“Recent years have seen a rapid increase in the use of home automation technology in the U.S. The digital revolution (especially in the world of IoT) has fueled an exciting new phase with companies in the home automation industry, offering consumers new and improved smart home technologies and giving rise to a totally interconnected, easy-to-control environment termed the “smart home.” These devices offer consumers remote control monitoring of common household devices and improved utility savings.
Research from Statista predicts that by the end of 2018, more than 45 million smart home devices will be installed in U.S. homes, making the average revenue per home around $490. This is an annual growth rate for the home automation industry of 22% year over year to nearly $20 billion in the U.S.
This growth is attributed to a number of factors, including the continuing rise in energy costs, decreasing cost of smart home technologies, current government policies and incentives regarding energy consumption, and increasing customer awareness of the impact of their consumptive activities on the environment. Statistics show that, currently, only 12-16% of U.S. homes own smart devices, leaving entire segments of the market untouched, due to the fact that mass adoption has its challenges.” – by Michael Cavvale