Gartner estimates that there will be 50 billion IoT devices connected by 2020. But consumers have yet to fully embrace the idea of a smart home, according to a new study from PwC. The survey found that while 81% of the participants were familiar with the concept, only 26% own a smart home device. But 43% said they would be interested in the future.
Considering Gartner’s predictions and the findings from PwC, it appears there is room for growth in the IoT smart home market. The biggest barrier appears to be price, with 46% of non-users citing it as their biggest hesitation. But this is a good sign for the smart home market. We’ve seen this play out before in other technology adoption cycles, like cell phones or personal computers. The price of relatively new technology decreases as the devices become more of an everyday household product. Smart home devices are still in the early adopter stage – this price barrier will slowly disappear as more consumers embrace the technology.
Another good sign for the smart home’s potential growth is that satisfaction is high among users, in the 90th percentile according to PwC. Early adopter satisfaction indicates that this is more than just a passing trend. “We are at a tipping point for the connected home and IoT when it comes to consumers,” PwC said. “They are only just beginning to understand the potential value smart home devices can provide in their everyday lives.”