Survey forecasts 30 million U.S. households to add smart home technology by next year
Connected cameras, video doorbells and lights are the smart home products highest on consumers' priority list, according to a new study conducted by August Home Inc. and Comcast Cable's Xfinity Home.
August Home and Comcast's Xfinity Home have released the results of a survey that indicates growing enthusiasm for and interest in smart security and smart home technology. The survey, of nearly 1,300 U.S. consumers, sheds new light on what motivates adoption, what features are most compelling, as well as how consumers plan to use smart home technology. The findings are detailed in a new study, entitled, The Safe & Smart Home: Security in the Smart Home Era.
Smart Home market anticipated to double
Nearly 18% percent of survey respondents said they’d likely buy a new smart home product over the next 12 months, including 56% of those who already have installed at least one smart home product in their home. In addition, 12% of those without smart home technology said they were planning on buying a smart home product in the next 12 months, which would effectively double smart home ownership over the next year to 30 million households. "The smart home industry is still a young market," said Michael Wolf, chief analyst for NextMarket Insights. "But consumer awareness is growing rapidly as new offerings with clear value come to market. This research reinforces our belief that product categories which provide tangible help in meeting consumer needs such as family safety or work-life balance will experience significant growth in end user adoption over the next five years."
Motivators: Safety and convenience
When it comes to adopting smart home technology, family safety is the biggest motivator for most consumers (63%). However, adding convenient features, such as the ability to turn on lights after dark (54%) and the ability to provide remote access to service providers (22%) are also high on consumers’ wish lists. “Smart home technology is creating a new paradigm for home security,” said Jason Johnson, CEO of August Home Inc. “The new era of smart security and smart home products offer consumers visibility and control over their homes that previously had not been available with traditional security systems.”
“Comcast has a history of disrupting business models and bringing the newest technology to millions of homes,” added Dennis Mathew, vice president of Xfinity Home. “We did it with video, broadband, and voice. Now we’re doing with home security and the smart home. These survey results highlight consumers’ evolving interest in the Internet of Things, and we’re excited to partner with innovative companies like August Home to accelerate broad consumer adoption of smart home and smart security technology.”
Triggering events for Smart Home adoption and Consumers' Most Wanted Smart Home features
As for triggering events that would cause a consumer to get home security installed, neighborhood break-ins (46%) top the list, followed by moving into a new house (26%), home remodeling (14%), managing a rental property (6%), and having a baby (5%).
Security-adopting consumers and non-security consumers and are interested in the potential of smart home security. Connected cameras (40%), video doorbells (26%), connected light bulbs (19%) and smart locks (13%), and all ranked high on security-adopting consumers’ wish lists. However, home security adopters continue to value traditional features such as 24/7 call center monitoring that have served as the bedrock of the home security market for decades.
Who would you let into your home remotely?
The adoption of new smart home products is both expanding the reach of home security and providing consumers with new ways to manage their busy lives. One way is by using a smart lock and smartphone to control access to the front door for home service providers. Fifty-seven percent of respondents indicated they are open to the idea of letting service professionals into their homes remotely with a smartphone. Consumers were more likely to open their home to service providers where there is a longer term relationship such as house cleaners (41%) and dog walkers (35%). There is also a growing comfort with opening the home to package delivery personnel and on-demand delivery services with one in five respondents indicating a willingness to allow remote access to their home for service provides they may only interact with once.
Financial troubles top safety concerns as biggest worry
Safety and security are just one of many concerns weighing on the minds of consumers today. When asked what was mostly likely to keep them up at night, financial troubles (44%), falling ill of a terminal disease (21%) and the Presidential election (15%) ranked higher on the list of worries than a home robbery or invasion (9%) for most consumers. Yet, when asked what life event might be the catalyst for adopting new technologies, a home break-in or crime in the neighborhood (46%), ranked number one, followed by moving into a new home (26%), remodeling a home (14%) or having a baby (5%).
The data referenced in the new report come from a study commissioned by August Home and Xfinity Home, produced by research firm NextMarket Insights and conducted as an online survey among a total of 1,293 U.S. consumers. The data set is demographically balanced to represent age, gender and income. Data was collected in March 2016. For more information on the research results, see the study infographic, study highlights and the full report.
About August Home Inc
August Home builds smart home access products and services that are safer than traditional keys, make life easier, and put users in control of their front door from anywhere in the world. With August Home products, users can create virtual keys to their home and easily grant access to house cleaners, dog walkers, delivery services, guests, friends, and family—and control how long that access lasts—all from a smartphone. August Home products work together, integrate with other smart devices and services, and are designed to fit naturally and elegantly into the home. Founded by technology entrepreneur Jason Johnson and renowned designer Yves Béhar, August Home Inc is headquartered in San Francisco, California.
About Comcast Cable
Comcast Cable is one of the nation's largest video, high-speed Internet and phone providers to residential customers under the XFINITY brand and also provides these services to businesses. Comcast has invested in technology to build an advanced network that delivers among the fastest broadband speeds, and brings customers personalized video, communications and home management offerings. Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. Visit www.comcastcorporation.com for more information.