Looking for Investments? Check Out Smart Home Technology

The industry is expected to grow by almost 400% by 2027.

We bought our first home in late 1968. We watched it being built and even installed sound cables in the walls before they dry-walled so we would have a sound system for the whole home. Those days were called “container days.” The contractors erected the container and left the homeowner to finish the rest.

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Now, 45 years later, the sector is being upended by smart home technology, creating a large market opportunity for investors, entrepreneurs, designers, and builders. The smart home industry, which was estimated to be worth $79 billion in 2020, is expected to increase to $314 billion by 2027, according to recent research from Mordor Intelligence.

Posted on May 5, 2023

Rick Richardson

About the Author

Rick Richardson, CPA.CITP, CGMA, is the CEO and founder of Richardson Media & Technologies and editor and publisher of Technology This Week, regularly featured at CPA Trendlines under special arrangement.

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Technology This Week provides an easy to read digest of the technology that tax and accounting practitioners need to know to better serve their clients. Professionals rely on Richardson to tell them in a timely and informative manner what’s new in technology and how it will impact their business and personal lives. Subscribers also have access to the entire library of prior issues with an easy-to-use search.

With all of the news sources available today, it's next to impossible to keep up with what's new in the world of technology. Technology This Week is a 20-minute read designed for an average reader rather than the technologist. Richardson had a 28-year career in technology with Ernst & Young, the last twelve years of which he served as National Director of Technology. He has been named to the "Technology 100" – the annual honors list of the 100 key achievers in technology in America. He has also been honored by the American Institute of CPAs with two lifetime achievement awards for his contributions to the profession in the field of technology. In 2012, Rick was inducted into the Accounting Hall of Fame by CPA Practice Advisor Magazine. He has also been named to the 100 most influential individuals in the accounting profession in America by Accounting Today magazine. He is a sought-after speaker around the world, providing his annual forecast of future technology trends to thousands of business executives, professionals, community leaders, educators, and students.

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