February 2, 2016

Get Smart: U.S. Homeowners are Making the Move to “Smart Technology”

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Get Smart: U.S. Homeowners are Making the Move to “Smart Technology”

Cartus’ sister company, Coldwell Banker Real Estate LLC, recently released the Coldwell Banker® Smart Home Marketplace Survey, which polled more than 4,000 Americans on their use of smart home technology. According to the survey, nearly half (45 percent) of all Americans either own smart home technology or plan to invest in it in 2016. The survey also found that more than half of homeowners (54 percent) would purchase or install smart home products if they were selling their home and knew that doing so would make it sell faster.

According to market research by MarketsandMarkets, the global smart homes market value was valued at $20.38 billion in 2014 and is expected to reach $58.68 billion by 2020. North America leads the world in smart home technology use, but demand in Europe and Asia-Pacific is expected to grow because of the need for lower power consumption.

So, What Makes A Home So “Smart”?

More than three-quarters (76 percent) of Americans think that having just one category of smart technology in your home isn’t enough for it to be considered smart. So, what is needed for a home to be considered “smart”? The most common elements include:

  • Security (e.g., locks and alarm systems)
  • Temperature control (e.g., thermostats and fans)
  • Lighting (e.g., light bulbs and lighting systems)
  • Safety (e.g., fire/carbon monoxide detectors and nightlights)
  • “Smart appliances” (e.g., smart refrigerators, washers, and dryers)
  • Entertainment (e.g., smart TVs and speaker systems)

Additional Smart Home Marketplace Survey Findings

Learn more by viewing the full results of the Coldwell Banker® Smart Home Marketplace Survey

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