Smart Home Statistics
If you’re like many Canadians, you have at least one smart device in your home. Maybe it’s a smart assistant or speaker, lights, doorbell, lock, thermostat, plug, camera or video, etc. In 2019, 27% of Canadians had at least one smart home tech device, and that number has only grown with just 24% not owning smart technology by 2021. And, 78% of Canadians surveyed are planning to purchase more smart devices within a year.
Smart devices make our lives easier and potentially safer as they monitor our homes and how we use and protect them. Here’s how the smart home statistics in Canada add up.
What Are Smart Devices?
The first smart home automation device was invented back in 1966 and called the Echo IV. This “kitchen computer” was able to turn appliances on or off as well as manage the temperature of the home and compute shopping lists. Unfortunately, this device never made it to market. The idea, though, took hold, and as of 2019, over 100 million Amazon Alexa smart devices have been sold around the world, making it one of the most popular tech products available.
Unlike the original Echo IV, today’s devices make use of new technologies like z-wave, wi-fi, and Bluetooth wireless capabilities along with radio waves and electricity to communicate with individual devices.
Millions of people use evolving AI technology to set alarms, make lists, play music, provide cooking advice, and so much more with simple voice commands. If they aren’t using Alexa, they’re using Google’s smart speaker devices or similar units. Other companies that make a wide range of smart devices include the Canadian Delta Controls, Honeywell International, Siemens, Apple Inc., ADT, Sony, Samsung, and LG Electrons (to list just a few).
And now, millions of people are living in one of the 175 million smart homes found around the world, where they can control appliances from TVs to refrigerators, temperature, lights, door locks, cameras, and even full security systems, and more even when they are away from home.
The opportunities go way beyond the ubiquitous voice-assisted smart speakers and are even helping households reduce the cost (and usage) of energy and carbon emissions.
Tech-Savvy Consumers Are Fueling Growth
With smart assistants leading the way (at 57% of purchases), smart home revenue is growing and is expected to reach $3.3 billion in 2022, $3.8 billion by 2023, and $4 billion by 2025. That’s an expected growth of 11.7% per year. Many Canadians are putting smart tech to better use to help protect Canada’s growing senior population. For example, seniors are better able to stay at home safely with the help of smartwatches, cameras, and pill dispensers.
North America currently has the largest market share of an industry expected to grow rapidly at around 25.3% year over year by 2026. Of course, Canadians are eager to find deals on new smart devices with 83% searching for discounts and 68% finding the best deals with online stores rather than physical shops.
Smart or intelligent appliances are also experiencing growth with an expected rate of 12.46% from 2021 to 2025. In Canada, this industry is expected to hit $1.3 billion by the end of this period.
Canadian Smart Home Security Statistics
One of the biggest reasons for smart tech is to protect the home. For instance, 25% of Canadians with broadband used smart home security systems. Up to 70% of those used professional monitoring to protect their homes and families. Options don’t just protect against unlawful entry but against fire, flood, carbon monoxide, and even medical emergencies. This explains in large part why the number of active households is expected to reach 3.5 million people by the year 2026.
Technologies and smart devices are only becoming more integrated into our homes to help make them more comfortable, provide assistance, make our lives easier, and make our homes safer not only from intruders but for coping with emergencies. They can even save costs by reducing insurance premiums by up to 20% in some areas. By improving the safety and energy costs of homes, smart device users can save a medium of $98 per month (or $1,180 per year) in U.S. dollars. A growing population is interested in this type of smart security with 63% of homeowners showing interest in connecting their homes to a home security system.
And Canadians, like much of the world, are eager to use these devices to improve the functionality and safety of their homes with the rapid advances of AI and smart technologies.
Regardless of where you live in Canada, an ADT (now Telus) monitored alarm system from Alarm Guard will keep you feeling secure and protect your assets with smart devices. Save now on your homeowner’s insurance with an ADT (now Telus) system! Check out our packages.
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