Study: Smart Home Market To Double this Year
SAN FRANCISCO and PHILADELPHIA -- Today, August Home and Xfinity Home released the results of a new survey that indicates growing enthusiasm for and interest in smart security and smart home technology. The study, of nearly 1,300 U.S. consumers, sheds new light on what motivates adoption, what features are most compelling, as well as how consumers plan to use smart home technology. The findings are detailed in The Safe & Smart Home: Security in the Smart Home Era.
Smart Home Market Anticipated to Double
Nearly 18% percent of survey respondents said they’d likely buy a new smart home product over the next 12 months, including 56% of those who already have installed at least one smart home product in their home. In addition, 12% of those without smart home technology said they were planning on buying a smart home product in the next 12 months, which would effectively double smart home ownership over the next year to 30 million households*.
"The smart home industry is still a young market," said Michael Wolf, chief analyst for NextMarket Insights, "But consumer awareness is growing rapidly as new offerings with clear value come to market. This research reinforces our belief that product categories which provide tangible help in meeting consumer needs such as family safety or work-life balance will experience significant growth in end user adoption over the next five years."
Motivators: Safety and Convenience
When it comes to adopting smart home technology, family safety is the biggest motivator for most consumers (63%). However, adding convenient features, such as the ability to turn on lights after dark (54%) and the ability to provide remote access to service providers (22%) are also high on consumers’ wish lists.
"Smart home technology is creating a new paradigm for home security," said Jason Johnson, CEO of August Home Inc. "The new era of smart security and smart home products offer consumers visibility and control over their homes that previously had not been available with traditional security systems."
"Comcast has a history of disrupting business models and bringing the newest technology to millions of homes," said Dennis Mathew, vice president of Xfinity Home. "We did it with video, broadband, and voice. Now we’re doing with home security and the smart home. These survey results highlight consumers’ evolving interest in the Internet of Things, and we’re excited to partner with innovative companies like August Home to accelerate broad consumer adoption of smart home and smart security technology."
About the The Safe & Smart Home: Security in the Smart Home Era Report
The data referenced in this report come from a study commissioned by August Home and Xfinity Home, produced by research firm NextMarket Insights and conducted as an online survey among a total of 1,293 U.S. consumers. The data set is demographically balanced to represent age, gender and income. Data was collected in March 2016.
Comcast Corp. (Nasdaq: CMCSA, CMCSK)