compound annual growth rate. More devices and subscription alternatives are being released year after year. Even things as simple as heating and electricity are becoming “smart” saving homeowners thousands in the long run.
None of this is to say that smart devices are for everyone. It’s just to say that they’re here and they’re here to stay. Today 69% of American households own a smart device. This is a number that will only grow as time continues. What’s yet to be seen is exactly how far the innovation can go.