A recent study from Parks Associates found that one-third of US households would switch their homeowner’s/renter’s insurance provider to acquire smart home devices. Smart home devices can detect and prevent costly damages, like water and faulty wiring, which can reduce premiums, claims, and payouts. Water damage is the most common home damage, costing an average of $9,633, while flood/weather-related damage costs an average of $8,625.

Consumer buying continues to cool across the globe as macroeconomic issues persist. The slowdown in buying is expected to result in flat growth for smart home device shipments in 2022, according to the International Data Corporation (IDC) Worldwide Quarterly Smart Home Device Tracker.

New technologies are becoming available to consumers through innovative connected devices in the home. Multiple brands have released new connected products geared at improving convenience and helping consumers monitor and address daily living challenges.

New research fromParks Associates shows 43% of MDU residents owned a smart home device in 2020, compared to 30% in 2019. Parks Associates will host “MDUs: Leveraging Proptech for Smart Energy Management” on Wednesday, April 28, the next virtual session in the ninth annual Smart Energy Summit: Engaging the Consumer.

Consumer spending on technology is forecast to reach $1.69 trillion in 2019, an increase of 5.3% over 2018, according to the latest Worldwide Semiannual Connected Consumer Spending Guide from International Data Corporation (IDC). Consumer purchases of traditional and emerging technologies will remain strong over the 2019-2023 forecast period, reaching $2.06 trillion in 2023 with a five-year compound annual growth rate (CAGR) of 5.1%.

The predominant uses of smart speakers revolve around asking questions, checking the weather, listening to news and playing music – not for controlling connected home devices, according to a new survey of consumers in the United States, United Kingdom, Japan, Germany and Brazil, conducted by IHS Markit.