The Smart Home market is a growing industry which can provide users with convince, comfort and safety. During the last decade the Smart Home market has grown exponentially in Australia, with an expected annual growth rate of 14.5%, reaching a market volume of US$2,245m by 2024 (Statista 2020). With this growth in mind, let’s look at how a smart home automation can provide great opportunities for installers and retailers in 2020 and beyond.
Security for a Smart Home
Security has always been a key reason to adopt a home automation system for users. People value safety and security in their homes and consider this a key priority, although statistics have shown that there is a large gap in the Australian market. According to recent data from Budget Direct, only 29.6% of all Australian homes have working security systems installed. This leaves a huge portion of the Australian market open to providers and installers who can supply additional security solutions to those currently going unprotected. With real time monitoring to your smart phone, video feeds, the ability talk to your visitors with an intercom when you’re away from home, and no monthly installments there are plenty of reasons why home owners would choose Z-Wave over competitors.
Energy and Resource Management
Recent global trends from agricultural, travel and hospitality industries have passed onto commercial and private homeowners. Both large organisations and homeowners alike are working towards reducing their carbon footprint and becoming carbon neutral in 2020 and beyond. Studies from Research and Markets predict that the global building energy management systems industry is expected to reach $9.32 billion by 2023. The continuing growth of these industries and the growing awareness and concern for environmental factors provides smart home installers and retailers with immense opportunities. Smart lighting and climate control systems for large corporate spaces as well as individual homes, on a smaller scale, can provide huge savings for users alike, this is a great opportunity for smart home experts to seize the market.
Smart apartments and connected hotel rooms are a great example of the immense possibilities that smart home technology can offer. These home automation solutions can offer apartments or hotel rooms with a similar, enjoyable customer experience. With benefits like keyless entry systems which grant access to apartments for service calls, maintenance and cleaning, smart hotel technologies can hold many benefits to hospitality management. Furthermore, home automation systems can improve access to additional hotel facilities, lighting and comfort in rooms, and reduce energy costs saving money and resources for management. In these cases, large Z-wave solutions and multi-dwelling systems can provide huge opportunities for providers to secure large clients and because Z-wave is a retro fit it can be easily installed for an existing premises without replacing existing electric fittings.
Improved Age Care
In Australia we are faced with an aging population and over the years, as the population continues to age more and more tech savvy children and caretakers will turn to technology for help. Smart home technologies can offer a range of solutions for the elderly and their helpers, giving them easy control of the temperature, alerts and warnings from appliances, and essential improvement in safety and security with real-time monitoring systems. The growing popularity for these solutions in age care presents vast opportunities for installers and retailers to deliver these home automation systems for age care centers and private homes.
This year and the last decade has been momentous for the smart home market and has provided growing opportunities for clever retailers and installer to seize the market. These four tips are just some of the reasons why people should look into working with smart home automation in the new decade.