Smart Homes Will Soon Be The New Norm?

What is a smart home? A smart home features smart electronic devices in our homes. It includes the likes of smart speakers, bulbs, locks, refrigerators, thermostat, and more. Smart homes proves that Internet of Things (IoT) has no bounds as they are designed to make our lives better and more manageable.

Report on Smart Home trend

Many are switching into Smart Homes. To prove that, a report by Singapore Business Review stated that Asia's smart home market is expected to reach USD 115 billion by 2030! Globally, smart connected air conditioners registered sales amounting USD 42 million last 2016. Currently, Taiwan leading the market share in Asia, followed by Australia, New Zealand, Thailand and Vietnam demonstrating sizeable growth. 

China and Japan are also major players. Japan for example is amongst the top the world’s top five global markets when it comes to smart home penetration. South Korea, Taiwan and Singapore are expected to contribute significantly to the growth of smart homes given the large proportion of high-income households and the data connectivity in these countries.

The Philippines as one of the consistent early adaptors of technology should be one of them. But, Smart Homes are still not mainstream here and even across the globe.

GFK Tech Trends 2017 Report on Smart Home found that the most common smart device found in homes is still the Smart TV. 17.38 million were sold in Europe alone in 2016, up from merely 5.61 million in 2011.

More people should be educated on what a Smart Home is like and how will it enhance our life. It should be the new norm.

“We asked people why they monitored or controlled a smart device in their home, and the responses differed greatly by age group. 62% of Boomers chose ‘to save money by reducing utility costs’ as their main consideration. In contrast, Gen X-ers ranked ‘to keep my home safe and secure’ as their top priority,” said Karthik Venkatakrishnan Regional director at GfK Asia. “Consumers have individual ways of building up commitment, energy and willingness to act. Therefore, the brands that successfully communicate the affordability of the product, ease of use and the value it brings, often see success in facilitating adoption.”

The report on Smart Home found that the older Millennials (Gen Y) are early adopters and leading the charge, with 33% globally planning to purchase smart devices in the next two to three years, compared to 28% of younger Millennials.

Therefore, brands need to concentrate their efforts on the segments that matter most, instead of targeting indiscriminately. Hopefully, Smart Homes will become a reality for everyone soon.

Simple and seamless experience is what we all want and need.

Source: GFK