i3 - January/February 2020 - 93
By Brian Comiskey
Business
BY T H E N U M B E RS
The Ringing Future
of Smart Home Technology
F
rom the technicolor robotic vacuums of The Jetsons to
Tony Stark's AI-controlled Malibu home in Iron Man,
smart home technology has been inherently linked to the
American cultural vision of the future and the innovation it
brings. Now that 2020 is here, the growing advancements and
popularity of smart home technology are making this vision a
reality. According to a CTA study, nearly 70% of U.S. households
currently own some form of smart home technology.
In its recent study Exploring the Smart
Home Ecosystem: A Segmentation
Analysis, CTA polled thousands of
U.S. consumers to identify consumer
ownership trends, purchase intent, and
motivators and barriers to smart home
technology ownership across different
product categories, including audio/
video, home networking, home security,
energy management, lighting and other
technology (smart remote, smart robot
vacuum, etc.).
Viaframe/Getty Images
Here We are Now, Entertain Us
Audio and video devices maintain the
greatest prevalence among U.S. households with 56% of respondents indicating ownership of one of these products.
Home networking and home security
are the second and third most owned
products, respectively.
Among the products included in the
survey, smart entertainment devices are
the most commonly owned smart audio/
video device in U.S. households. In fact,
45% of U.S. consumers own a smart
entertainment device which include
internet-connected streaming devices
like the Apple TV or Roku, home gaming consoles, and DVD/Blu-ray players.
Beyond smart entertainment devices,
25% of U.S. households own smart speakers with a voice assistant. Altogether,
audio/video products enjoy low costs and
ubiquity, which address the top purchase
motivator: convenience.
C TA . t e c h / i 3
Home Securing Peace of Mind
While home security products presently
rank third in prevalence among U.S.
households, survey respondents identified this category as their top choice in
terms of 12-month purchase intent. In
particular, one-third of U.S. consumers
plan to buy smart home security technology in the next 12 months.
Rising interest in home security products may be the result of this category's
ability to address more than just convenience, but to also generate a sense of
tranquility for owners. After convenience
at 67%, 58% of survey respondents listed
peace of mind created by smart home
technology as their second most
common purchase
motivator.
Video doorbells, internet-connected
cameras and smart smoke/carbon monoxide detectors appeared as the top
home security products for purchase
intent. CTA estimates a 16% increase in
shipment revenues for smart doorbells
from 2019 to 2020, which will coincide
with a projected 13% decrease in their
wholesale price in the same period.
This reduction in wholesale price will
aid video doorbells in overcoming one of
the two most common barriers to purchase for smart home technology as indicated by respondents: cost. Both cost and
finding time to focus on specific smart
home technology were named as the two
major challenges to purchase in survey
responses. To mitigate these barriers,
manufacturers must help consumers
understand the value smart home technology can bring to their daily lives. ■
Nearly 70% of U.S. households
currently own some form of
smart home technology.
U.S. HOUSEHOLD OWNERSHIP OF SMART HOME
TECHNOLOGY CATEGORIES
Source: CTA Market Research
56%
34%
v
Audio/Video
Home
Networking
33%
Home
Security
21%
19%
15%
Energy
Management
Other
Lighting
JANUARY/FEBRUARY 2020
93
http://CTA.tech/research
http://CTA.tech/research
http://CTA.tech/research
https://cta.tech/i3
i3 - January/February 2020
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