INDIANAPOLIS — The smart-home market continues to exhibit robust growth, with 37% of the nation’s internet-connected homes currently having at least one smart-home device and consumer purchase intentions at an all-time high, according to a new report by the Home Improvement Research Institute.
Citing outside research, the Indianapolis-based HIRI estimated that the global smart-home market, which totaled about $58.5 billion in 2020, is forecast to exceed $167 billion by 2025, with kitchen/bath designers, remodelers, home builders and other specifiers having “the opportunity to increase their value proposition, as more homeowners – particularly younger, more internet-savvy and connected generations – accept the idea of an integrated and holistic smart-home experience.”
“Even before our society redefined how it interacts on and offline, connected home devices were rising in popularity,” HIRI said. “Forced to spend more time at home and away from in-person communities, the desire of tech-savvy consumers to create a smart-home environment to cohabitate during working and leisure hours propelled smart devices into a new era of product adoption.”
According to HIRI, specifiers should emphasize the smart-home features that help make homeowners’ lives quicker, easier or more efficient.
“Between work, raising children, social lives, and/or maintaining personal health and hobbies, consumers are increasingly turning to products that help make their daily activities feel more manageable (and improve their quality of life),” HIRI said.
In some product categories, smart-home devices have also become a factor in boosting the resale value of a home,” the organization said.
Among the kinds of smart-home products commonly being sought by homeowners, according to HIRI, are:
- Voice Controls: “Voice-controlled kitchen appliances are no merely longer a concept,” HIRI observed. “Technology and kitchen appliance brands are now releasing products with voice-control capabilities in order to make the cooking experience more convenient for those who spend a lot of time in the kitchen.”
- Pre-programmed task accomplishment technologies: “There are many kitchen appliances that assist consumers in preparing meals quickly and from the comfort of their homes. Such appliances work with a series of pre-programmed settings that enable users to plan meals in advance, set reminders and quickly prepare a range of recipes.
“Consumers, especially younger generations, rely on technology for many day-to-day tasks. They value convenience, efficiency, and ease of use – all of which modern, tech enabled smart kitchen appliances provide,” HIRI said. “Features such as automation, remote (smartphone) control and anything that makes life and tasks easier, all help to cater to the needs of this busy, modern day consumer.”
- AI Companions and Guides: As the concept of voice control becomes a common feature of products, child-friendly features will enter the user interface of AI home assistants that can engage, entertain and monitor children, thereby alleviating some parental stress, HIRI said. “Being part of a digital-savvy generation, Millennials are most likely to invite technology to play a formative part in their child’s life,” the research institute said. “The integration of these features into the home allows for the parental aids to be omnipresent and close by when needed, adding a layer of convenience and security.”