A majority of homeowners in the United States are willing to consider buying a "smart home" product, according to research by The Demand Institute. However, people were also most likely to consider modest improvements and few were eager to incorporate the technology into their residence.

Smart home technology is designed to improve the comfort and energy efficiency of a home, often incorporating wireless networks or a homeowner's smartphone. Some features include automated or remotely controlled thermostats, lighting, electronics, and security systems.

In the report from The Demand Institute, entitled "Smart Home Technology: Not Ready for Prime Time (Yet)," 71 percent of those surveyed said they would consider purchasing a smart home product. Most respondents also said they believe new homes built in the next five years will include smart home technology.

At the same time, the report says that homeowners are largely unfamiliar with smart home options. Sixty-four percent said they are unfamiliar with the available technologies, and only 36 percent said they were excited to add smart features to their home.

"Smart home products need to demonstrate clear value and solve unmet consumer needs before most will make the investment," said Louise Keely, president of The Demand Institute. "Some of these products do meet that bar, but many still feel these products are gimmicky."

Homeowners were most familiar with smart thermostats, wireless speakers, and home security systems; these were also the technologies they were most likely to add to their current home. The report says there is also a strong interest in other technologies, including smart lighting and door locks.

"Consumers are starting small when it comes to smart home technology," said Jeremy Burbank, vice president at The Demand Institute and leader of its American Communities Demand Shifts Program. "The typical smart home product user has just one or two products. Many of these products still cost several times what traditional models do, and a lack of industry standardization and interoperability means most consumers will add smart home technology slowly."

In addition to the price and lack of standardization in smart home technology, the report says home security was a major barrier to homeowners adding smart features. Some systems may be vulnerable to hacking, allowing other people to unlock a home's doors or control its smart features.

The report predicts that the adoption of smart home technology will occur slowly, but will eventually have a significant effect in how people interact with their residences. It also says companies have an opportunity to build affordable and uncomplicated technologies to meet consumer interest in these technologies.

The Demand Institute is a nonprofit think tank jointly run by the performance management company Nielsen as well as The Conference Board, a business membership and research association. The report on smart home technology is part of The Demand Institute's American Communities Demand Shifts Program, which analyzes the anticipated needs and desires of U.S. communities in the future.