We’re living in the golden age of technology, more specifically – smart technology.
Over the past decade, the market has pushed forward in leaps and bounds, making people’s lives easier.
To show you just how advanced technology has gotten, we’ve prepared some smart home statistics for you.
Eye-Opening Smart Home Statistics
Below you’ll find some of the most amazing smart home facts and numbers:
- The global smart home purchases will surpass the 475 million mark in 2020.
- By 2023, the smart home industry automation in US homes will be 53.9%.
- 31% of US broadband households own a smart speaker.
- 118 million people in the US engage in some form of voice search activity at least monthly.
- Smart speaker penetration will grow by 55% by the year 2022.
- 81% of consumers say they are more likely to purchase a new home that has smart technology.
- Households will spend $19.4 billion to acquire smart security systems.
Smart Home Technology Growth
Let’s look at some figures regarding the rising use of smart appliances.
1. Industry experts project that global smart home purchases will surpass the 475 million mark in 2020.
(Source: Smart Grid)
Global spending on smart home appliances is at an all-time high with indications of massive growth in the coming years.
Well, that certainly makes a lot of sense bearing in mind that automation has seen many save on energy, time, and money.
The cool factor that comes with the devices is likely to drive purchases up in 2020. Analysts predict that the industry will see a 60% growth rate due to a spike in purchases worldwide compared to figures in the last year.
2. ¾ of buyers in the United States have a smart gadget at home.
(Source: Digitized House)
Intelligent appliances are flying off the shelves in the US. According to smart home statistics, a whopping 70% of consumers own at least one product.
And they want more.
Most customers still plan to add more of the devices in the future. This will lead to a massive increase in revenue for companies in this arena.
3. By 2023, the smart home industry automation in US homes will be 53.9%.
(Source: Wonder)
The smart home projection has been gaining momentum over the years. Experts predict that more than half of homes in the United States of America will have adopted smart gadgets by 2023.
That’s almost double 2019’s figure of 33.2%. 2023 forecasts are even higher than 2015, 2016, and 2017 compound annual growth rate of 31%.
4. Stats show that the 2022 global smart home market will be $53.5 billion.
(Source: Statista)
The market is not expanding only in the US only. According to home automation statistics, the smart home market worldwide will be worth about $53 million by 2022.
5. With a sales volume of $23 billion, the U.S. is the largest smart technology consumer.
(Source: Safe Smart Living)
The US smart home market is one of the most lucrative in the world. The country is the largest consumer of automated appliances.
America has a market volume of around $23 billion up 15% from the previous year. China follows closely with a $12.9 billion market share. Japan comes in third with a market volume of $4.9 billion.
6. Smart home sales revenue projections show that the numbers will hit $92 million by the end of 2020.
(Source: Statista)
The smart home industry estimates revenue from the appliances to be over $90 million by the end of 2020. That’s an annual growth rate of 16%, which will result in a projected annual market volume of $195 million by the year 2025.
Smart Appliances Usage Statistics
Coming up are some interesting stats and facts about smart devices usage.
7. In the US, 47% of millennials use smart home products.
(Source: Alarms)
According to smart home statistics, almost half of millennials in the US already use smart devices. Up to 70% of those who do not yet own a smart home device plan to purchase one in the near future.
8. 57% of Americans admit that using smart products saves around 30 minutes of their time.
(Source: Alarms.org)
According to smart home technology trends, more than half of Americans state that using the devices usually saves about half an hour of their time each day.
That might not amount to much. But if you look at the time cumulatively, it comes to about 182.5 hours per year, which is roughly more than a week.
Voice Assistant and Smart Speaker Statistics
Voice-controlled devices play a big part in intelligent home systems. Voice assistants make calls, search for things online, send texts, or open applications on your phone, smart TV, and so on. You can use voice assistants to control the fixtures of a smart home.
Here are some voice assistant and smart speaker statistics that you will find interesting.
9. 31% – that’s how many broadband households in the US have a smart speaker.
(Source: Statista)
Here’s an interesting stat regarding intelligent home systems.
Smart speakers with assistants are becoming a hit in most US households. More than 1/4 of homes with broadband have adopted the use of smart speakers with brilliant assistants.
But it’s easy to see why the devices have become so popular in America. Using a voice command to request a gadget to perform an action, answer a question, or manage other smart devices is simply irresistible!
