Parks Associates

Parks Associates recently announced new research showing 41% of U.S. broadband households plan to purchase a smart home product in the next 12 months, including 27% with high purchase intentions. The most popular devices include smart smoke/CO detectors, thermostats, and lightbulbs. The international research firm, which predicts U.S. broadband households will buy almost 55 million smart home devices in 2020, hosts the 12th-annual CONNECTIONS™ Summit: IoT and the Smart Home on January 9 at CES® 2018 in Las Vegas.

CONNECTIONS™ Summit features multiple sessions on the smart home to examine mass-market business strategies, partnership opportunities, the impact of voice on the user experience, and advances in AI and data analytics. CONNECTIONS™ Summit sponsors include Homematic IP, Vivint Smart Home, Brilliant, Carrier, Cirrent, Deutsche Telekom, Greenwave Systems, Hive, Intel, iQor, LUX Products, mnubo, Plasmatic Technologies, ROC-Connect, and Zigbee Alliance.

Interest in Water, Fire, and Anti-theft Products with Detection/ Prevention Features | Parks Associates

“Consumer intentions to buy smart home products are strong, but there are multiple steps the industry can take to turn these intentions to reality,” said Elizabeth Parks, EVP, Parks Associates. “At CONNECTIONS™ Summit, we will discuss strategies to educate consumers, reduce price sensitivity, and enable new use cases regarding smart home products, including innovations that will reduce costs and enhance value propositions in new platforms.”

Additional Parks Associates research:

  • 60% of U.S. broadband households with insurance are interested in a smart home product that can detect, notify, or prevent damage or loss from water or fire or theft.
  • Approximately 75% of U.S. broadband households with insurance who are interested in purchasing a smart product are willing to let the devices automatically communicate with insurance companies.
  • More than one-third of consumers in the market for a smart home device would find a recommendation from an insurance company “very important.”
  • The security industry is the largest channel for smart home systems and a strong channel for numerous smart product categories, including door locks and networked video cameras.

CONNECTIONS™ Summit at CES is a one-day executive summit that focuses on the best business models and value propositions in the Internet of Things (IoT), the smart home, and connected and mobile CE and services. The event includes six executive sessions, two special presentations, and a networking reception, sponsored by Homematic IP, on January 9, the opening day of CES.

For more information on Parks Associates research or events, visit www.parksassociates.com, or contact sales@parksassociates.com, 972-490-1113. To schedule an interview with an analyst or to request specific research data, please contact Julia Homier at Julia.homier@parksassociates.com.