The Growing Smart Home Market

Wednesday, June 13, 2018

smart home

Many of us can tell an amusing anecdote about sitting on a train or walking down the street, and hearing someone start talking to Siri on their phone. And of course, now with the growing Smart Home market, that trend is moving into our homes. More and more, we can simply speak into the air and ask Alexa or Google to adjust the temperature or play our favorite music. And if you haven’t seen it, you need to check out the recent Saturday Night Live skit, Amazon Echo Silver, which imagines a smart home assistant just for seniors.

According to Statista, the US smart home market is forecast to grow to $18,877 million in 2018, showing an annual growth rate of more than 14% between 2018 - 2022. As of now, 32% of homes have some smart home device and this is forecast to increase to more than 53% by 2022.

So what’s motivating those of us jumping int to take the plunge? Mintel’s 2017 Smart Home report says the chief drivers for sales surround increasing home security and reducing energy bills. In addition, about 37% of adults who participated in Mintel’s survey, cited saving energy as a moral good. Those who feel strongly about the need for society as a whole to reduce energy consumption are more likely to spend on hardware that reduces waste, when compared to those solely interested in reducing costs.

The market is evolving quickly and it will be interesting to see how this growth expands over time. At Tern, we’re excited to be adding our Smart Faucet into the mix.

Past Posts

  • #Waterroundup for December 5th, 2018

    Wednesday, December 5, 2018

  • #Waterroundup for November 28th, 2018

    Wednesday, November 28, 2018

  • #Waterroundup for November 21st, 2018

    Wednesday, November 21, 2018

  • Water Contamination: The Lead Source

    Tuesday, November 20, 2018

  • #Waterroundup for November 14th, 2018

    Wednesday, November 14, 2018

  • Wildfires, Water and the West

    Monday, November 12, 2018

  • #Waterroundup for November 8th, 2018

    Thursday, November 8, 2018

  • Plastic Bottles vs. The Smart Faucet

    Thursday, November 8, 2018

  • #Waterroundup for October 31st, 2018

    Wednesday, October 31, 2018

  • Newark Water Crisis

    Wednesday, October 31, 2018

  • Drink Water to Help You Lose Weight

    Tuesday, September 18, 2018

  • Official Tern Water Press Release: 5% Healthy Water Initiative

    Monday, July 23, 2018

  • Water Main Breaks and Floods Center City Philadelphia

    Monday, July 23, 2018

  • Scott Mazo at Healthy Philly

    Friday, July 20, 2018

  • Philly Water Startup can help Elon Musk bring healthy Water to Flint

    Wednesday, July 11, 2018

  • #waterroundup for July 6, 2018

    Friday, July 6, 2018

  • The Product Development Cycle of the Smart Faucet: Test, Optimize, and Test Some More

    Friday, July 6, 2018

  • #waterroundup for June 29th, 2018

    Friday, June 29, 2018

  • Tern's Work for Healthy Water Never Stops

    Friday, June 29, 2018

  • Tern's Benchmarks for Water Quality

    Wednesday, June 27, 2018

  • Spotlight on Infrastructure: California

    Monday, June 25, 2018

  • #waterroundup for June 22nd, 2018

    Saturday, June 23, 2018

  • Tern Visits the Advanced Manufacturing Show in New York

    Friday, June 22, 2018

  • From our Friends at PiperWai: Activated Charcoal, What Is It and What Does It Do?

    Tuesday, June 19, 2018

  • Why I Believe in Water for Good Health

    Monday, June 18, 2018

  • #waterroundup for June 15th, 2018

    Friday, June 15, 2018

  • The Growing Smart Home Market

    Wednesday, June 13, 2018

  • Spotlight on Infrastructure: Miami

    Monday, June 11, 2018

  • #waterroundup for June 8th, 2018

    Friday, June 8, 2018

  • It Happened in Hinkley

    Wednesday, June 6, 2018

  • Know Your Contaminant: Chromium-6

    Monday, June 4, 2018

  • #waterroundup for June 1st, 2018

    Friday, June 1, 2018

  • What's the Deal with Raw Water?

    Wednesday, May 30, 2018

  • #waterroundup for May 25th, 2018

    Friday, May 25, 2018

  • Know Your Contaminant: Lead

    Thursday, May 24, 2018

  • On the EPA and the National Leadership Summit

    Wednesday, May 23, 2018

  • #waterroundup for May 18th, 2018

    Friday, May 18, 2018

  • Spotlight on Water Infrastructure: New York City

    Wednesday, May 16, 2018

  • The waterroundup for Friday, May 11

    Friday, May 11, 2018

  • The waterroundup for Friday, April 20

    Friday, April 20, 2018

  • How water data can help entire communities live healthier lives

    Thursday, April 5, 2018

  • A Conversation with the Water Department

    Wednesday, March 28, 2018

  • Health Benefits of Water, In Honor of World Water Day

    Wednesday, March 21, 2018

  • Healthy Water at the "Point of Use"

    Tuesday, March 13, 2018

  • How to Make Sure Water From Our Kitchen is Safe to Drink

    Thursday, March 8, 2018

  • Lack of Water Awareness is a Growing Problem, and We’re Fixing That

    Monday, February 26, 2018

  • Tern Water reply to statements made by the Philadelphia Water Department

    Wednesday, February 14, 2018

  • Cape Cod, You Can Now Test Your Water Quality!

    Thursday, December 7, 2017

  • PA, Get Your Water Turbidity Tested!

    Tuesday, November 21, 2017

  • Tern Launches Know Your Water

    Thursday, October 5, 2017

  • Alexandria’s Flood

    Tuesday, July 18, 2017

  • Tern Water Announces Partnership with Cross Properties.

    Tuesday, July 18, 2017

  • There’s Something in the Water: The Betrayal of a Municipal Water System

    Tuesday, July 18, 2017

  • Water for the Modern Age

    Tuesday, November 29, 2016

  • Background Information

    Friday, January 1, 2016

  • Tern Standards, Accuracy, and References

    Friday, January 1, 2016