Modern technology offers ever-increasing levels of convenience and luxury. It should be no surprise then that innovators look to improve the homeowner’s experience with smart technology. It revolutionizes everything from thermostat control to restocking your refrigerator. And today, smart devices and smart homes, in general, demonstrate a profound effect on the housing market. More and more people expect homes to incorporate smart technology. As of 2022, it has been recorded that 69% of American households own a smart device. Just last year there were 349 million smart devices that will be shipped in 2021. Moreover, it has been projected that in 2025 the number will be increased to 1.17 billion.
Going further, when looking at the most used type of smart devices the ones used for entertainment at 45%, with security going at a close second with 33%. This result is not surprising since households would usually only want AI technology to make entertainment easier to find and something to protect their homes while the members are away. Some products have a higher level of adoption than others. Audio and video devices are the most likely products that would be adopted with a 56% choice rate.
Looking at this from another angle, the prime demographic wanting to get smart devices for their homes is Gen Z. Since they grew up when new and innovative tech has been released, it makes sense that they want to bring that kind of environment into their homes. Alexa functions like a personal assistant that can perform a lot of household functions like adjusting the lights, and turning certain appliances on and off. Smart TVs like Samsung make finding shows and movies a lot faster to navigate with a simple command phrase.
Gen Z Favors Smart Devices
According to the data, Gen Z’s purchasing habits reveal a clear favoritism towards entertainment — favoritism companies are eager to capitalize on. Although that is not the only selling point of smart home technology. Intra-generational selling points of smart technology are its cost-effectiveness. On average, Smart water heaters can save $4,500 over 10 years. Smart thermostats can cut HVAC costs by 10% each year. Even those outside of that demographic has grown to accept the idea of smart devices. This is especially true of those of the older generations because smart devices assist in tasks that they may be unable to do at the age they are.
Even as advanced as we are now, we are only seeing the beginnings of what will surely be a titanic industry. But what advances can we expect to see in the future? Learn more in the visual deep dive below: