Not that any of us would, but there’s no denying that the smart home market is growing by leaps and bounds – in fact it’s predicted to reach $137B by 2023 (that’s next year!). With that much explosive growth, opportunities abound for all within the industry; yet sometimes it’s easy to get a bit myopic in our approach to the smart home market and seizing those opportunities.Too often, we hear the term “home” and visions of a single-family house immediately comes to mind. The reality, however, is that’s far from the only type of “home”.In 2021 there were approximately 44 million housing units occupied by renters in the United States, according to Statista. Furthermore, over the course of the COVID-19 pandemic, 2020 brought forth a 50% increase in multifamily unit builds, compared to that of 2019. If you’re not at least considering how your products could be utilized in a multi-dwelling unit context you may be leaving money on the table.
Property managers are increasingly looking for ways to entice new renters. According to a survey by Rent.com, the majority of renters (82 percent!) want at least one smart device or system in their home. Despite this strong renter interest, nearly half (49 percent) of respondents don’t currently have smart home technology in their apartment, condo, house or townhome.
For those manufacturing the smart home devices empowering the home of the future or those installing systems that make the dream of the smart home a reality, the million (or even billion) dollar question becomes, “how does Z-Wave fit within this market, and how do I take advantage of this soaring opportunity?” That is where our new eBook series comes into play.
Throughout this “Why Z-Wave” eBook series we will take a data-driven approach to breaking down and summarizing the opportunities presented by a variety of market segments to help membership and readers understand how Z-Wave is uniquely positioned as an ideal fit for market demands.
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