Friday, January 18, 2019

Smart home device household penetration will eclipse 33 percent this year, and is expected to be well over 50 percent by 2023. What’s holding some consumers back from jumping on the smart home bandwagon? For starters, proof that these internet-connected devices would indeed save them money, according to a recent survey from Parks Associates.

According to the survey, 60 percent of households with a broadband internet connection but that haven’t purchased an internet-connected appliance yet, reported they would consider purchasing a smart home device if it could help save them money in the long-term, such as by reducing an electricity bill. Since many smart home devices are expensive to purchase, proof of long-term savings is important to many would-be consumers.

The survey also revealed that another 55 percent of people would be more inclined to purchase a smart home device if the initial cost of investment was less. As smart home technology advances and becomes more ubiquitous, industry experts expect this to gradually start to happen.

Interestingly, almost six in 10 survey respondents said they would consider buying a smart home device if it meant a discount on their home insurance premium. Certain insurance companies do, in fact, offer a discount if homeowners install security cameras, smart thermostats or similar smart home products, so be sure to check with your provider.

Security concerns are also keeping certain consumers at bay when it comes to investing in smart home technology. Approximately 50 percent of those surveyed said they would consider internet-connected devices if they were given more control over their own data and how it is collected and used by companies.

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