The pandemic changed the way people think about their homes. This was exemplified during the home improvement boom when homeowners realized they needed more functionality out of their space.
This desire for a smarter way of living with more connectivity and control from mobile devices saw ownership of this sector grow to 43% of U.S. households in 2021. However, these are not the only factors shaping home improvement industries. Millennials, the nation’s largest living adult generation, are major influencers in the home buyer market, and their values are moving the needle.
Here are two trends driving the future of the smart home and home security industry.
1. Wellness and Convenience the Keys to Fulfilling the Needs of Millennial Homeowners
Key preferences for millennials is a home that promotes comfort and overall wellness, according to a recent survey by COGNITIONS Smart Data. The survey found they view smart home technology as a critical element to enhance a home’s wellness. Overall consumer sentiment has improved as they search for wellness and convenience, and more specifically networked cameras in the home.
Recent research from Parks Associates found that the average U.S. broadband-enabled home now has 3.4 networked cameras, a sharp increase from 2018. In fact, analysts predict even more of a jump, with a 15.7% compound annual growth rate (CAGR) for smart home security cameras through 2027 globally.
2. Touchscreens, Camera Sensor Technology Driving the Industry Forward
Approximately 250 million networked cameras, video doorbells and smart speakers/smart displays are set to be sold in the U.S. 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.
Touchscreen panels are advancing well, with image quality becoming crisper and touch response becoming more intuitive. But it’s important to create experiences and journeys that take advantage of those display capabilities – and do it in a way that helps both security dealers and customers.
Quentin Gunther is Resideo Premier Security Dealer Program Leader.
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