More than half of households expected to own a smart home device within the next five years - EY

According to the survey, smart heating devices are likely to witness the highest adoption rates with 38 per cent of households saying they plan to own one in the next five years, more than four times the number of households (8 per cent) currently. Ownership of smart security devices is also set to rise from 7 per cent to 32 per cent within five years.

And digital home assistants and smart lighting devices are also likely to see an increase in popularity with 31 per cent of responding households planning to own a device, compared to 11 per cent and 7 per cent currently.

However, smart fridges, smart ovens and smart washers currently owned by 4 per cent of households, will see a slower pace of adoption within the next five years with just 19 per cent, 15 per cent and 18 per cent of households, respectively, planning to purchase them.

Adrian Baschnonga, lead telecommunications analyst at EY, said: “Our survey shows that UK consumers are warming to a new wave of smart products and services that help redefine home living. Looking ahead, smart security and energy services boast the fastest take-up rates, underlining the importance of convenience, control and efficiency as drivers of demand.”

While the outlook for smart home adoption is promising, a number of factors risk undermining consumer take-up. Price is one key consideration, with only 19 per cent of households agreeing that the price of smart home products is reasonable. However, consumers are just as emphatic about the more practical considerations that could limit the appeal of smart home products. Installing new hardware is a tall order for many with 37 per cent of households agreeing that they would not feel confident in installing an internet connected household appliance or device. In addition, 71 per cent of households agree they would be concerned about the ability of hackers to access their connected appliances.

As households benefit from an ever-wider array of smart home offerings, many service providers are keen to provide an ecosystem of connected devices within the home. However, household preference regarding their ideal smart home provider vary. For example, 19 per cent of households would purchase smart home products from a broadband provider, 17 per cent from a specialist tech provider, 15 per cent from a utility provider and only 4 per cent from a mobile operator.

Praveen Shankar, partner and telecommunications sector leader at EY, said: “Our survey findings highlight many positives that product and service providers can draw on as they formulate their smart home strategies. However, looking ahead, they must position the customer at the heart of their approach and provide a compelling and consistent story about the value they can offer them. Customer concerns regarding installation and security should not be treated as an afterthought, and clear communications should exist before, during and after the point of sale. Service providers must also regularly assess their role in an evolving supplier ecosystem.”