Entrepreneur suggests in an analysis that we can “expect to see an increase in the term “smart home automation” — referring to Internet-connected devices that monitor and control essential household functions such as lights, cameras, locks and climate. As the industry transforms, it presents a prime opportunity for entrepreneurs, corporations and investors.
“Touchless interactions and whole-home automation that drive efficiency and save energy are among the concepts driving consumer interest. Automated heating and cooling will see high demand, with new government efficiency regulations requiring replacing or retrofitting existing systems. In January 2023, all residential central air-source heat pump systems sold in the U.S. must meet new minimum energy efficiency standards.
“This trend is about improving the home experience — from programming devices that always behave the same to automating devices that anticipate and understand the homeowner’s needs. As evidence, Grandview Research predicts that smart kitchens will see an impressive compound annual growth rate of 30.5% from 2021 to 2030.”
KC’s View:
Two things.
First, of course “smart home automation” is going to grow over the next few years. As technology improves and becomes more accessible, inevitably it will find more homes – in this case, literally.
Second, the question is how much it will grow. At the moment, numbers like “30.5%” – which is just the smart kitchen number, seem a little hyperbolic. But that’s just now. Depending on how the economy improves, that number might end up seeming conservative.
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