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Consumers see promise, but not yet ready for smart home

Staff writer ▼ | November 5, 2015
The Internet of Things is fast becoming a reality as more and more products and things contain sensors and/or microprocessors, and are connected to wireless networks.
Smart home
New technologies   Smart thermostats garnered the most interest
The near ubiquity of high speed internet access in homes, as well as smartphones, has set the stage for a new class of do-it-yourself smart home technology products, including smart thermostats, home security and monitoring systems, and smart lighting, to name just a few.

The number of smart home product offerings has grown rapidly in the past few years, and will continue to do so as a diverse set of companies and industries vie for leadership in this space.

But while consumers and business alike see greater technology in the home as inevitable, a new report from The Demand Institute finds that a truly "smart home" is still a ways off for the masses.

Smart Home Technology: Not Ready for Prime Time (Yet) is the latest publication from The Demand Institute, a non-advocacy, non-profit think tank jointly operated by The Conference Board and Nielsen.

The report finds that more than 7 in 10 consumers would consider purchasing a smart home product, and that most consumers expect newly constructed homes in the next five years to include smart home technology.

At the same time, consumers are in no rush to purchase smart home technology – just 36% of consumers say they are excited to incorporate smart home technology into their home.