The digital revolution and recent technological advancements have introduced us to mind-boggling home automation technology that has given rise to ‘smart houses‘. From controlling your house’s lighting to entertainment systems, smart home technology enables remote monitoring and provides better security to homeowners. The rise of smart homes has been unparalleled, and experts believe that they will continue to enjoy an upward trend in the years to come, an opinion supported by smart home statistics. In this article, let’s have a look at some interesting smart home usage trends.
Quick Smart Home Statistics – 2020
- 47% of millennials in the US already use smart products.
- 63% of users say that security is one of the prime reasons why they are opting for a smart home.
- The home automation market is expected to reach $113.82 billion by 2025.
- 45% of Americans claim that smart home products save them around $1,179.6 per year (or $98.30 per month).
- Research suggests that by 2020, 63 million American homes will qualify as ‘smart’.
- The smart healthcare market is expected to hit $30 billion by 2025.
- 70% of shoppers who bought a smart home product expressed that their first purchase makes them more likely to get another.
- 54% of homeowners plan to buy smart home products to increase the resale value of their houses.
Smart Home Statistics
1. By 2024, the smart home market is expected to grow to $151.4 billion.
The upward trend of smart house markets suggests that this digital revolution has made its place in a large number of houses. The smart house market that stood at $76.6 billion in 2018 is set to have an impressive growth over the next four years. The market growth is related to the increased use of the internet and an overall rise in disposable income around the world.
2. 12-16% of US homes own smart devices.
People often ask how many smart home devices are there in America? Even though home automation technology has gained immense popularity, there is still a long way to go for its mass adoption. At present, somewhere around 12-16% of US homes have smart devices.
3. 47% of millennials in the US already use smart products.
Millennials are more tech-saving which makes them the largest segment of smart house buyers and the largest consumers of smart home technology. Millennials who are living in smart houses or who own smart house products are satisfied and recommend others to opt for the same. And while it is true that millennials are more likely to adapt to technological advancements, other generations are not far behind. The popularity of smart voice technology-enabled products such as Google Home and Alexa, for example, has been mainly due to the Baby Boomer generation who simply adore performing voice commands.
Smart House Device Statistics
4. 63% of consumers say that security is one of the prime reasons why they are opting for a smart home.
The USA property crime stats reveal that the crime rate in the US had a decent decline over the past many years. Still, the risk of robberies and burglary is there. Homeowners are tapping into every available option to increase the security of their houses. The use of one smart home device or more is shown to increase a home’s security according to the security statistics.
5. In 2017, the market value of home security systems was around $40.66 billion and is now expected to grow to $74.75 billion by 2023.
The home security systems market value has been enjoying upward growth since more people are opting for smart home products to keep their houses safe. Statista research shows that by 2024, the average revenue per smart device will be $423.3.
Smart Home Adoption Statistics
6. The biggest revenue generated in the smart home market is in the US.
The US stands first on the list of the top countries adopting smart home technology. The country leads the rest in both spending and user count. In 2018, Americans spent around $19,827 on smart home products. Smart home usage demographics and the age groups of smart home technology adoptors are as follows: millennials (ages: 18-34) have the largest share at 44%; Gen Xers (ages: 35-54) come next at 33%, and the people aged 55 and older comprise 24% of the market share.
7. By 2023, connected home devices’ revenue is expected to reach close to $200,000 million.
The heavy reliance on the internet for carrying out of almost every single activity will eventually lead to more people buying smart home products to make their living comfortable. The latest research suggests that by 2023 connected home device’s revenue will reach close to $200,000 million. The astoundingly high figure indicates that the demand for smart home products will continue to rise significantly in the coming years.
Smart Home Automation Statistics
8. The home automation market is expected to reach $113.82 billion by 2025.
How would you feel about controlling your home’s appliance with your voice? It does sound like straight from a fairytale or a futuristic novel you read when you were young. All thanks to technology, smart home products have become a reality. From controlling your house’s lighting to your HVAC systems, smart products are changing the way we used to live. Since many people love AI-assisted products, there is a high possibility that the home automation market will grow. According to the experts, by 2025, home automation growth will be around $113.82 billion.
