“It’s clear that vendors will need to balance smart living with smart saving by augmenting user experience and instilling trust,” said Association for Smart Homes & Buildings (ASHB) board chairman Brian Ensign in a press release.

Funded by members of ASHB and carried out by Harbor Research, the Smart Home Technology & Market Trends project includes feedback from more than 800 consumers in the U.S. and Canada. The research uncovers the driving forces shaping the smart home industry, providing a comprehensive analysis of key technical barriers, customer pain points, and adoption challenges, the press release from ASHB said.

Carried out between July 2023 and January 2024, the research also identifies the strategies, technologies, and business models most likely to overcome the challenges and drive revenue growth, ASHB said.

“This insight could not come at a better time, as innovations like AI gain speed against a backdrop of concerns over privacy and sustainability,” said ASHB CEO Greg Walker. “It’s key for vendors to better understand prevailing trends, challenges, and opportunities in the evolution of the smart home.”

The research was funded by ASHB members Carrier Corp., Resideo Technologies Inc., Rheem Manufacturing Co., Schneider Electric, Snap One, Telus Corp., and Trane Technologies.

An executive summary is available for download here. The full project is currently only available to the funding organizations but will be available to the public for purchase in the ASHB Shop following a four-month embargo period.