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Revenue in the global Smart Home Technology market is projected to reach US$115.70bn in 2022 and US$195.20bn by 2026
Revenue in the global Smart Home Technology market is projected to reach US$115.70bn in 2022. Revenue is expected to show an annual growth rate (CAGR 2022-2026) of 13.97%, resulting in a projected market volume of US$195.20bn by 2026 and expected to expand at a compound annual growth rate (CAGR) of 27.04% from 2022 to 2030.
According to Mordor Intelligence, the U.S. smart home market is expected to be worth nearly $50 billion by 2026, according to Mordor Intelligence.
Again, in the Smart Home Technology market, the number of active households is expected to amount to 573.7m users by 2026 and household penetration will be 14.2% in 2022 and is expected to hit 25.0% by 2026. https://www.statista.com/outlook/dmo/smart-home/worldwide
Uses of Smart Home Technology Devices
Smart home technology products are present in security cameras, smart light bulbs, streaming devices, dishwashers, assistants, thermostats, and more can make life more convenient and save on energy bills, although the upfront costs can be more than quadruple their non-web-connected counterparts
The trend of artificial intelligence in smart home technology appliances for smart features is expected to increase product demand. Moreover, the growing penetration of the internet and smartphones is driving the trend for internet and smartphone-connected smart home technology devices.
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3 Easy Security Tips for Setting up the Smart Home Technology
Smart home security systems are designed to be easy to set up right out of the box, even if you’re not a tech expert, and installing and maintaining smart security systems can also save consumers money by cutting up to 13% from homeowners insurance premiums, according to NerdWallet, cited on CBS News report.
Here are 3 easy security tips for setting up the smart home technology
1. Create a stronger password
You are strongly advised to change the default device password and make sure the email or merchant account that controls the device is also strong. This is one of the 3 easy security tips for setting up the smart home technology device without having a security breach while using it.
Often the password to log into the router is something like admin and password 123 or something very simple used a default password. It is important you change it definitely, otherwise someone could hack into your system very easily.
Passwords between 12 and 16 characters work best. Use phrases or encode important dates, such as your pet’s birthday, to put the month, day, and year in an unusual order.
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2. Ensure you keep your home Wi-Fi safe
Another easy security safety tip of connecting the smart home technology is by keeping your home wi-fi safe.
Keep your smart home technology device on your home’s main account and do not allow visitors to use it. Many Wi-Fi routers allow you to create a guest account with a different username and password to connect to the internet. When a visitor connects to your main Wi-Fi network, they can bring your network information onto their device and compromise your network’s security.
Each friend, family member, or neighbor who is connected to a Wi-Fi network may be broadcasting your security, highly sensitive security information wherever they are when they go to his cafe on the Internet and assess it.
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3. Be careful with Wi-Fi-enabled devices connected to the Internet
The last in our 3 easy security tips for setting up the smart home technology device without having a security breach while using it is being careful with Wi-Fi-enabled devices connected to the Internet.
From faucets to instant pots to microwave ovens, many new appliances are Wi-Fi enabled. You should have to control any Wi-Fi device connected to your internet and avoid the ones you can’t control especially if you can’t control it via a connected app.
You are advised that you don’t connect any device to your Wi-Fi if you’re not really going to use it, or if it’s completely useless because anything that’s connected can be attacked. If there are vulnerabilities or default passwords that you don’t know about, someone could attack your network and put everything else at risk.”
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