9. In 2020, the home automation market worth will reach $21.3 billion.
The home automation market worth is an astounding $21.3 billion in 2020. The CAGR growth rate of smart home automation systems between 2015 and 2020 is 37.9%.
Smart Home Market Size
10. In 2020, household penetration of smart homes is 9.3%.
Now that we’ve had a look at smart home market revenue (at present, the market is showing an annual growth rate of 18.1%) let us look at the smart home tech penetration. Looking at the continued popularity of smart homes, experts expect that in 2020 household penetration of smart homes is 9.3%.
11. 45% of Americans claim that smart home products save them around $1,179.6 per year (or $98.30 per month).
In addition to adding a layer of security to households, smart homes also help homeowners save on their utility bills. The decrease in energy consumption with smart home technology is one of the reasons why people opt for using smart home products. Many homeowners have expressed that they have been able to save a considerable amount on utility bills after they increased smart home products’ usage. Many claim that such products help them save $98.30 per month, which amounts to $1,179.6 per year. Smart home energy usage statistics show that smart home products can help save around 30% of electricity costs. Smart HVAC systems also help you bring down your heating costs, etc.
12. The revenue of the smart home market comes to $90,968 million in 2020.
Impressive figures can easily gauge smart house market growth. It is expected that in 2020, the revenue of the smart home market will reach $90,968 million. This just shows the fascinating growth of the smart home market.
13. Research suggests that by 2020, 63 million American homes will qualify as ‘smart’.
Instead of adjusting your alarm every day – to accommodate the early meetings, etc. – how about you sync your schedule and let your alarm know on what day you need to wake up early? All of what seems to be an excerpt from a fantasy novel is now true because of the digital revolution. The convenience of smart home products and positive reviews on the state of smart homes have made more people adapt to this technology. So, how many smart home devices are there in America? It is estimated that by the end of 2020, around 63 million US homes will be termed ‘smart’.’
14. Property crimes reported in the US in 2018 were approximately 7.2 million.
There is no denying that the property crime rate in the US has been controlled to a great extent. However, this doesn’t imply that the country boasts a no-crime rate. There still are instances where people’s houses are broken into. According to the data collected, in 2018, around 7.2 million property crimes were reported.
Smart Home Healthcare Statistics
15. The smart healthcare market is expected to hit $30 billion by 2025.
The entry of the IoT in the healthcare industry has been revolutionary. With the help of technology, access to healthcare has become even easier. The use of smart products at hospitals and other centers have helped healthcare providers to take better care of the patients. In the same manner, the use of smart healthcare products has allowed people to have access to smart home care.
16. Smart home technology may increase older adults’ sense of security and make them move around the house more confidently.
Smart healthcare products help in health status monitoring and allow people to keep track of their health status. Although no evidence exists to back the claim that smart healthcare products are useful for fall prevention, it is believed that in places where smart home products are installed, older adults have an increased sense of security, allowing them to move around the house confidently.
17. 70% of shoppers who bought a smart home product expressed that their first purchase makes them more likely to get another.
Smart products come with so many advantages that people who have used them recommend others to purchase them too. Several surveys suggest that people who have bought one smart home product or who have used one such product are more likely to get another product. 70% of shoppers who purchased a smart home product shared that their first purchase makes them more likely to get another.
18. Experts have estimated that in 2020, the internet of things will create more revenue – exceeding $300 billion.
The IoT has been getting bigger and bigger. Its penetration in almost all industries has led to economic growth. It is speculated that by 2020, the internet of things will be able to generate a revenue of $300 billion.
19. 54% of homeowners plan to buy smart home products to increase the resale value of their houses.
A house is a financial asset for many. Homeowners look for different ways to increase the financial value of their house in order to make a decent amount of money at the time of sale. Among them are some homeowners who install smart home products in their homes to enhance the resale value of their houses.
Smart homes have taken the real estate industry by storm, as can be seen from the above smart home statistics. They come with a vast list of advantages and are quite popular among homeowners. The annual growth of the various smart house markets reveals that smart homes are here to stay.