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s the Internet of Things matures, home automation is disrupting how we interact with our homes in dramatic ways.
New home technology allows homeowners to control, program, and monitor homes to exact preferences without being there. Everything from thermostats to light bulbs to front door locks can be controlled remotely from a smartphone, tablet, and laptop/computer.
Despite the convenience in ability to control and monitor connected home appliances at any given moment, in house or remotely, not all homeowners are convinced of the benefits of this growing technology.
Dramatic Increase in Consumer Spending
As the adoption curve matures, recent reports project huge market growth for
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Responsive Technology Changing How We Engage with Our Homes
connected home appliances over the next five years, Business Insider reported. Today there are 1.9 billion connected home products on the market. At the rate it is growing, reports estimate that by 2018, this number will reach 9 billion.
According to ABI Research, the home automation industry will reach $14.1 billion in revenue by 2018 – an estimated 11.5 percent increase from 2012. And as Forbes writer, Morgan Brennan, explains the managed subscription market (the industry’s top submarket) can anticipate a growth from the current 1.9 million annual shipments to 19 million yearly shipments by 2018.
With the integration of advanced technol- ogies in home products, these upgraded smart homes are now hot commodities for early adopters who are ready to invest
in premium products that enhance the functionality of their home by monitoring and controlling their home products with a click of a button on their smart phone or computer.
Connected Products on the Horizon Now
Leading the way in the industry is the once mundane thermostat – a category that had been flat for decades. In the U.S., connected thermostats grew 107 percent during 2014. Brands such as Nest Learning Thermostat and Honeywell Lyric allow homeowners to pre-set temperatures around their specific schedules with access and control anywhere via smartphone or computer. This allows for an energy efficient cooling system saving homeowners on utility bills. In fact, Nest ensures savings of up to
AUGUST 2015 | HOUSTON BUILDER | GREATER HOUSTON BUILDERS ASSOCIATION – BUILDING A BETTER FUTURE
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