ON World

Two-Thirds of Smart Home Users Plan to Buy More Products

As smart home products increasingly appeal to new customers, existing smart home users continue to make up the bulk of purchases. For current users, the average number of smart home products per household continues to increase.

ON World's recently completed survey with 500 smart home users found that 3 in 5 are "Very likely" to acquire new products in the next 12 months.

Long term smart home users were just as likely to purchase new products compared with more recent adopters. Over half (56%) purchased their first smart home product within the last 3 years and 11% within the last year. More than two-thirds (70%) own more than 5 and 20% own 15+ smart home products.

The most commonly owned products include smart lighting, security cameras/video doorbells, smart speakers and smart security sensors.

Promise of Standards Renewing Enthusiasm

One of the major drivers of this renewed smart home enthusiam is the newly completed Matter standard that promises seamless whole home automation and improved product compatibility among vendors. Over half (54%) rate product interoperability as "Very important" and almost all of the remaining half rate this "Important."

The major reasons for adopting smart home technology are Comfort/convenience (35%), home monitoring (19%), Customized tasks (16%), energy efficency (12%), entertainment (11%) and keep up with technology trends (8%).

Security and Lighting are Most Likely Future Purchases

Planned products include smart lighting (57%), security cameras/video doorbells (50%), smart speakers (43%), smart security sensors (40%),   smart thermostats (31%), smart plugs (29%) and smart appliances (23%).

Four in five are willing to spend at least $300 on smart home products and over half are willing to spend at least $500 in the next 12 months.

Smart home users' biggest concerns are data privacy/security (53%), costs (40%), (Lack of) interoperability (37%) and complexity (37%).

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About ON World:
ON World provides market research and business intelligence on Internet of Things (IoT).  Since 2003, our research reports, datasets and customized research services have been used by Fortune 500 companies, investors and developers worldwide to advance IoT solutions in hundreds of industries.

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