In an industry packed with early-adopters and technophiles, I’m surprised that integrators have not been flocking to the wellness tech category in greater droves. According to a recent McKinsey Survey, the global wellness market represents more than $1.5 trillion dollars.
Also mentioned is the fact that consumers expect to increase their purchases of both wellness products and services over the next year, and McKinsey expects a greater shift toward services. This leaves a huge opportunity for the home technology market to provide wellness services to consumers.
But, according to CE Pro’s Wellness Deep Dive survey published in July of this year, integrators admit that just 8% of their projects over the past 12 months actually included wellness technologies, whether that be human-centric lighting (HCL), indoor air quality (IAQ), water quality management, natural soundscaping, motorized shades tied to an astronomic clock, smart sleep tech, digital art, immersive fitness solutions and more.
But integrators are optimistic about the potential opportunities, with respondents reporting that they expect the percentage of their wellness-tech installations to nearly double over the next 12 months to 15.5% of all jobs.
How Do Integrators Capitalize on the Growing Wellness Market?
So where do we go from here? There is clear interest, but the starting point is less obvious. And if it is not clear to technology experts where to start, imagine how homeowners feel as they try to figure out which tech products can actually improve their lives.
If we look at The American Institute of Architects Home Design Trends Survey , the demand for home-based fitness and yoga spaces has jumped from 23 to 39%. This may be the easiest entry point for integrators of all: helping a homeowner set up their home gym with fantastic audio and the ability to watch their favorite program while they run on the treadmill. And yet, this is not something I often hear integrators talk about when it comes to projects.
The appetite for solutions is there and it’s high time integrators delivered on that consumer demand. To that end, CEDIA is gathering the best SMEs in wellness to present WellCon, a virtual well-tech conference with content specifically curated for the integrator community, focusing on wellness tech and how integrators can incorporate it into their businesses.
Understanding how this type of project plays into your overall business model is an important consideration. Maybe it’s a seed for growing your roster of clients and projects, or perhaps it’s an opportunity to reach out to your current clients with something new.
CEDIA’s WellCon is free to attend and will be hosted virtually November 16 -17. Registration is open now.
Another version of this article originally appeared on CE Pro.