Tips From The Top

You mean there’s an American home without a smart speaker?

Probably not for long.

Studies are finding that smart home technology use is growing in leaps and bounds – and experts estimate the demand is only going to keep growing.

A report released earlier this year by the Consumer Technology Association predicted 2019 would break records for tech sales among consumers in the U.S. The report indicated tech sales would reach $400 billion for the first time. The main drivers? Smart speakers, smart home safety, and home robots.

Smart home safety and monitoring is the fastest growing piece of the smart home tech pie, according to the report. This piece includes cameras, smart locks and doorbells, and also thermostats, smoke and carbon monoxide detectors, and switches, dimmers, and outlets. 

This spring, NPR and Edison Research reported that 21% of adults in the U.S. (53 million people) owned smart speakers, and 69% of the owners used them everyday. The Smart Audio Report, distributing the findings, reported that 30% of the smart speaker owners had three or more. And overall, smart speakers in American households had grown from 66.7 million in 2017 to 118.5 in 2018.

And the demand is expected to keep on growing. Reports indicate the smart home tech market will reach more than $112 billion by 2024 with a CAGR (Compound Average Growth Rate) of 8.8% from 2019 to 2024. The same consumer priorities that have been dictating the smart home market will continue to drive its growth: safety and security, the need for simplicity and personalized experience, and the use of more cloud-based technologies. 

The report identifies some exciting emerging trends, including voice-assistant technology in luxury automated homes, the development of air quality sensor devices to measure volatile organic compounds (VOCs), and the increased adoption of video-enabled drones.

While smart home safety and security technology is expected to remain the largest piece of the pie, experts anticipate entertainment will grow the most over the next five years. Consumers are looking for advanced technology to give them more control, flexibility, and premium entertainment experiences in their own homes. And where there’s a need, the technology will meet the demand. 

At Jackson Hole A/V, we assist our clients with the personalized selection and installation of smart home technology to best suit their needs and tastes – with everything from smart security systems to fully-automated homes united in the single Savant platform.

To learn more about how you can take advantage of the new trends in of smart home technology, call us at Jackson Hole AV. We’d love to discuss the possibilities.