This is according to the latest research from financial advisory group Ernst & Young
Just 19 per cent of UK households are likely to purchase or use connected home technology in the next five years, according to financial advisory specialist Ernst & Young.
The company surveyed 2,500 homes in the UK and found the most popular product was smart heating, with 26 per cent considering a buy within the five year period. It is followed by smart lighting (23 per cent), connected cars (18 per cent), smart watches (18 per cent), smart fridges (69 per cent) and smart ovens (14 per cent).
However, more than 50 per cent of those surveyed would not consider using any of those products. Smart ovens make up the peak, with 71 per cent unlikely to purchase or use such services.
Despite such reluctance, IDC predicts the connected products market will increase by 7.2 per cent in 2015 to more than £1.7 billion by 2020.
Ernst & Young lead telecommunications analyst Adrian Baschnonga said: “While ‘connected’ lifestyles are very much the norm, the majority of consumers have yet to be convinced of the value of smart home products.
“Awareness levels remain low, and a fragmented market of competing solutions is hindering the development of simple offerings that resonate with households.”