3 Ways a Data-Driven Warranty Model Better Protects Smart Home Technology
Technology has advanced in so many ways and so rapidly that for most of us, some modern-day tools seem lifted right out of a science fiction movie. We may not yet have transporters or replicators, but smart homes are the next best thing. The ability to lock doors, adjust the thermostat, dim the lights, turn on the oven or your favorite playlist from your smartphone is not only convenient, it’s simply cool.
It’s no surprise that the market for connected sensor technology is booming. According to Martech Advisor, 125 million devices will be connected through the Internet of Things by 2030, putting 15 connected devices into the hands of every consumer. According to the International Data Corporation, the global market for smart home technology is projected to grow at an annual compound rate of 16.9% through 2023, at which time more than half of American homes will be “smart” in some way.
As demand for devices grows, so does the need for extended service warranties. Much of the sensor technology in homes today is easy to damage and expensive to fix.
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