Have you ever left home wondering if you turned off the stove, locked the doors, or closed the garage door? If you have, you’re not alone.
Smart technology has been developed to eliminate these concerns. These Smart Home statistics that everyone should know will discuss interesting facts about Smart Home technology.
Smart homes are described as modern homes with devices and appliances that can be remotely controlled by the homeowner via a mobile app, computer, or another single hub.
Smart home devices may also be connected to other smart technology in the home to streamline tasks, actions, and processes for the household.
Research shows that the number of people using smart home devices is increasing.
Smart home statistics suggest that there are many benefits of using home automation devices that feature remote access to appliances and other home automation.
It makes sense that people are jumping on the smart home technology train. Why would you not want to have access to your home even when you’re away?
Smart home technology has much to offer when it comes to protecting your home and family.
Even so, before you jump on the smart home device train yourself, you should know the facts and figures included in the following statistics to make an informed decision.
Key Smart Home Statistics in 2022
- In 2021, there were 258.54 million smart homes across the world.
- 23% of broadband households have three or more smart house devices in the US.
- The market for smart home technology is forecasted to grow to 138.9 USD by 2026.
- The United States is the biggest smart home automation market in the world.
- Half of U.S. households have at least one smart home device.
- Two out of five smart devices are used at least twice a day.
- 40.8% of worldwide smart homes have one or more susceptible connected devices that can put the whole smart home at risk.
- Millennials are willing to pay 20% or more for smart homes.
- 31% of households with broadband have a smart speaker with a voice assistant.
- Worldwide, households will spend $19.4 billion on security systems.
Important Smart Home Statistics 2022
The pandemic played a key role in the growth of the smart home device, appliance, and security market.
In 2015 81% of homeowner survey participants in the U.S. said they are more likely to buy a new home with smart technology.
By 2023 the requirement for smart home connected systems is forecasted to reach 53.9%.
In the following section, we’ll address a variety of Smart Home statistics across the globe.
In 2021, there were 258.54 million smart homes across the world.
The World Stage: The Smart Technology Market
The United States is at the top of Smart homeownership numbers, with China and Europe just a little behind.
India, Australia, Russia, Japan, South Korea, Brazil, and Germany are closer to the bottom of the market share, but who knows what the future may hold?
The Market for Smart Home Technology Is Forecasted to Grow to 138.9 USD by 2026.
Not only is the United States the largest market segment in Smart home technology, but also that trend is not likely to end there. This forecast of growth into 2026 may even be a little low, but that remains to be seen.
20% of The World’s Households Will Own Smart Home Technology by 2025.
The U.S. may be the biggest market segment in Smart home technology, but that doesn’t mean the rest of the world isn’t partaking in this industry.
In 2018, Norway was second only to the United States (32%) at 31.6%. Estonia was at 26.8%, Denmark 22.5%, and Sweden 22.3%.
As of 2021, European nations were running a close second to North America in Smart Home device ownership.
As of 2017, There Were 22.5 Million Smart Homes in Europe.
As mentioned earlier, the European market isn’t far behind in the smart home market. It’s estimated that by 2022, there will be 84 million connected homes throughout Europe.
This includes France, the United Kingdom, and France driving the market.
Home Automation: Stats On Devices
In this segment, we’ll look at what home automation systems and products were most bought during the pandemic.
Studies Show that Smart TV Spending Reached 55% During the Pandemic.
55% of Americans bought a new Smart TV in 2020, making this smart home technology one of the most popular of all the smart devices on the market.
Taking second place is connected, intelligent security systems at 31%, and third place is taken by Smart thermostats at 30%.
46% of Americans Claim They Spent More on Home Technology in 2020.
Nearly half of Americans spent more than usual on smart home technology during the pandemic.
The top devices bought were Smart TVs, speakers, entertainment systems, and smart lighting.
The Growth of Security Systems During the Pandemic Went up By 23%.
Between 2020 and now, there has been substantial growth in the home device market for security systems.
The ability to connect to your home in ways you never thought possible is now possible due to this technology.
