Whether it’s smart speakers, thermostats or refrigerators, one thing is clear. The much hailed about ‘internet of things’ is slowly but certainly becoming a reality.
The benefits are obvious for customers – smart homes represent the ultimate in convenience. Back in 2015, Amazon’s Dash button for Tide captured our imaginations by showing us that buying washing detergent need not involve routine, mind-numbing trips to the supermarket.
Of course, there are other benefits. According to NEST, the company’s programmable thermostats helped customers save between $131 to $145 each year.
Smart homes benefit businesses too. Other than making products easily available to consumers, it also changes the way brands interact with them.
In an age where consumers are far less loyal to brands than they used to be, creating a memorable and personalized experience for customers can help one stand out from the clutter.
Smart homes in Asia – where’s the growth?
According to a report by the Singapore Business Review, Asia’s smart home market is expected to reach $115 billion by 2030. That’s huge news.
Globally, smart air conditioners registered sales amounting $42 million in 2016, with Taiwan leading the market share in Asia, followed by Australia, New Zealand, Thailand and Vietnam demonstrating sizable growth.
As expected, China, with its exploding middle class and strong manufacturing and tech ecosystem will lead this charge. Japan is the other major player. Not only is it already among the world’s top five global markets when it comes to smart home penetration, its aging population will very likely continue to drive growth with the adoption of smart health and wellness solutions.
What are some barriers in adoption?
Despite the vast potential the smart home industry has, there is still some way to go before the technology truly becomes mainstream. In our research, we found that the most common smart device found in homes is still

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