Smart homes are becoming more popular in Malaysia as people seek convenience, comfort and security in their living spaces. However, not all smart homes are created equal. In this article, we will explore three trends that may emerge in Malaysian smart homes in 2024 and how they will affect the market and consumers.
The first trend is high-endization. This means that some middle-class people will pay more attention to the experience, brand and quality of their smart home products and services. They will look for smart homes that have a strong brand influence, a good reputation and a high level of customer satisfaction. They will also prefer smart homes that offer premium features, such as voice control, facial recognition, cloud integration and artificial intelligence. These smart homes will have more advantages in attracting and retaining customers who value quality over quantity. According to a report by Frost & Sullivan, the Malaysian smart home market is expected to grow at a compound annual growth rate (CAGR) of 16.9% from 2019 to 2024, reaching US$ 280.6 million by 2024.
The second trend is integration. This means that when people are more inclined to install a whole-house with a smart home solution, they will tend to buy from the same brand for all their smart home needs. This will make it easier for them to use and manage their smart home devices and systems, as well as to enjoy a more complete and consistent service. For example, they may choose a smart home brand that offers a one-stop solution for lighting, security, entertainment, climate control and appliances. This will also reduce the hassle of dealing with multiple vendors and platforms. A survey by Statista found that 52% of Malaysian respondents preferred to buy smart home devices from a single provider in 2019.
The third trend is intelligence. This means that people will demand more than just basic automation and remote control from their smart homes. They will also want their smart homes to be healthier and smarter, to provide them with insights and suggestions that can improve their well-being and lifestyle. For example, they may want a smart refrigerator that can monitor the health of their family’s diet, suggest recipes based on the ingredients available and order groceries online when needed. They may also want a smart washing machine that can detect the composition of their family’s clothing materials and warn them of any potential health risks or allergies. A study by Deloitte revealed that 64% of Malaysian consumers were interested in using smart home devices to monitor their health in 2018.
These three trends may shape the future of Malaysian smart homes in 2024 and beyond. They will also pose new challenges and opportunities for smart home providers, who will need to innovate and differentiate themselves from the competition. As consumers, we should also be aware of these trends and choose the smart home products and services that best suit our needs and preferences.
(References：https://ww2.frost.com/news/press-releases/malaysias-smart-home-market-to-reach-us2806-million-by-2024-finds-frost-sullivan/
