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Studies reveal growing demands of smart homes is ruling the real estate market

smart-home

The introduction of smarthomes has created a storm in so many ways. Today this market is growing significantly. It is coming up with a variety of products to suit the needs of customers. From washers and dryers to security cameras, lighting, cooling and heating equipments and even refrigerators or ovens; the list of demands is growing significantly.

No doubt, the real estate market always has its own twist and turns. While sometimes, the prices may go up; there are times when the market is down. Nevertheless, even in the midst of all these fluctuations, the growing demand for new homes does not seem to be reducing in any way. According to research, now the consumers are paying special attention to whether the home they are buying is smarthome or not.

The increasing demands of smart homes

 Real Estate

Even construction companies are catering to the demands of smart homes by coming up with new project that also provide benefits to potential buyers. During the recent times, the real estate market across various countries has seen a rise in the demand for ready to move smarthomes.

Even property values of homes converted into smarthomes has increased significantly. In fact, some projects even come with the provisions of additional wiring system, which allows homeowners to easily convert their home into a smarthome whenever they want.

So what does the latest report reveal? Read on to find out.

The predictions of the smarthome market by 2023

Smarthomes

As per research conducted by marketsandmarkets.com, predictions are that by 2023 the smarthome market will touch close to $140 billion. The reason behind this growth is due t the increasing demand of safety, comfort and convenience that smarthomes offer in comparison to a regular home.

Another driving factor behind the increase in demands is the eco- friendly and budget friendly benefits that smarthomes offer. Considering that the cost of living is increasing every day, people are looking out for various ways that allow them to save as much as possible.

The demand of smarthome Tech by the Millennials

 smart-home

Wakefield research recently conducted a survey to understand the demand of the millennials. There results of this research pointed out that around 86% of the participants were willing to shift into a rented place that is already equipped with smart home products. Furthermore, the participants also did not mind spending that little extra money for the safety and comfort that smart homes offer.

2016 saw the shipping out of most number of smarthome devices

smart-home

If you compare the number of smarthome products or devices that were shipped out globally between the span of 2015 and 2016; statistics point out that in 2016 around 18 million such products were shipped across the globe. In comparison to 2015, this is an increase of around 64%. The increased percentage clearly indicates the extent of the demand and growth. Products like Google home and smoke detectors were the highest in demands. Amazon Alexa, smart Lock, video doorbell and security devices, followed them.

The growing trends of products

smart-home

It is not just the requirements of Smarthomes that is increasing, even the requirements of cloud based solutions has grown significantly over the past few years. The market is segmented into three parts, they are

  • Region Specific – In this segment presently, North America is ruling the market of home-automated products. Even the European sector has pointed towards the growing demand of such products.
  • Software – In the software segment, the demand for smarter software and cloud storage is increasing every year. Considering that in this era the interconnection of smarthomes with better health care services is very prominent, people are demanding cloud-based products, which can provide them with better health care services.
  • Product- Under the product section the demand for health centric products and features has grown significantly over the past few years. Companies are coming up with products that can provide useful information about a person’s health. Some examples of these kinds of products include
  • Smart mattresses that keep track of a person’s sleeping patterns and heartbeat.
  • Visions of refrigerators equipped to test the sugar levels of a person.
  • The growing demand of wearables, which focus towards monitoring the overall body movement during any fitness regime

Conclusion

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The growing demands of smarthomes are taking the real estate market to a different level. Considering that the concept of smart homes is catching up very fast, many people prefer to shift in home that already have various kinds of home-automated products.