With the rapid growth of the Internet of things consumers are getting to a point where they don’t look at these smart devices as just commercial products, but as household commodities.
The Forbes article above defines smart homes as one where the lights, heating/ventilation/air-conditioning (HVAC), security alarm and other household devices can be automated and remotely controlled by a smartphone, tablet or computer. According to research from Statista, in 2020, the value of the global smart home market will reach $43 billion, nearly triple its value in 2014.
This has proven to be a big opportunity for businesses. A business, Vivint Smart Home based out of Provo, Utah specializes in smart homes. Instead of going out and individually buying smart devices at retail price, Vivint Smart Home gives their customers the options to pay a monthly rate from $40-$80 to get the free installation of multiple devices to make their home “smart”. This is great for the consumer in the sense that they’re getting free, professional installation of these devices and they are always being updated. The business is seeing its own benefits. In 2012 Vivint Smart Home was valued at over $2 billion, and just this past year they brought in $650 million in revenue.
There are so many impressive devices out there that allow us more security and control of our homes. From smart thermostats that track our location and adjust temperatures to coffee pots that we can program with brewing schedules on our phones, our homes are getting smarter and smarter. Live smarter, not harder.