The "Internet of Things" trend is on the rise, but a smart home for the masses is still far off finds a new report from The Demand Institute, Nielsen, and The Conference Board. The survey found that consumers don't seem to be in a rush to purchase smart home technology, with just 36% saying they are excited to incorporate smart home technology into their home.
Seventy-one percent of respondents said they would consider purchasing a smart home, with smart thermostats garnering the most interest. While most consumers expect newly built homes over the next few years to have smart features, many are still worried about factors such as price, security, and lack of standardization.
“Smart home products need to demonstrate clear value and solve unmet consumer needs before most will make the investment,” said Louise Keely, president of The Demand Institute. “Some of these products do meet that bar, but many still feel these products are gimmicky, even though 64% concede that they really do not know much about smart home technology.”