After years of promise, the hyperconnected home has arrived. Between 50 and 60 percent of all U.S. households now have at least one smart device, and forecasts project the industry’s market volume will climb to $200 million by 2025—up from around $90 million in 2020. It’s not hard to see why. Advances such as always-on video doorbells, digitally enabled locks, internet-connected thermostats, weather-sensing sprinkler systems, and more offer benefits that seemed like space age science fiction as little as a decade ago.
This growth offers residential builders a host of opportunities, along with some challenges. Want to take full advantage of the potential? It pays to get smart about smart home technology. These three key points can help.
1. Focus on what you’re really selling
Step into the smart home realm, and it’s easy to get dazzled by the ever-expanding and ever-more sophisticated lineup of features and functionality. Video doorbells offer a telling case in point. The motion-activated devices allow users to see and communicate with visitors from anywhere, stream and record live footage, and control everything via a smartphone app. Same goes for smart locks. In addition to allowing keyless entry, they can seamlessly integrate with home security systems, let users remotely lock and unlock doors, and much more.
On one hand, those sorts of features offer homeowners remarkable new levels of convenience. But there’s more to the equation. Again, consider smart locks. Yes, they can lock and unlock doors from thousands of miles away. But they also can let users make sure their kids have returned home from school on time. They can let in trusted outsiders such as home health care workers. They can even be used to keep tabs on elderly parents without being intrusive.
Are those sorts features convenient? Without question. But the true benefits—and strongest selling points—are how they can provide peace of mind and help improve a user’s quality of life.
2. Find the right suppliers
In some ways the smart home market is like the early days of the internet. The technology is loaded with promise, and there are a host of companies—many with undeniably cool offerings—competing in the space. But just as with the internet, not all of those companies have survived. Over the last half decade, hundreds of smaller outfits have gone under or been acquired.
That’s not to say you should only focus on major players such as Kwikset but there's a good chance well-established providers will be around in five years. On top of that, they’ll be able to provide you with the support to help you understand and properly market the technology.
3. Keep an eye on the future
While there’s no question the home automation will grow, exactly how it will grow and evolve remains up the in air. One sticking point is there's no universally adopted automation standard—some systems use Bluetooth, others run on Wi-Fi, and still others run on wireless networks such as Z-Wave and Zigbee. But this much is clear: Home builders will need to keep up with the technology and track consumer adoption trends to maintain a competitive advantage and avoid appearing out of touch.
Learn more about what technology Kwikset can offer your home.