While industry analysts and forecasts predict growth in the smart home market, sales haven’t met these expectations. According to Statista’s Digital Market Outlook, the smart home revenue in the US is expected to show a compound annual growth rate of 14.8% until 2022. Where are the opportunities in this market? Will these smart home market forecasts be accurate?
151 Advisors launched a survey to understand the consumer’s current concerns and purchasing habits around Smart Home devices so product managers, marketers, and entrepreneurs can gain some more insight of where to invest their resources.
Several key takeaways include:
- 41.5% of consumers surveyed stated that the prices of smart devices are a significant factor when deciding to purchase a smart device
- 23.5% have thought about purchasing a Smart Thermostat but didn’t due to price
- 52% of respondents said they would spend $40 more on a smart door lock vs a traditional door lock
All forecasts indicate that the Smart Home market will significantly increase over the next five years so dive into the survey to see how your company can capitalize on current consumer sentiment and the latent market demand.
Download the survey report for a deep dive into the analytics!