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Parks Associates estimates the U.S. will have 169 million actively connected cars, or 56% of all light vehicles, by 2022. Meanwhile, nearly one-quarter of U.S. broadband households own at least one smart home device and the average number of devices owned per household continues to increase each year. New connected car features offer innovative safety, comfort, and entertainment experiences, including crossover opportunities for the smart home. For example, with a smart home and...
 
by Parks Associates | May. 13, 2019
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With adoption of connected health and smart home technology growing, interest is rising in how to connect these two experiences. We’ve seen in-home consumer electronics devices start to become HIPAA compliant, and partnerships increasingly beginning to arise across verticals. But which partnerships have compelling use cases, how should these partnerships be implemented, and what is the business case?  Moderated by Kristen Hanich , the CONNECTIONS™ session, “...
 
by Parks Associates | May. 13, 2019
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At the end of 2018, the average U.S. broadband household owned 10.5 connected devices, including computing, mobile, smart home, and connected health devices, as well as smart speakers with voice assistants. Technologies like voice control, data analytics, machine learning, blockchain, sound recognition, and artificial intelligence play a substantial role in simplifying, streamlining, and automating the smart home, radically enhancing the value proposition by providing context, awareness,...
 
by Parks Associates | May. 13, 2019
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The United States population is greying, with more baby boomers entering retirement age every day. The number of Americans age 65 and older is expected to reach over 80 million by 2050. At present, the U.S. healthcare system is ill-equipped to handle the growing number of elderly individuals, many of whom will have specific health needs and may lack sufficient retirement funds. Companies across many different industries are developing solutions to help seniors live comfortably in...
 
by Parks Associates | May. 13, 2019
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Parks Associates finds that 45% of likely homebuyers would choose a home with smart products over one without, where all other considerations are relatively the same. Consumer interest in smart home products and services is driving innovation among leading home builders who are crafting diverse strategies for leveraging smart home tech to enhance their brand, differentiate their product lines, and drive revenue. Device makers and service providers looking to partner with homebuilders need...
 
by Parks Associates | May. 13, 2019
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Self-installed security solutions have the potential to significantly lower the cost of security, create new monitoring use cases, and, in doing so, expand the market beyond the traditional 20-25% of U.S. households that have professionally monitored security. DIY and smart home products are adding volatility to the market for professionally monitored security and driving changes in the home security business. These solutions do have advantages with lower-cost, contract-free...
 
by Parks Associates | May. 13, 2019
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Standalone products, also called point solutions, are self-sufficient products that generally operate independently from other products and systems. Smart home systems consist of a groups of devices that work together to enable a variety of use cases and applications. Both standalone devices and systems have market drawbacks that influence market adoption. For standalone devices, consumer benefits include the fact that they are often simple to use and the vale proposition is usually...
 
by Parks Associates | May. 10, 2019
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The smart home industry is keen on driving market growth. Positive setup experiences are critical to that goal while poor setup experiences drive product returns, negative social network commentary, and an unwillingness to purchase other devices of the same brand. Even the perception that a product is difficult to set up serves as a barrier to device adoption. Among consumers who do not intend to purchase smart home devices, 13% will not purchase a device because they are confused about...
 
by Parks Associates | May. 10, 2019
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