Smart homes – Understanding the market of a multi-billion dollar industry

Smart homes – Understanding the market of a multi-billion dollar industry

Technology is a wonderful tool for humanity. The comforts that one enjoys today are plenty. Life is easier in terms of physical work. One such technology is smart homes. It makes everyday household activities much easier through automation. There are a lot of benefits that are making smart homes very popular these days.

What are smart homes?

Smart home or smart home automation is a generalized term for programming technologies in the house connected to a central hub via the wifi to be accessed while at home or away. The central hub here is the device used to control everything, i.e., phone, laptop, or tablet.

Why are smart homes gaining popularity?

Smart homes are equipped with the best of technology. This is the reason why they have a plethora of benefits. Some of these are listed below:

  1. The safety of appliances and light systems is assured.
  2. They offer better security with automatic door locks.
  3. Security cameras allow the owner to observe any suspicious activity.
  4. Adjusting the temperature is made very easy.
  5. They help to save time when it comes to household chores like boiling water.
  6. Automated homes are comparatively more energy efficient.

The market of Smart homes

Smart, automated homes are gaining popularity these days. As per a survey carried out in Singapore, more and more young couples wish to stay in condos or apartments with smart features. They are even willing to pay as high as $40,000 to own a smart or automated home.

The ongoing global pandemic has increased the market for automated homes. Since people have started to stay home and use the internet a lot more, this was bound to happen. Smart locks and surveillance cameras have also helped with the contactless delivery system. To facilitate day-to-day tasks at home, people are purchasing more smart speakers/hubs to increase productivity. Monitoring devices are also being used to overlook the elderly or sick members of the family.


Smart, automated homes are the future for a comfortable lifestyle and efficient living. These are gaining popularity, and the benefits they deliver justify it. Because of the work-from-home culture, people are investing in smart solutions to make their daily life easier. With all the stress and mental health issues they face, ease in household chores is like a breath of fresh air.