10. 118 million people in the US engage in some form of voice search activity at least monthly.
(Source: eMarketer)
Out with typing, in with smark speaker use.
According to statistics about technology use, approximately 34% of US citizens are currently using the search by voice feature at least once per month.
And:
The number one choice for voice users amongst consumers is on smart speakers and smartphones.
Experts expect that number to grow further as more and more companies introduce their versions of voice assistants and smart speakers.
11. Google claims that its voice search assistant is 95% accurate.
(Source: Let’s Think Easy)
We know that voice-controlled devices are only going to be as efficient as their accuracy.
And we’re also aware that Siri, Google Assistant, and Alexa are the biggest names.
But who is the mightiest among them all in the smart home industry?
Google claims that its voice search is 95% accurate, and is working on improving the remaining 5% of its voice search technology. So, that’s good news for all those hesitant to invest.
12. Projections show that smart speaker penetration will grow by 55% by the year 2022.
(Source: Quora Creative)
According to smart home industry stats, current home penetration for smart speakers in the US is 13%. However, forecasts show that figure is likely to rise by 55% by the year 2022.
Smart Home Security Statistics
Smart devices offer homeowners some of the most advanced security options. They not only provide protection, but they also offer users peace of mind.
You can also control them via your smartphone or laptop, making them super convenient. Here are some of the smart home technology trends when it comes to security:
13. Estimates show that households will spend $19.4 billion to acquire smart security systems.
(Source: Comfy Living)
Households that have already adopted smart home technologies for security will spend up to $19.4 billion on the systems to protect their homes by the end of 2020.
This figure is going to double to a whopping $35 billion by the year 2024!
14. 56% of households in the US say that they are comfortable with smart security devices.
(Source: Comfy Living)
56% of households in the US say that they feel comfortable using smart security devices. The growing emphasis on them means that the number is likely to grow in the future.
15. Using smart security systems in your home can reduce insurance premiums by 20%.
(Source: Comfy Living)
Smart home facts show that some insurance companies reduce their premiums for homes that have installed smart security systems. This means your insurer can decrease your premiums by up to a quarter of its regular rate.
16. 63% of homeowners want their homes to have a smart security system.
(Source: Comfy Living)
63% of households have admitted to having an interest in connected homes security-wise. Which makes a lot of sense because security systems remain to be one of the top smart devices that people look for when investing in intelligent home systems.
Smart Home Technology Trends
Our homes are getting smarter.
In fact, we are already witnessing a revolution in smart home technologies that are giving us complete control over IoT devices around our houses. If you are still on the fence, here are some exciting trends to follow:
17. Forecasts show the use of smart energy monitoring devices will reach $7.2 billion by the end of 2020.
(Source: Comfy Living)
As people grow more aware of the effects of climate change, they are looking to do their part to reduce their impact. This usually starts with purchasing a thermostat to monitor the temperature of their home.
According to smart home statistics, the market for such gadgets is going to grow to $7.2 billion by the end of 2020. Seeing the recent interest in climate change, estimates show that this number is likely to double to around $12.4 billion globally.
18. 81% of consumers say they are more likely to purchase a new home that has smart technology.
(Source: Safe Smart Living)
Looking to sell more homes?
As more and more people are getting privy to the benefits of having connected homes, we are seeing a significant change in the home buyer’s mindset.
81% of consumers who already have experience using smart house systems admit that they are more likely to purchase a home that has such technology.
19. 43% of users of smart home technologies are between the ages of 18 to 34.
(Source: Safe Smart Living)
According to smart home demographics, around 43% of smart home technology users fall between the age brackets of 18 to 34 years old. In recent years, a growing number of young people are looking to integrate smart home technologies into their existing homes.
20. The median monthly savings of using smart devices at home is around $98.
(Source: Cepro)
According to smart home stats, homeowners in the US on average save up to $98 by using the technology. This adds up to around $1,180 in savings each year. Thanks to the advancements in the industry, it is possible to save even more by using the latest smart devices at home.
Wrap Up
The convenience that smart devices offer is undeniable. You can manage all equipment from one interface to tap into myriad functions, which is simply amazing.
As customers rush to acquire the technology, smart home companies are also keen to cash in on the rising demand. Thanks to the current high supply of options in the market, it’s now becoming more affordable to automate homes.
How many smart home devices do you own?