The Z-Wave Alliance, a standards development organization dedicated to developing and advancing Z-Wave technology, has released its second-annual Z-Wave State of the Ecosystem Report.

The newly available report examines smart home and connected technology — from both within and outside of the home — and explores the smart home landscape as it exists today, current and future trends, and new opportunities with an emphasis on the role Z-Wave technology plays in the advancement of the industry.

The report reveals Z-Wave continues to see exponential growth in smart home categories such as sensors, smart thermostats, smart lighting and door locks. Water, all-in-one sensors and smart doorbells all grew by greater than 500% from 2019 to 2020.

“There is no shortage of possibilities for the internet of things,” says Mitch Klein, executive director, Z-Wave Alliance. “Smart Home has changed our way of life. In 2005, there were less than 10 Z-Wave devices on the market, and today there are over 3,300 certified products worldwide across an Alliance of hundreds of global member companies. As we look ahead, we see tremendous opportunity for Z-Wave to continue to advance the way we live.”

Contained within the report, readers will find research from analysts examining relevant industry verticals including MDU, insurance, aging-in-place, healthcare, real estate and more.

Additionally, the report contains thought-leadership contributions regarding open standards, interoperability, artificial intelligence, and contextual awareness, and features a section where technology experts and industry press provide their insights into the future of the smart home through the rest of 2020 and beyond.

Key data points include:

  • 33%: the average profit margin for dealers for a smart home system installation
  • 65% of U.S. homebuyers are willing to spend more for smart home technology packages
  • 37% of users attributed their purchases to a desire for greater security for their family
  • 60% of consumers are likely to purchase a smart home product that can detect, notify of, or prevent damage or loss in at least one scenario tested

Click here to read the full 2020 Z-Wave State of the Ecosystem Report.

This article originally appeared on our sister publication Security Sales & Integration‘s website.