Over the years, MorConnect has discovered that the smart home market is constantly changing with new products, and even with security challenges scaring a few people away from the market, diversity has grown from adversity. It is their goal to help educate people on smart home trends to ensure a more secure and comfortable future.
Here are a few projected earnings and examples for the smart home market in 2020.
Smart Appliances Deliver the Biggest Profit
Consumers are expected to spend $21.5 billion in 2020 on devices that can link up with mobile devices.
This includes connecting with washers, dryers, refrigerators, and other appliances to gain remote control and a bit of fine-tuning that doesn’t have to be built into the machine with switches. It’s cost savings for manufacturers and customers.
$19.4 billion is expected to go to security systems. Smart cameras and smart locks are expected to be the leading products, since they’re easy to install and deliver tangible benefits.
Tied with benefits is the need for security, which adds brand variety. Due to exploited Internet of Things (IoT) devices, people have to make a tough choice between gaining better advantages versus being potentially exposed if proper measures aren’t taken.
For consumers, this means knowing what usually goes wrong and what manufacturers can advertise as a fix. For the most part, this means having the ability to change passwords and patch software for vulnerabilities.
Smart Energy Management Changes
$7.2 billion income is expected in 2020 from energy management solutions. This includes monitoring and management hubs that provide whole home coverage of power usage.
Lights, heating, air conditioning, appliances, and personal electronics, are usually tethered to these monitoring systems, making it easy to see how much power is being spent. This drives savings, and is vital to both individual and business customers.
Home owners aren’t the only clients here. Power utilities also resell power management suites and provide smart home power meters, which are often connected to their systems.
Smart home devices for utility companies allows easier billing management, and it also helps power utilities service customers better. By figuring out where certain power leaks, failure, and strange overages happens, they can provide faster fixes.
The smart home category will continue to grow as people look for better ways to control electronics and digital devices in their homes. For more information on the market, contact a smart home technology consultant.
Are you looking to better connect and control electronics in your home? Ali Mohammad and MorConnect can help! Visit MorConnect.ca to learn more about how they can help you upgrade your home so it’s ready for the future!