Over the last few years, smart homes have gained popularity following technological advancements in all sectors of the economy. Per a Market Watch press release published in 2019, the smart home market is expected to rise by 25% annually by 2023. This growth will be attributed to such factors as homeowners’ or tenants’ need to improve their energy efficiency (also due to climate change factors) and the high demand for security devices. In terms of smart home devices, people are opting for products that are safe, affordable, easily accessible, and convenient. New smart homes products continue to make life more comfortable and much more stylish. Almost all homes are connected to the internet, making it easy to incorporate home automation devices, which are used to monitor and manage systems and other appliances remotely. Some of the areas you may find interconnected in most homes are the lighting system, security system, HVAC control system, and entertainment system, among others.
According to a survey conducted by Mordor Intelligence in 2018, the smart homes market is growing due to innovation in wireless technology and advancement in IoT (Internet of Things). The report indicates that by 2024 the compound annual growth rate will rise by 25%. Some of the areas expected to be invested in heavily are surveillance and security systems, entertainment and HVAC control systems, and, most importantly, energy management systems. In the near future, according to the 2018 Mordor Intelligence report, it is expected that over 30 million households will have fully adopted smart home technology.
Even though technology has revolutionized our way of life, security is still a major concern in today’s digital world. Smart homes are faced with multiple threats ranging from data breaches to cyberwarfare. Common cyber security threats and attacks against smart home devices include data breach, identity theft, device hijacking, DDoS, and PDoS.
Due to raising concerns about privacy and data security issues, companies are designing and implementing even more secure home solutions. To counter the security threats in smart homes’ technological infrastructure, a good step is to focus on all flaws resulting from the interaction of various devices by various factors.
There is no doubt that smart homes and smart home devices are steadily growing and gaining in popularity among people all over the world. Technological advancements and IoT in particular will soon spur the growth of “smart homes” at an unprecedented rate across the globe.