Smart technology is used to secure homes, but is the data secure?Today’s tech-savvy consumers are continually looking for innovative ways to incorporate smart technology into their homes. Home security is one of the areas that is experiencing rapid change because of this. The global smart home security market is predicted to exceed five billion U.S. dollars in the next five years. In the Asia-Pacific region, Australia had one of the highest household penetrations of smart home security devices.
The most commonly owned connected smart security devices included smart home security cameras and doorbells and smart locks. Smart video surveillance uses the internet to transmit video to other devices such as smartphones while storing the footage in the cloud. Consumers can view footage in real-time or on the go. Users usually have to download an app to their smartphone and register their details to get the most out of their smart devices.
With technology becoming increasingly entwined into everyday life, data privacy has become an important topic of discussion. Many Australians are concerned about their personal information being protected. Nevertheless, many individuals are likely not aware of the volume of data collected by corporations in exchange for their goods and services. With the rapid development of the Internet of Things, some users are questioning where the data is stored, who has access to it, and how it is regulated. These questions may soon be answered with the Australian Government set to release its draft of changes to the Commonwealth Privacy Act 1988 in 2021.
How important is home security for Australians?In a recent survey, a significant share of respondents stated they were more concerned about home burglary in their suburb compared to 12 months ago. This was particularly the case for millennials compared to other generations. Along with excellent internet connectivity and having sufficient power sockets for appliances, smart security was ranked as one of the most important smart home-related property features for consumers who were planning on relocating.
The uptake and development of smart home technology have already had an impact on other industries. For example, home insurance premiums are usually lowered if a residence has smart home security installed. Along with Australians’ appetite for devouring new technology, the revenue of the smart home security market in Australia looks set to continue reaching new highs.