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Smart Home Devices: Are They Worth It?

By: Kelly Leighton on in  | 

When investing in smart home technology, consumers are looking for home security.

According to Frontier Communications, 49% of consumers said they use their smart home devices for security, 41% use it for alarms and notifications and 41% use it for news. Smart home devices saw an uptick in interest in 2020, as sales increased 4.5%. Eighty-six percent of respondents said they have at least one smart home device, with 76% owning entertainment smart devices, 65% owning security devices and 60% having a multifunctional hub.

For those not sure about the investment, 68% said they use their device more than they anticipated, with 59% using at least one particular feature more than they had expected.  Overall, 71% said they found the smart home devices more beneficial than they had originally anticipated. What factors were consumers most impressed with? Three-quarters said the convenience of the technology, 62% said the usefulness, 49% said the time saving and 38% said the entertainment. Some owners were even surprised by how much the smart home technology impacted their daily lives. Fifty-nine percent said they found them more convenient than expected, 52% found them more useful than originally thought and 40% found them more entertaining.

How about return on these investments? Most homeowners said environmental and utility, along with security, offered the best return, followed closely by smart appliances, entertainment and a multifunctional hub. Fifty-one percent said smart home devices positively impacted their lives “very much,” while 28% said it had a moderate positive impact. Only 3% said the devices had no positive impact. Overall, consumers said the technology impacted their happiness at home, safety and security and productivity.

Pandemic Influences Consumers’ Opinions on Smart Home Technology

Interest in smart home technology isn’t new, as 57% of respondents said they previously owned some type of smart home technology, most likely a smart TV, smart home speakers, a smart doorbell, a robot vacuum and a connected climate control systems/smart thermostat. However, with the pandemic, there has been a shift in what type of smart home technology people are looking for, as consumers lean toward more safety and security devices, as opposed to luxury items. 

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Smart Home Technology in Multifamily Housing Units

“For residents, smart technologies offer an obvious upside, from the peace of mind that comes with smart locks to the possible cost savings of smart thermostats and lighting, as well as the increased convenience stemming from devices like smart washers and dryers,” said Vice President of Strategic Initiatives at Xfinity Communities Adrian Adriano. “Sometimes overlooked, however, are the benefits to the organizations implementing these technologies.”

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