The Smart Home Market

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Capitalized at $76.62 billion in 2018, the global smart home market is expected to cross the $192 billion mark by 2023, projecting an almost five-fold growth. Currently, it is led by America and China dominating a market share of 35% and 18% respectively. The fastest growing devices in this market are smart speakers, home appliances and lighting. Here’s our pick of the key trends taking over the global smart home market:

AI Voice Assistants: With the ongoing technology disruption, companies are integrating AI voice assistants into all aspects of home – from music, lighting and security to even pet-monitoring cameras. This voice recognition technology is rapidly gaining popularity, replacing the quintessential centralized hub with wireless technology enabling seamless home control at the touch of a button. This means you can now control all aspects of your home directly from your personal devices like phones and tablets with the help of advanced App softwares. Today smart voice assistants are finding their place in all house-hold related aspects such as mirrors, toilets and bathroom lights. Most of these devices are built by integrating Amazon’s Alexa or the Google assistant into their systems. The two tech giants are the leaders in this field and constantly working to make their AI driven voice assistants simpler and less intrusive for their customers.

Screen Equipped Smart Home Devices: Although voice-first interfaces are on the rise, companies are also building screen enabled smart home devices, as voice assistants are not nearly enough. Voice enabled smart home devices are good for giving quick commands, but they are not best suited for persistent instructions or displaying large amounts of information. In line with this trend, known brands such as Mui and KitchenAid have introduced various products like touch-enabled smart home display and screened smart speakers to cater to consumer demand for the same.

Energy Monitoring and Saving Solutions: Considering energy costs have been on the rise and climate saving is one of the most important issues for 2019, energy saving smart home solutions are the future. Of course, it is all too simple to assume we can save energy at home by switching off lights or air conditioners but it sounds easier than it is. Luckily, smart homes are able to offer us a solution to this as well.  How? Well, energy saving starts from monitoring one’s home energy consumption. Considering this, smart electronic solutions providers, such as Nedis have on offer products that provide an overview of energy consumption through Apps. This gives an insight into the amount of energy being consumed by different home appliances. So, if you don’t like what you see, simply turn it off!

Décor-friendly Smart Home Technology: Apart from technology-savvy home products, consumers also look for a certain style quotient when choosing their home ware. After all, what good is it if your home products are smart but don’t fit well with your ambiance and décor? As a result, technology companies are making efforts to ensure their home automation offerings are not just technologically advanced but also sport aesthetically pleasing designs.


 

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