The global smart home market is expected to reach an estimated $107.4 Bn by 2023 with a CAGR of 9.5% (2018-2023) *. The smart home market is taking the world by storm, with smart home devices occupying every corner of our household, and why shouldn’t they? These devices have added convenience and made managing homes so much simpler, all the while saving money, energy, and agony that would have otherwise been part of our daily lives.
We have all witnessed organizations being disrupted by the Internet of Things (IoT) through interconnected assets and identifying them through a web of digital networks. And of late, ‘smart’ has become quite a buzzword. It all began with smartphones then smart TVs and now smart Homes. But can technology be used to change the way we live?
While most of us have already experienced home automation driven by IoT, the latest technology advances use disruptive technologies like Machine Learning and Artificial Intelligence in smart home devices to help them adapt to the environment by learning and personalizing homes based on a user’s routine. Through technology, smart devices have evolved as intelligent assistants which serve as a viable control center for all household activities. These smart devices create connected homes by seamlessly integrating with smartphones or any internet connected device, allowing users to manage their smart home devices with ease even from remote locations. One of the most touted benefits of such connected homes is the ability to empower customers to make energy efficient choices by providing real-time visibility into the energy usage of their home’s appliances.
But, such smart home devices need to be programmed to fit the trends and preferences of a family and provide users with the ultimate degree of control. An exceptional example of such a smart device is the Nest’s Learning Thermostat– it’s a smart thermostat that allows users to change temperature via a remote control from anywhere if the user has a phone, tablet, or laptop connected to the Nest. Its ability to learn user trends and patterns to adjust the home temperature, save energy and lower costs is what makes it smart. This gives it an adage over its competitors.
By and large, the smart home trend has made way for some stellar innovations that can be leveraged to automate household chores, while taking care of security, energy usage, and bills.
Overall, smart home devices allow its users to see a future when their home is not just a remote-controlled home, but a conscious home - one that learns and adapts to the family’s needs and wants.