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The public's interest in Smart Home Technology has grown exponentially in the last 5 years. This rapid growth is centered around Home Monitoring, Digital Assistants and Smart Lighting.

The global market for smart home devices is expected to continue through 2023, according to a smart home device forecast from International Data Corporation (IDC).  Nearly 1.6 billion devices will be shipped in 2023 as people adopt multiple devices within their homes and as global availability of products and services increases, researchers said.

Home monitoring, digital assistants and smart home lighting are expected to experience the fastest growth over the next five-year period. It’s easy to see why these areas are leading the way:

  • Home monitoring falls into multiple categories such as monitoring home systems (security cameras, door locks, garage doors, thermostats, lighting) or more medical applications like (fall detection, movement pattern changes, accident/alert notifications, movement trackers and vital sign measurement).
  • Smart assistants will act as the point of contact with multiple smart home devices and essentially become the cornerstone of the smart home experience. In 2019,  Amazon Alexa had 56,750 skills, reflecting a 120% increase over 2018. So, what are the new skills? They include controlling home systems, devices, and appliances by “voice command”, answering questions, making phone calls, interfacing with security cameras, receiving alerts and notifications. These capabilities go far beyond just playing music, answering questions and calling up a recipe.
  • Smart Lighting involves utility cost management, home safety, and security management and can also be turned on/off by voice commands. It has become a “quality of life” enhancement for people that are aging or with physical limitations.

 

The end game is evolving the technology to become integrated throughout the home and address the homeowner’s own definition of what “quality of life“ means.

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