The smart home technology is quickly gaining speed as more consumers bring automated lighting controls, HVAC, entertainment, healthcare and appliances into their homes. Already, the connected home is a $46.97 billion business and over the next seven years it is expected to grow annually by about 14 percent to reach $121.73 billion by 2022.
Despite this projected growth, there still remains a lurking suspicion about what the connected home will mean for the lives of the people living within them. So to put some of those fears to rest, we bust three myths about the automated home.
1. Your privacy will be obsolete
A common concern among those wary of the automated home is that smart products can spy on you. Technically, this isn’t wrong.
In fact, as we learned not too long ago, several smart TVs on the market that use voice commands were collecting other voice-based data, including personal conversations. What’s important is to understand why this is happening. TV providers aren’t looking to infringe on your privacy nor do they plan to sell your data to the highest bidder. Instead, it is trying to learn from its users, so it can provide the voice recognition features that will best respond to your needs.
The essence of any connected product is to collected user data to automate a function or task. Knowing this, users need to practice smart security practices to ensure their data remains protected. It also demands advanced security features for both IoT devices and their network.
2. The smart home is expensive
The cost of smart home products is another point of contention for yet-to-be smart home users. Yes, some smart home products can be pricey, but bringing them in your home will save you money in the long run.
Let’s look at the smart meter as an example. Last year, there were 454 million smart meters installed globally. By 2020, that number will double, according to a report by Business Insider. The push for smart meters comes from governments and utility executives as they try to reduce the toll placed on energy grids, but the savings will also benefit homeowners. With their smart meter, homeowners can track their energy use and access real-time billing information, so they can make responsible decisions how much and when they use energy.
3. The smart home will quickly be outdated
The smart home and its suite of connected products are still in its infancy. This means there is plenty of potential to grow and change. For the provider of these products, such promise is exciting. For the homeowner investing in these products, such potential can prove costly.
Although technology is advancing at an exponential rate, the very nature that these products are connecting to different communication protocols enables them to receive the required software and hardware upgrades as they are released by the provider. Such IoT management solutions allow providers issue over-the-air repairs and ensure the device continues to function properly in increasingly complex architectures and networks.
These are only three smart home myths, among others. As the industry evolves, manufacturers, service providers and mobile operators will need to come together to help consumers understand the impact of bringing these devices into their home and what they can do to protect their interests.