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as we enter the final quarter of a year that many hoped would be a return to normalcy following the global health crisis, normal remains elusive. Investors are facing one of the most challenging years in memory, and Europe is facing its biggest geopolitical crisis since WWII. But the flip side to challenges are opportunities.To get more news about smart home solutions, you can visit securamsys.com official website.

Today’s geopolitical, social and economic challenges are creating additional tailwinds for the growing smart home market. However, as of late last week, the market is also benefiting from a significant leap in technology. Let’s dive right in.

While the global health crisis is increasingly in the rearview mirror (fingers crossed), remote work is here to stay. According to a June 2022 Gallup Poll, around 70 million U.S. workers (56% of the full-time workforce) are capable of remote work. Of those, 50% are working hybrid (part remote and part on-site), 30% are exclusively remote and only 20% are entirely on-site. Long-term, fully remote work in the U.S. is expected to settle at around 300% of what it was in 2019, with a scant 6% of respondents reporting that they want to work entirely on-site. This isn’t just a U.S. phenomenon. 56% of global companies are fully remote or hybrid.

The shift to remote work drove eye-popping increases in home prices that are now starting to reverse course as higher interest rates make the purchase of new digs more expensive. The average 30-year mortgage rate is up more than 120% over the past year. This means that the only upgrade option for many will be to improve their existing home rather than face a higher monthly mortgage payment for even less of a home. Now the money that would have gone into purchasing and furnishing a new home can be funneled into making their current home smarter.

Energy Costs
Inflation dominates the headlines, but hikes in energy costs in Europe are even more jaw-dropping than the increase in grocery checkout receipts as the region faces its worst energy crisis since World War II. For example, Italy’s average monthly electricity wholesale prices have risen from €67.65 per megawatt-hour in January 2019 to €543.48 in August 2022, a mind-boggling 700% increase. Higher energy prices make smart home energy management devices relatively less expensive as the magnitude of the potential cost savings rises.

Demographics
People are living longer and having fewer children, which means globally, the pace of population aging is much faster than in the past. Between 2015 and 2050, the proportion of the world’s population over 60 will nearly double from 12% to 22%, and in 2020 the number of people aged 60 and over outnumbered those under five years of age. Smart home technologies can make in-home care for the elderly safer and staying in a home they know can be less emotionally disruptive than being forced into a care home, which are in short supply.
Smart Home Tech Trends
Arguably the most significant advance in smart home technology this year isn’t a new device but rather an IP-based, open-source standard that works over Wi-Fi, supports all major control platforms and acts like a universal language through which smart home devices can communicate. Initially referred to as Project Connected Home over IP (CHIP), Matter is a royalty-free, open-source home automation connectivity standard under the Apache license, announced on December 18, 2019, with version 1.0 of the specification published on September 30, 2022.
Understanding the Smart Home Market Future
According to Mordor Intelligence, the smart home market in 2021 was valued at $79.13 billion and is expected to grow to $313.95 billion by 2027, with a compound annual growth rate (CAGR) of 25.3%. Grandview Research put the markets at $62.7 billion in 2021 and forecasts a CAGR of 27% through 2030. According to SafeWise, the average American spent $1,200 on home tech between May 2021 and May 2022 - 75% bought a smart home device, 65% purchased a smart home security device and 46% purchased a smart TV. Overall, 44% reported spending more money on home tech this year than last.