IoT and Smart Home Tech

Smart Buildings and Smart HomesBI Intelligence, Business Insider's premium research service, expects the number of smart home devices shipped will grow from 83 million in 2015 to 193 million in 2020. This includes all smart appliances (washers, dryers, refrigerators, etc.), smart home safety and security systems (sensors, monitors, cameras, and alarm systems), and smart home energy equipment, like smart thermostats and smart lighting.The first and most obvious benefit to smart homes is convenience, as more connected devices can handle more operations (lighting, temperature, etc.) and frees up the resident to perform other tasks.But beyond this, smart home IoT devices can help reduce costs and conserve energy. In our example above, you'd have a comfortable and cool apartment when you get home, but you could also leave your air conditioner off when you're not home, which would lower your electric bill and reduce energy consumption. Smart lights would function in a similar way.Of course, there are disadvantages, as well. Smart home devices are typically more expensive than their non-connected counterparts, so consumers would certainly feel the hit in their wallets at first.