In a summer 2018 survey commissioned by Metova of over 1000 U.S. consumers, more than 90% of respondents indicated owning a connected home device such as an appliance, TV, Amazon Alexa or Google Home. Zion Market Research predicts that the smart home market will grow from $24.10 billion in revenue in 2016 to $53.45 billion in 2022. These are notable findings, and it means many things for businesses and industries waiting to jump in to the connected home including: “the connected home is here,” and “businesses have an amazing opportunity to participate and leverage the connected home.”
Evolving Use-Case in the Connected Home
While summoning your favorite song, dimming the lights, or controlling a thermostat are obvious facilities provided by the connected home, many traditionally non-technical industries can benefit from the connected home.
“I see the proliferation of connected home devices as really being beneficial to any industry that offers on-demand services: house cleaning, food delivery, lawncare and much more,” said Andrew Cowart, CTO at Metova, a world leader in developing connected home applications and technology. “A strength of in-home connected devices is in triggering a common action via voice. Ordering a pizza is a great example. If you have a common order, it’s very convenient to say, ‘Alexa, tell Domino’s Pizza to order my Friday Night Usual,’ ” added Cowart.
Not even 10 years ago, the connected home was a high-end investment involving consultations, custom installs and, along with that, high prices. Today, the smart home is easily accessible in price and installation with consumers being able to set up their own connected home environments with off the shelf options including retrofit smart wall outlets, smart lighting and more – all available for under $100.
Other key findings from the survey include:
- Nearly 70% already have a voice-controlled system such as an Amazon Alexa or Google Home
- 74% of respondents think connected home devices are the wave of the future
- Over 30% who do not have a connected home device plan to make a purchase within the year
- 58% percent of people who own a connected home device are concerned about how it may impact their privacy