People want to feel the peace of mind that a home security system offers. Some purchased smart doorbells that allow them to see who’s at the door before they open it, or even who’s there when they’re not home.
Smart Thermostats Have Seen Solid Growth in The Smart Device Sector.
After smart speakers, smart lighting, and smart plugs, smart thermostats made the cut for the top smart technology devices bought over the past two years.
These thermostats are easy to install and can be customized to match your home temperature needs.
Likewise, there are smart thermostats that allow you to monitor and change the temperature through your Smartphone.
These devices can save US consumers between 10% and 12% on their heating bills, and around 15% on cooling bills.
Market Statistics: Overall Home Automation Stats
Let’s look at the home automation and smart home market as a whole.
The Smart Home Market Size Is Valued at 98.24 Billion as Of 2020.
In US dollars, the global smart home market has been valued at 98.24 billion as of 2020 and is expected to grow to 495.15 billion by 2028, a growth of 23.59% between 2021 and 2028.
This number represents the growing segments of smartphones and other smart devices, respectively.
The Highest Revenues from The Global Home Automation Market Come from The United States.
It stands to reason that since the U.S. has the biggest market share of smart home automation devices, that it would also be the biggest revenue driver.
The revenue driven by the U.S. market reached $27.6 billion, while China came in second with $20.8 billion in revenue.
This is statistical data from 2020. It’s almost a surety that these numbers are higher than those from 2021 and going into 2022.
Japan was marked as the fifth-largest revenue driver in the smart home industry.
Worldwide, Households Will Spend $19.4 Billion on Security Systems.
Speaking of driving revenues in the Smart device and home automation industries, security systems are and will likely continue to be a significant portion of revenue in connected home devices.
The security sector in smart technology is still growing, so it could become part of the top revenue drivers in the market above entertainment devices.
Though Amazon’s share in the smart devices market fell in 2019 from 72.9% to 69.7%, it retains its lead in the market, far ahead of Google at 31.3% of the market share.
Other companies fall short of Amazon’s and Google’s market share in this industry.
Demographic Statistics: Smart Home Technology at Home
We will look at the people who own homes, who are buying smart devices and are using home automation.
In 2018 8.2 Million Baby Boomers Owned Smart Speakers.
8.2 million baby boomers equate to around 11% of all baby boomers. In 2017, only 6.4 (8.7%) owned smart speakers.
One of the reasons baby boomers tend to steer clear of smart technology, in general, is the difficultly they have in overcoming the idea that smart technology, like Alexa, may listen to their private conversations at home.
Millennials Are Willing to Pay 20% or More for Smart Homes.
Millennials are happy to part with a little extra money if they think they can protect their property and family better with smart home technology. They will gladly pay more for a connected home for convenience.
The Gen Z crowd is beginning to grow old enough now to start buying houses, so most of them are likely to want smart homes that offer convenient automation.
Whether it’s for entertainment or protection, this new generation of homeowners wants to be connected.
Men Are More Interested in Smart Home Technology than Women.
Men in the Northeast portion of the U.S., along with Gen X males, are more likely to own or buy smart home devices. In fact, the numbers show that this demographic segment owns the smartest tech.
82% of men own smart home devices, as opposed to 49% of women who own smart devices.
71% of men are thinking about buying more Smart home devices within the next six months, while only 34% of women desire more smart tech.
23% of Broadband Households Have Three or More Smart House Devices in The US.
Out of the U.S. households that use broadband internet in their homes, 23% own at least three smart home devices.
Broadband is the fastest way to connect to devices, so it makes sense that they would adopt smart technology and home automation.
Half of U.S. Households Have at Least One Smart Home Device.
With the United States making up the largest segment of smart home technology and home automation, it’s no surprise that 50% or more households in the U.S. own at least one Smart Home Device.
These are the drivers of revenue we spoke of earlier.
31% of Households with Broadband Have a Smart Speaker with A Voice Assistant.
If you have broadband internet service, why not connect a smart speaker to your home.
People with smart home speakers like Echo, Google Nest Mini, Apple HomePod Mini, or other smart home speakers, are likely to take advantage of the voice assistant that comes with the device.
