In the past few years, smart devices have shot up in popularity as millions are wanting to modernize their homes. There are over 175 million smart homes around the world and nearly 70% of all households in America now own at least one smart device, with many owning multiple. With nearly 350 million devices shipped in 2021 alone and an estimated total of 1.77 billion devices total to be shipped by 2025, the interest in the smart home tech industry will continue to rise.
Younger generations see more value in smart home tech and are more likely to buy these devices for their homes. Over 85% of millennials would pay more to have a better connected home, with many wanting smart security systems and smart devices in their newly purchased homes. Many millennials and Gen Z are excited about smart home tech for its convenience, security, and cost-saving abilities. Smart devices can be used to dynamically respond to when people are no longer in the house. This saves money on heating and cooling and a smart water heater can save thousands of dollars over its lifespan.
Learn more about the road that smart home tech is taking to more widespread adoption here: