Smart home appliances will become increasingly popular with consumers who already enjoy a connected lifestyle. Benefits such as increased comfort, convenience, energy efficiency, personalization and security will all drive purchasing decisions. Ease-of-use, affordability, and advances in enabling technologies will also boost adoption rates. According to Transparency Market Research, the global smart home market could top $97 billion by 2025—a significant increase from revenues of $30 billion in 2016.
For appliance OEMs hoping to capitalize on this trend, it’s important to understand what consumers want and how to create value using the Internet of Things (IoT). Many consumers already own smart home technologies including smart appliances. But notably, adoption of these appliances is trailing other smart home fixtures that demonstrate a more practical value proposition.