It’s always interesting to share the latest smart home statistics with you. It lets you see what’s hot in the world of the Internet of Things (more on that soon.) It is also a reminder that homes adopting automated systems will become the norm rather than a novelty, and this is something that potential house buyers will expect. In other words, smart homes will have a higher market value.
According to Verified Market Research, the Global Smart Home Market was valued at NZD 112 billion in 2019 and is forecast to reach a staggering NZD 290 billion by 2027, with a Compound Annual Growth Rate of 13.52% from 2020 to 2027. Those figures will just keep on growing, too. The more people with smart homes, the more that other people will see that technology, and the incredible things it does, and want it in their homes. It’s a trend we’re seeing here, as more New Zealanders contact us to discuss whether their homes can become smarter ones through the use of automated systems that can control entertainment, lighting, cooling, heating, appliances, energy-efficiency, security and so much more.
We’ve also seen some great insights into where the world is going with the Internet of Things (IoT). This is still a slightly confusing term for many so a basic definition might help. In broad terms, smart home devices, when they’re connected to the internet, are a part of a network of devices called the Internet of Things (IoT). Common examples are security devices, home appliances (the internet-connected fridge is a good example, as is a modern Wi-Fi heat pump), activity trackers, health monitors and more. Statistic research company Statista says the total installed base of IoT connected devices is projected to number 75.44 billion worldwide by 2025, a fivefold increase in ten years.
By 2023, the video entertainment category is predicted to have the largest share of smart home device shipments with global unit shipments amounting to 475.4 million. Home security and monitoring and security is forecast to be the second-largest smart home category with 351.7 million shipments worldwide. And let’s not forget the rise and rise of the smart speaker. In the United States, smart speaker penetration among broadband households is at around 40% and will likely reach 75% by 2025!
There is one thing to remember whenever we discuss smart home devices specifically, and smart homes generally. While things like video entertainment, security, and smart speakers are the most obvious examples of this type of technology, there is so much more to this industry. There are so many ways that smart home technology can help you lead a happier, easier, safer and more environmentally-friendly life. We encourage you to contact us to look at ALL the options available to you. You’ll be surprised how wide-ranging and life-changing our technology is.