Whether it is because of the movies showcasing scary technology or the constant refrain about parents worrying about the effects of too much screen time or social media, it seems technology – until recently - is seen as a necessary evil. In this article, we would like to share a different view; we would like to explore how technology – specifically smart home tech - is helping families!

Over the last few years, we, at Mila, have helped thousands of homeowners install a variety of smart home tech, and each was done with a specific purpose that added value to their current lives. In fact, the reason smart home technology has expanded at its current pace (it is predicted to become a $151.4 billion market by 2024 and will be in 70.6 million households by 2023) is because it was NOT a whim or a fad, they all have a very specific purpose and bring quantifiable value to their owners. Let’s delve further - 

Saving time – Whether it gives a busy mom an extra hour with the kids or whether it ensures that the fridge is stocked with the right food for everyone - one of the biggest benefits of automating everyday tasks is that it saves time.

A US-based survey reports that 57% of the users say that smart products save them close to 30 mins a day. That’s 182.5 hours a year added to people’s lives. Now instead of being busy just managing the house and meals, they can now engage more meaningfully together! 

Financial Impact 

There is no doubt that the most obvious financial benefit of smart home technology is the trimming down of electricity bills. Lights and thermostats are 2 of the 4 most used smart home devices, and it is reported a smart thermostat can save up to 20% of a household’s heating/cooling expenses. 45% of surveyed Americans reported an annual savings of $1179.60.

Along with the savings on energy bills, there are several other financial areas that get impacted too. A smart home is a great investment! As more millennials enter the homeowner's market, they are willing to pay premium prices for smart homes. 81% of smart home users said they would prefer to buy a home that had connected technology. So, investing in smart tech would not only benefit your current bank balance but could actually add value to your real estate investment.

Better security – increased security and safety is a prime driver for adding smart home tech for many families – the smart home security tech market is expected to grow to $4.37 billion at an annual growth rate of 19.6% through 2022. Devices such as smart alarms, smart cameras, and smart lockers are being preferred by households to be more safe and secure.  

Carbon monoxide detectors, video monitoring, motion detectors, AI-backed health wearables, and automatic energy cut-offs are also being used to care for young kids, pets, and elderly parents who all require an extra degree of watchfulness. This type of in-the-house smart technology is vital to keep accidents down and allows emergencies to be dealt with quickly. 

So, how does Mila fit into all this? 

In Europe, the smart home has entered 11.4% of households – this number is set to double by 2024! 

However, there are several bottlenecks that can slow down these adoption rates - the technology market is fragmented and quite confusing for first-timers; the investment in a smart home is high, and shorter upgrade cycles keep homeowners from trying out new devices, and most of the older generation is digitally unenthusiastic.

In this scenario, it becomes evident that the first step for Mila professionals is to educate!  

Our partners must use their market knowledge to help customers understand the benefits of technology at home and guide them to choose devices that fit their budget and their needs. Mila tech support must work across the entire cycle of education, installation, and continued support to ensure customers get continued satisfaction from their devices.