Who wouldn’t want to tell the lights to turn off, the TV to change channels, or the dishwasher to start without lifting a finger?
Two out Of Five Smart Devices Are Used at Least Twice a Day.
If you’re going to have smart home devices and home automation connected at home, why not use them.
It’s a little surprising that only two of five smart devices are used every day. As home connectivity grows, it’s likely devices will be used more daily.
What Advantages Come with Smart Home Connected Devices?
More than Half of People Who Utilize Smart Home Devices Claim They Are Saving Time.
57% is the number of people using smart devices and claim that these devices save them time. Another 45% claim that they also save money.
However, the top reason that people buy smart tech and home automation is for security. 72% of survey participants said they feel safer at home with a smart home security system installed.
Investing in A Smart Hvac System May Save You 50% in Energy Usage.
While the savings will vary depending on your home and provider, the potential to save about half in energy usage, which is likely to help you save on your electric bill.
Smart lighting, Smart thermostats, and Smart devices that use energy can be controlled, monitored, and managed via a single hub (smartphone, computer, tablet, etc.).
The convenience of turning things off and on as needed can make a big difference in your home energy bill.
Investing in this kind of system, like Google Nest, not only saves you money but pays for itself in under two years.
Over Half of Homeowners Think that Installing Smart Home Systems Makes Their House Sell Faster.
Smart Home statistics show about 54% of homeowners believe that Smart devices enhance the value of their property, especially the resale value.
As you have seen, the research shows that buyers prefer smart gadgets to be already installed before they purchase a home.
81% of Smart home device users in the U.S. have more interest in buying a Smart connected home where the devices are already installed.
Who wouldn’t pay for something that could cost them more to have installed? It’s worth the money and reduces the hassle.
You Can Save Around 20% on Your Insurance Premiums with A Smart Security System.
For people who have invested in a connected, automated Smart security system, their home insurance rates could be lower than without that tech.
So, besides feeling more secure at home, you can save money on home insurance.
What Are the Risks of Smart Home and Home Automation Systems?
40.8% of Worldwide Smart Homes Have One or More Susceptible Connected Devices that Can Put the Whole Smart Home at Risk.
One of the drawbacks of newer technology is the issue of vulnerability to attack. 40.8% of Smart Homes own one or more vulnerable devices connected to their system.
If just one of these devices suffers a cyberattack, the entire household could be at risk for several security problems.
About 35% of Broadband Users in The U.S. Suffered Data Security Issues Last Year.
One in four consumers refuses to buy Smart gadgets for their homes. This is because of the rising concerns related to data security breaches and identity theft often publicized.
Printers Are the Most Vulnerable Connected Devices.
Printers are one of the devices you can attach to your network. The issue is that you have other devices attached to your network as well.
Security cameras, storage devices, and any device you have connected to your home network could easily be hacked.
This is true in any smart home, but these devices are especially vulnerable in nations like Australia, Canada, and the United States.
Smart Home Markets: More Facts and Stats
Smart Kitchen Technology Is Becoming a Popular Market in Smart Home Systems.
The Smart kitchen market is growing fast and is expected to reach $43 billion by 2027. Compared to the most current data from 2019 that shows it at $14.5 billion, that’s a huge stretch.
The whole market is expected not only to grow in revenue but also in intelligence.
Smart ovens, Smart refrigerators, and more smart kitchen appliances capable of scanning food and making orders seem to be not too far off.
Smart Homeowners Are Predicted to Spend About $19.4 Billion on Smart Security Systems in 2020.
While we are past 2020, the number in that data is expected to see upwards of $35.6 billion in spending by 2024 by Smart home users.
The most money is expected to be spent on smart locks and security cameras, which are the top two popular devices in this market segment.
Statistics Based on Home Automation Systems Suggest that 44% of Smart Homes Include Connected Entertainment Systems.
The uptake in purchasing Smart TVs and entertainment systems during the pandemic seems to be something that won’t go away.
These systems are the most popular in smart home technology that is included in Smart homes.
