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Smart Home Market Expected to Grow

The Smart Home market has grown incrementally in the last couple years. The worldwide Smart Home devices market is expected to grow approximately 31% year over year in 2018. At this rate, there will be 1.3 billion smart home devices by 2022.

In the U.S specifically, the demand for connected thermostats is forecasted to increase by roughly 23% annually through 2022. The Global market for surveillance cameras is on the rise and is projected to surpass the $9.7 billion mark by 2023. As these smart home products infiltrate the market, consumers are increasingly more engaged with their smart speakers and voice assistants. According to Adobe Analytics, 71% of owners of smart speakers use voice assistants at least daily, and 44% use their devices multiple times a day. If this trend continues, it will revolutionize the way we browse the web and by 2022, it is possible that 50% of searches will be conducted via voice.

Consider incorporating Smart Home installation into the services that you offer. As the smart home market continues to grow, there is potential to gain recurring monthly revenue, have services to be offered in the off season, and remain ahead of the game in terms of what is popular with connected solutions.