33% of People Plan to Invest in a Smart Home Device in the Next 3 Years

People plan to invest more in IoT technology in their homes, according to a new survey report. Clutch, a B2B ratings and reviews firm, surveyed 581 people to examine how they are growing more comfortable with IoT technology in their homes.

Smart home devices – home appliances and devices equipped with IoT technology, such as a smart thermostat or smart security system – allow people to control and monitor their homes remotely. Currently, 53% of people own a smart home device. One-third (33%) plan to invest in a smart home device in the next three years.

Smart home devices are the IoT technology people are most familiar with, ahead of wearable devices (75%) and digital assistants (76%). One reason people are familiar with smart home devices is “forced adoption,” which occurs because many home devices and appliances are now built with connected capabilities.

People Value the Control Smart Home Devices Offer

Smart home devices allow people intimate access to information about their home from remote locations, which provides them peace-of-mind and a sense of security. Remote control and monitoring (37%) are the biggest benefits of owning a smart home device.

The benefits people experience from smart home devices may impact the smart home devices they purchase. For example, smart security system users benefit most from the remote monitoring benefits of smart home devices. Thus, it’s unsurprising that smart security systems (50%) are the most commonly owned smart home device, ahead of smart thermostats (48%) and smart lights (46%).

Cost is the Primary Concern with Smart Home Devices, Though Smart Devices Can Actually Reduce Utility Cost

People are concerned about the cost of smart home devices, though most people recognize that some smart home devices can reduce utility costs in their home. Cost (26%) is the primary concern people have with smart home devices over security vulnerability (21%).

Interestingly, people also think that some smart home devices have cost benefits:

  • More than half of people (53%) claim that smart home thermostats decrease utility costs. This is double the number who think a smart home thermostat increases utility costs (24%).
  • Lowering utility costs (30%) is the primary benefit of owning a smart plug.

Read the full report here.

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