21 Jul 2023
When the CEO of BT’s Consumer Division, Marc Allera, announces that the average UK household will contain 50 connected devices by 2023, it’s a sure-fire signal that the smart home sub-sector will continue its growth trajectory and still has some boom opportunities for retail.
In the context of the ever-increasing cost of living, Energy Savings Products within the smart home category are pivotal to many, especially when lots of consumers are looking for ways to save money. Features from timed switch-on to smarter regulating, whether this is for water or heating, are amongst the many features devices such as these offer a cost-conscious consumer.
So, with an estimated 57 per cent of Britain’s homes having a smart device, it makes the UK smart home industry worth approximately £7 billion per annum. Revenue is expected to show an annual growth rate of 12.08 per cent, resulting in a projected market volume of £13.05bn by 2027.
So, this category is definitely one worth considering! For those who know, Matter-enabled products are the future and will enable increased growth across the smart home category. With the Matter initiative and its implementation across future smart tech, it will allow users to unify with one app their product from brands with unique ecosystems, which could result in more than one purchase in-store as the consumer is not tied down to a single ecosystem, thus able to shop around to meet their budget. So, for example, if a customer wants smart lighting, they could choose a brand like Philips alongside a more budget-friendly option to save money.
This development in the evolution of smart products is revolutionary, if you take the example of Security Products to which a consumer will usually connect multiple devices, e.g. a doorbell cam, a camera or security lighting for your back garden and decide to get a smart a door lock, you are no longer tied down to get this and other products from the same brand. In general, not all smart security devices aren’t part of the initial roll-out of the Matter protocol, however, the products will still likely benefit from an uplift in interest thanks to greater interoperability.
To read the full article by Dan Todaro, Managing Director please visit ERT Online
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