The pandemic has sparked the desire for a smarter lifestyle with more connectivity and control from mobile devices. Here are two trends that are the main drivers.
The pandemic has changed the way people perceive their home. This was exemplified during the home improvement boom when homeowners realized they needed more functionality in their space.
This desire for a smarter lifestyle with more connectivity and control from mobile devices has seen ownership in this sector become 43% of US households in 2021. However, these are not the only factors shaping the home improvement industries. Millennials, the nation’s largest generation of living adults, are major influencers in the homebuyer market, and their values are moving the needle.
Here are two trends shaping the future of smart home and the home security industry.
1. Wellness and convenience are key to meeting the needs of millennial owners
Millennials’ key preferences are a home that promotes comfort and overall well-being, according to a recent study by COGNITIONS Smart Data. The survey revealed that they consider smart home technology to be an essential part of improving the well-being of a home. Overall consumer sentiment has improved as they seek comfort and convenience, especially network cameras in the home.
Recent search from Parks Associates found that the average US home with broadband now has 3.4 network cameras, a big increase from 2018. In fact, analysts predict even more than a leap, with a compound annual growth rate (CAGR) of 15.7% for smart home security cameras through 2027 globally.
2. Touchscreens, industry-leading camera sensor technology
Around 250 million network cameras, video doorbells and smart speakers/displays are ready to be sold in the United States between 2022 and 2024. Given the increased interest, the two most important technologies that will have the greatest impact on the market are the development of display technologies and cameras.
Touchscreens are making good progress, with image quality becoming sharper and touch response becoming more intuitive. But it’s important to create experiences and journeys that take advantage of these display capabilities, and to do so in a way that helps both security vendors and customers.
Quentin Gunther is responsible for the Resideo Premier Security Dealer program.