After smart entertainment systems comes intelligent security systems in 31% of connected homes, and smart thermostats at 30%.
Smart Home Energy Monitoring Devices Are Predicted to Generate Around $12.4 Billion Within Three Years.
Not only is the security system portion of the Smart home device market expected to exponentially grow in revenue, so is the energy monitoring segment.
At the global level, Smart thermostats are expected to grow, which is likely to be the largest portion of this market share.
Smart lighting is expected to have about 11.8% of the Smart home market share, but Smart speakers are expected to get 15.4% of the market share.
63% of Survey Respondents Desire Smart Security Systems with Their Smart Home.
According to recent smart home statistics, 63% of those surveyed said one of the most desired features in a connected home includes security, Smart thermostats, and smart fans. Another survey reported that 58% want Smart lighting as well.
Surprising Facts and Stats About Smart Home Technology
The following portion will cover some interesting, if not surprising, facts about Smart home technology.
Trust in Smart Home Technology Tends to Have Opposite Extremes.
One in five survey participants stated that they would trust Alexas as a babysitter for their kids. Two in three said they think Smart devices are used by the government and corporations to spy on people.
56% of Adults in The U.S. Are Comfortable with Smart Home Devices.
More than half of the adult survey participants say they are comfortable being around Smart devices.
Another survey reported 61% of respondents who own Smart products are happy enough with them to buy more.
It’s predicted that we will see smart home technology become increasingly popular in the next few years. Less than one in five survey participants think having only one smart product is ample.
5 G Technology Is Predicted to Revolutionize the Internet of Things (io T) Services.
The Internet of Things is what drives the inner workings of Smart homes. Without IoT, there would be no such thing as a Smart Home.
5G technology is expected to help things run more efficiently and faster, along with even more opportunities for consumers.
If we can rely on the Smart home tech facts, 5G technology is expected to have 2.6 billion subscribers by 2025, making the market share value range between $3.9 and $11.1 trillion by 2025. These are global numbers.
The Costs of Making Your Home Smart Range from $970 and $3,310.
A Smart house is more than just a single Smart device. The pricing is for a fully connected home with smart lights, smart entertainment systems, home control systems, smart energy systems, and more.
The average cost for a connected home in America is $98.36.
Smart Technology Is Predicted to Become Smarter Over Time.
In the future, smart technology is expected to be smarter. Even though Artificial Intelligence (AI) currently uses machine learning to adapt its behavior according to its owner’s habits, more of this ideal will be seen in the future.
Devices will begin to learn, think, and probably make decisions.
New Smart Home Tech: What’s Available and Coming Up?
Moen Has a New Smart Home Connected Water Product Suite for Water Monitoring.
Moen’s new product suite includes the Flo Smart Water Monitor and Shutoff, Smart Faucet, Smart Shower, Smart Leak Detector, and Smart Sump Pump Monitor.
This suite of water monitoring and control programs will give homeowners control over their smart home water ecosystem.
Early detection of leaks and pipe issues could change the face of home water systems, but also help homeowners save money on water bills and potential plumbing bills.
Kohler has a similar system. Soon, households will be managing and monitoring their home water systems with accuracy and efficiency.
Much like lighting, thermostat, and other energy-related Smart gadgets, these systems for water control could also save you money.
Smart Home Statistics: Conclusion
The whole idea behind smart homes is exciting, interesting, and desirable, but also kind of scary to some people.
If you have seen a smart home in action on television or YouTube, you can see that they are designed to make you feel safe, while offering comfort and convenience to the homeowner.
With the growth in this market segment, there is no doubt that more growth is to be seen. More technological development and advances will make more smart technology better.
Perhaps smart homes will be able to do things we have only seen in science fiction movies, or at least something close to that.
While the next few years may not see robots doing all the work for you, technology will be more intelligent and overall useful.
Hopefully, these Smart Home statistics everyone should know have sparked your interest and given you something to think about regarding the concept.
After reading all these facts and figures, do you think you will ever own smart devices? Do you already own smart devices that you use more than once a day? Where do you fit into these stats?