From the emergence of the do-it-all Amazon Alexa to the quick and easy iOS smart home apps, home automation has been on an upward climb in direct correlation with the rapid rise of the technology industry, the Internet of Things (IoT), and Machine-to-Machine (M2M) communication. The main goal of making homes smarter with technology integration has always been to provide homeowners with efficiency, comfort, security, and convenience, regardless of who is or isn’t home.
As of 2013, the smart home market had a global value of $4.4 billion, with a projected $21 billion growth by 2020. However, despite the projections, many homeowners don’t seem to be convinced that smart-ifying their homes should be a priority or is something worth investing in. But how come?
Barriers to Entry
It seems that many of the available products aren’t convincing consumers that they’ll be secure, efficient, or convenient. According to CNBC, “The trouble so far has been the technology itself: Consumers aren’t sure how to integrate it into existing home systems. Plain and simple, they don’t know how to use it.” A 2016 Deloitte UK study found that 48% of consumers are concerned about price, 26% aren’t convinced the technology is where it’s supposed to be, …