What you need to know
The majority of Canadian consumers are interested in making their home more ‘connected’ by using smart devices. The growing desire by the consumer for convenience, safety, security and energy and money savings will support the progression of the smart home market. Many factors have contributed and will continue to contribute to the rising implementation of smart home products in the homes of consumers in Canada.
Nearly 87% of Canadians have internet connectivity, and globally, Canada ranks sixteenth in terms of internet penetration in 2013, according to the Canadian Internet Registration Authority. High internet connectivity penetration benefits the smart home market, as being connected to the internet is the basic necessity in order to control/monitor the smart home through devices such as laptops, smartphones, and tablets. Energy prices are rising and with Ontario’s Long-term Energy Plan, for example, the province projects a 42% increase in home power bills by 2018. High energy costs, which drive energy efficiency and optimization of energy consumption, are pressuring consumers to think outside the box when it comes to their energy use and how it is managed, potentially leading to increased demand for smart home thermostats in the near future.
While there are some barriers to smart home ownership, such as perceived high cost of ownership and consumer sentiment that these devices are not necessarily needed in the home, there is still plenty of opportunity for smart home brands to capitalize on the majority of consumers that are interested in these devices. Brands will likely benefit the greatest by offering convenience, cost/energy savings, control and secure platforms for device operation.
Definition
This report focuses on “smart home” products, which refers to devices that can be connected to the internet and remotely monitored/controlled using another device (eg app on a smartphone, website on a computer). Products categorized as “smart” in-home devices commonly cover the following: climate control and water management, home security and home access, household appliances, lighting and switches, home monitoring and sensors, and entertainment systems.
