Smart Home Products Continue to Increase

Green Escrow Services | Home Technology

According to The Future of Tech report home automation products are expected to reach $1.8 billion through 2018. This is a 74% growth rate as security and monitoring devices continue to rise in popularity.

Of course, the continued growth of devices such as Alexa and Google Home are pushing sales while the report also cites emerging technologies such as virtual and augmented reality as well as drones both of which are more in the hobby category.

Finally, more mainstream products such as headphones, lead by the in-ear wireless variety, continue to experience strong sales.

How Smart Is Your Home?

Green Escrow Services | Home Technology

Coldwell Banker and CNET have recently released a joint survey of 4,000 Americans which highlights the importance of smart-home technology and this importance will only increase in the years to come. According to the survey 28 percent of homeowners said they own at least one smart-home product while nearly 50 percent of millennials (age 18-34) say they plan to implement smart-home technology when they purchase.

81 percent of those who currently use some smart-home technology say they are more likely to purchase a home if products such as smart locks, remote access security and connected thermostats and lighting, are already installed.

Most cited the fact that such technology makes their lives easier and saves time. Finally, 45 percent say that they’ve saved more than $1,000 a year with their smart-home products. Most prefer the living-room as the logical place for smart products followed by the bedroom, family room and kitchen.

Millennials and Home Technology

Green Escrow Services | Home Technology

According to a recent survey by the NPD Group, millennials (ages 25 to 34) are the most likely age group to embrace new technology in the home. This technology includes sensors, all network-connected security and monitoring devices, mart lighting, powers, system controllers, even appliances.

Moreover, the survey found that 23 percent of millennials had already installed at least one of these products or systems in their homes as opposed to 12 percent of the total population.

Finally, renters – a sizable percentage of whom are millennials – are just as likely to use home technology.