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2024 Trends Shaping the Home Automation and Security Industry Outlook

Your home is your haven, the place where you both relax and entertain, and where you should feel safest. And thanks to innovation in the home automation market, home security means something entirely different than 20, 10, and even 5 years ago.

With home ownership among millennials increasing, home automation and security systems have become huge selling points for home buyers. Currently a $40 billion industry—with an anticipated growth of over $20 billion over the next five years—the home automation and security market grows each month with more customized, convenient and  innovative technologies. In this article, we walk through five major trends shaping the home automation and home security business so you can know what to expect as the industry grows! 

1. Smart(er) Home Security

Today’s homeowners expect twenty-four-hour surveillance with access to their home’s systems no matter where they are. And these days, home security keeps you safe from more than just unwanted intruders. Today’s systems alert both homeowners and authorities to fire, flooding, and other environmental disasters, keeping your home not only secure but structurally safe as well.

While smart home security has been around for a few years, the industry is seeing increased customization, efficiency, and customer control. The command center for smart home security systems now fits into the palm of our hands. A homeowner can control a growing number of their home security and automation elements right from their smart phone.

As we look to the future and developments in AI – artificial intelligence – we predict that home automation and security will adapt to the needs and habits of each homeowner. We already see this in some smart thermostats that automatically set heating and cooling schedules based on a homeowner’s comings and goings and trends in temperature settings. As AI advances, we can expect more personalized, “smarter” smart home systems and services to come on the market.

2. Voice Recognition

Americans have made voice search part of our everyday lives. In fact, one in four adults own at least one smart speaker, with most households having more than two. We already ask Alexa to add to our shopping list, and Google gives us our daily news. Voice command is now making its way into home security and automation.

Voice command for home automation via smartphone apps has been around for a couple of years. But now the major players in smart home speakers, Apple, Google, and Amazon, are collaborating to create a universal home automation system.  This means regardless of the smart speaker you’re using, you’ll be able to control your home’s smart systems across multiple ecosystems.

Project Connected Home over IP, the tech giants’ group, has only just begun drafting plans for this new universal standard for smart home automation. It’s difficult to pinpoint exactly what the universal standard will mean for home automation. However, the development of this interconnectivity points to more secure, streamlined developments for home automation and security. And the best part is, homeowners will be able to use their voice to do it all.

3. Facial Recognition

As we stated above, voice recognition and voice command are quicky becoming staples in home security and automation. But a newer and perhaps even more personalized approach to these aspects of home ownership can be found in facial recognition technology.

We see this type of technology with Apple’s Face ID security or Google Photo’s cataloging software that determines whose face is in your pictures. But now, facial recognition has made its way into home security. Some advanced home security cameras have the ability to not only capture a clear picture of your visitor’s faces, but they keep a database of people who make regular stops to your home. When you’ve got a visitor the camera recognizes, it will alert you as to who is at your door.

As face identification technology continues to improve, we can expect to see this kind of technology replace—or at least complement—manual or electric home locks. You won’t rely on your fingerprint or a passcode. Your smile will soon be the key to unlocking your home.

4. Increasing Efficiency

Homebuilders and homeowners place a great deal of importance on energy efficiency. As new home automation systems roll out, a major focus continues to be how these systems can facilitate an efficient use of energy throughout the home.

We see this trend in both big and small elements of homes. For example, companies now create power strips designed not only for convenience but for energy efficiency. You’ve used power strips before. In fact, you probably have at least one powering multiple devices in your home right now! In the age of home automation, power strips are getting an efficiency makeover into “smart” power strips. Smart power strips or power boards determine when a person is no longer using a device through motion sensors, voltage, or even other means. At this point, the strip cuts off the energy supply, saving the homeowner money and protecting their devices! Homeowners can monitor energy usage in real time through an app, so you can see which appliances are using the most energy and when, then make changes accordingly. 

5. Consumer Financing

Because smart home automation and security systems are rising in popularity, companies in this industry find themselves with a growing, more diverse customer base. These businesses want to do everything they can to provide convenient and secure systems for their customers, regardless of their ability to finance the installation and equipment. As a result, many home automation and security system companies have begun to offer consumer financing through trusted firms like United Consumer Financial Services.