A recent IHS Markit analyst note says that lack of awareness of the benefits of smart home technology is holding back growth.
Consumers are not being properly educated on smart home devices and how these systems could improve quality of life, either through security or convenience and peace of mind. The immediate concern is explaining and showing customers why they would want a smart home …
The note suggests that Apple is on the right track with its in-store demo stations, where customers can experience for themselves what it’s like to have a HomeKit controlled connected home.
The new displays serve as both a promotional and educational tool. For customers who have yet to acquire smart home equipment, they simulate what a smart home experience has to offer. For example, people will be able to see what happens when you activate the ‘Good morning’ or ‘Good night’ scenes in the Home app.
IHS Markit estimates that the European market for smart home technology will experience year-on-year growth of more than 140% by the end of this year, though this number would have been larger with better consumer awareness.
Interestingly, the firm predicts that a significant driver of future growth will be purchases by and for the elderly. Home automation can play a role, it says, in helping seniors remain living independently in their own homes rather than move into assisted living facilities.
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