New Research on Smart Home Technology and Market Trends

February 22, 2024

AI-driven features in home energy management and security systems excite more than half of the current smart home users, concludes new research exploring the perceptions, preferences, and reservations of residential renters and owners regarding the adoption and usage of smart home technologies.

However, the survey also highlights data privacy concerns and high costs as barriers to the adoption of innovative technologies.

“It’s clear that vendors will need to balance smart living with smart saving by augmenting user experience and instilling trust,” said ASHB Board Chair Brian Ensign of Superior Essex Communications.

Funded by members of the Association for Smart Homes & Buildings (ASHB) and carried out by Harbor Research, the “Smart Home Technology & Market Trends” project includes feedback from over 800 consumers spanning the US and Canada. The research uncovers the driving forces shaping the smart home industry, providing a comprehensive analysis of key technical barriers, customer pain points, and adoption challenges in these markets.

Carried out between July 2023 and January 2024, the research also identifies the strategies, technologies, and business models most likely to overcome those challenges and drive revenue growth in the future.

“This insight could not come at a better time, as innovations like AI gain speed against a backdrop of concerns over privacy and sustainability,” said ASHB CEO Greg Walker.“ “It’s key for vendors to better understand prevailing trends, challenges, and opportunities in the evolution of the smart home.”

The research was funded by ASHB members Carrier Corporation, Resideo Technologies, Rheem Manufacturing, Schneider Electric, Snap One, TELUS, and Trane Technologies.

An executive summary is available for download HERE. 

The full project is currently only available to the funding organizations but will be available to the public for purchase in the ASHB Shop following a four-month embargo period. Contact Marta Klopotowska, at klopotowska@ashb.com for more information.

Related Articles

Asbestos

Think You May Be Exposed to Asbestos? Here’s What You Need to Know

From 1992 to 2008, electrician Denis Lapointe worked at the Canada Revenue Agency’s Ottawa taxation facility drilling and pulling wires through walls, floors and ceilings. In the process, he may have been exposing himself and others to asbestos. According to CBC news reports, Lapointe learned that asbestos was present only while reading a 1995 building condition report —despite laws requiring employers to inform workers of hazards they may be exposed to. To find out more, he had to file access to information requests.

Latest Articles

Changing Scene

  • Leviton Canada Announces Structural Changes to the Sales Organization

    Leviton Canada Announces Structural Changes to the Sales Organization

    January 16, 2025 Leviton Canada is pleased to announce structural changes to its Canadian Sales Department, effective January 1, 2025. These changes aim to enhance sales synergy, optimize resource allocation and strengthen their relationships with customers across the country. Jason Denstedt now assumes the role of Vice-President of National ED Sales, overseeing the national Electrical… Read More…

  • Nesco Announces New Sales Agent for Northern Ontario

    Nesco Announces New Sales Agent for Northern Ontario

    January 16, 2025 Nesco is pleased to announce the appointment of Sean Atkinson at Resilient Sales as their sales agent for Northern Ontario, effective January 1st, 2025. “Sean is replacing Steve Wallace, who after decades of providing tireless customer service and sales support is focusing on family and enjoying some well-deserved downtime in retirement,” commented… Read More…

  • ABB and Wieland Electric Partner to Redefine Efficiency in Modular Construction

    ABB and Wieland Electric Partner to Redefine Efficiency in Modular Construction

    January 15, 2025 ABB Electrification’s Smart Buildings Division and Wieland Electric have announced a strategic partnership to revolutionize modular and serial construction with advanced prefabricated electrical installation systems. The collaboration combines Wieland’s innovative connector technology with ABB’s extensive portfolio – including switches, sockets, installation boxes, energy distribution, and smart home solutions – to deliver plug-and-play… Read More…

  • ABB Expands Residential Energy Management Portfolio in North America with Lumin Acquisition

    ABB Expands Residential Energy Management Portfolio in North America with Lumin Acquisition

    January 15, 2025 ABB has announced the acquisition of Lumin, a U.S.-based pioneer and leading provider of responsive energy management systems, to expand its home energy management capabilities in the North American residential sector. The acquisition follows a strategic minority investment by ABB into the company in 2023. Financial terms of the transaction were not… Read More…