The State of Smart Home Automation in 2019 | Financial Buzz

The State of Smart Home Automation in 2019

As the smart home automation market continues to increase, consumers are simultaneously inundated with a surplus of information and products. It is not always simple to decode the tech jargon that is attached to the latest and greatest gadgets and systems. And scrolling through an almost endless array of products can be time-consuming and even stressful. This is especially true when there is always something new emerging onto the scene or another great product announced at the Consumer Electronic Show (CES) that’s garnering a lot of press and buzz. Knowing where to start when it comes to smart home automation can be tricky. What do you need? What should you invest in? What is best for your home or workplace? Here’s where to start.

The Growth of Voice Assistant Technology

Digital voice assistants (think Amazon Alexa, Google Assistant and Siri) are currently surging in popularity. You might even have one in your home or office. Technology experts say that it is right to assume that we will see more of this type of technology implemented into more devices and products over the course of the next year and also in the future. Forbes reports that tens of millions of smart devices are already connected to Alexa, according to Amazon. Additionally, over 28,000 types of smart home devices from 4,500 companies are compatible with the digital voice assistant Amazon Alexa. This equates to a 600 percent increase since the year 2017.

Affordability & Accessibility of Smart Home Automation

As the smart home technology continues to develop, it also becomes accessible to more consumers at an affordable price. That wasn’t always the case. This sort of technology came with a big price tag in the past. Today, consumers are adopting technology such as smart thermostats, home security systems that use apps, smart lighting and switches, and even motorized shades. The home of the future seems to already be here. Forbes reported that by the end of 2018 more than 45 million smart home devices would be installed in American homes. From a business perspective, that is an average revenue of about $490 per household. If annual growth rates continue at 22 percent annually, experts predict that the home automation industry will grow to a robust $20 billion industry in the United States.

A Growing Smart Home Technology Market with Products for Every Consumer

Even the writers are the popular publication PCMag compare the advances in smart home automation and the Internet of Things to something taken directly out of a science fiction novel. PCMag breaks down the best smart home devices, and their assessment includes a range of items. The long list of smart home technology includes kitchen products such as a microwave from Amazon, a baking scale that connects to an app to help up-and-coming bakers make the perfect chocolate chip cookie, and mopping robots. All of which can be a testament to the growing, and highly popular smart home automation market.

The smart home automation market shows no signs of slowing down. Consumers are outfitting their home with the latest high-tech products ranging from app-compatible home security monitoring systems to voice assistants and mopping robots. The business of smart home automation is booming.