With more than 25 million smart homes recorded in the entirety of the United States in 2017, the connected homes market is expected to witness substantial growth over the next five years, across the world. Research has identified the five key segments that are redefining the consumer interest toward integrated, connected devices and eventually the smart home concept.
Fact: In the United States, home burglary occurs every 13 seconds! pic.twitter.com/WmFmoTgzHb
— Sentry Systems Inc. (@SentrySystems) February 23, 2018
Security and safety have emerged as the most prominent factors, which have prompted consumers to opt for connected devices within the residential sector. According to the FBI, in the United States, a home burglary is expected to occur in every 13 seconds. Smoke detectors, remote video surveillance systems, and connected locks are among the most frequently purchased connected devices, which are integrated into smart homes. Increased adoption of gadgets is putting security in the hands of a homeowner. Also, in 2016 alone, security cameras accounted for more than 50% of the overall smart home revenue. A reliable security system, with both remote and local alarms, is expected to greatly improve the security of the home. Integration of these security systems offers greater control and improves the ability to take appropriate action at the right time. However, the potential threat of infiltration within the home ecosystem has been the leading cause of the aforementioned integration, limiting their adoption in developing markets.
Samsung forced to tighten the security of its smart home kit after vulnerabilities were discovered: https://t.co/5FcQQZXGpq
— WhiteHat Security (@whitehatsec) May 4, 2016
Security is the most important aspect that influences consumer preferences in the smart homes industry, and this leads to security emerging as a paradox for home automation vendors. Innovation and research in the field are expected to be directed toward safeguarding the sanctity of content, which is controlled by these devices, as consumers are subject to massive resource and monetary losses in case of unauthorized access.