How Voice, AI and Smart Home Technologies are Revolutionizing the Market

In today's world the most highly valued commodity is time.

I would consider ”time” the driving force behind all technology, AI and voice control devices and this transfer into the home technology sector as well. Today if we want something to eat we can Postmate; if we want to go somewhere, we Uber; if we watch a show on Netflix we skip the intro; if we need to order something online we order with Amazon Prime. With "voice" now the next wave of the future we are eliminating yet another step saving us precious time. Why stop what you are doing, scroll through your phone, open the app and still have to search what you are looking for when you can say "Alexa, order an Uber", saving precious minutes!

In a survey conducted by PwC (a network firm that provides quality in assurance, advisory and tax services) and found that one in four U.S. users of smart home devices say they bought their first device because of convenience, to improve their overall quality of life and to be more productive. Device use is driven by four main reasons: savings, safety, convenience and control.

1. 81% of home buyers are familiar with smart home technology

2. 25% of U.S. Internet users currently own a smart home device

3. 53% of experienced savings on their energy bills using smart home devices

4. 50% said they felt safer in their home with smart home technology

(newhomesource.com)

Saving time and creating convenience is the goal of companies such as LG, Samsung, Kohler, GE, etc. Nowadays a "smart" option is becoming available for nearly every device and fixture. Kitchens, bathrooms, lights, thermostats, security systems and more will be hands-free.

What are some of the benefits of voice?

1. Hands full prepping for a dinner party and the doorbell rings? Ask your phone to send your friends a virtual key to unlock your smart-lock!

2. The kids want to watch TV but you're finishing up some work files or laundry? Have them ask Biksy to pull up their favorite TV show or movie.

3. Have to go out of town and having a friend or family house-sit? Don't worry about teaching them remotes or key codes or thermostats - just a few voice commands.

4. Reading a book in bed? Don't worry about getting up to turn the lights off just as Alexa to turn on Goodnight.

5. Have you ever been at the store and cant remember if you need eggs? Gone to eat a bowl of cereal and found that thr milk is expired? LG and Samsung are just two of the brands that are revolutionizing the appliance market.

Coldwell Banker Real Estate has conducted an ongoing series of research projects regarding smart home technologies. In interviews conducted with 1,250 America adults these were the findings:

1. 71% of homebuyers want a "move-in ready house

2. 57% of buyers looking at older homes would consider them more appealing and "move-in" ready if they have smart home features installed

3. 54% said if they had to choose between identical houses - one with smart home and one without - they would buy the smart home

4. 61% of millenials would favor smart-tech homes

5. 59% of parents with children living the house would favor smart-tech homes

John Burns Real Estate Consulting found in a survey of 22,000 home buyers that not only is smart home technology ranked highly but buyers are prepared to pay thousands of dollars for it.

65% would spend more money for smart-home technology packages and would also pay extra for interior and exterior security cameras, network-connected appliances, doorbells that send owners text alerts and smart air filtration, along with a number of other tech items.

(Forbes.com)

“CNET, the online consumer technology news site, partnered with Coldwell Banker to develop an industry standard: A true smart home should be equipped with “network-connected products (via WiFi, Bluetooth or similar protocols) for controlling, automating and optimizing functions such as temperature, lighting, security, safety or entertainment, either remotely by a phone, tablet, computer or a separate system within the home itself.”

The basic requirements:

• a smart security feature that controls access or monitors the property

• a smart temperature feature.

It should also have at least two items from this list:

• smart refrigerators, washers/dryers;

• smart TVs and streaming services;

• smart HVAC system, fans or vents;

• smart outdoor plant sensors and watering systems;

• smart fire/carbon monoxide detectors and night lights;

• smart security locks, alarm systems or cameras; smart thermostats.