Partnerships Are Defining the Smart Home

by Parks Associates | Sep. 2, 2022

There is so much happening in the smart home these days. Parks Associates latest consumer research - household data nationally representative of the US market- shows the following adoption and usage:

Over 12 million US internet households own a smart door lock

51% of smart home owners who have recently experienced at least one technical issue report loss of wireless connectivity

Leading smart home companies took action in Q1 2022 to add more brand equity and new technology via acquisitions

More than 55 million households are interested in a product that removes dust/allergens and purifies the air, according to Parks Associates research

Almost two-thirds of prospective MDU tenants look to preinstalled smart devices as a key amenity when looking for a new apartment, condo, or townhome

Partnership opportunities are helping to bring connected devices outside of the home.

Smart device makers continue to join forces with non-smart home companies in the pursuit of expanding device integration to more and in some cases non-residential, environments. The insurance, automobile, and non-residential spaces have posed unique opportunities for further adoption of smart home devices.

Smart home partnerships expand reach, facilitate new strategies, and improve product offerings. Early this year, Ring and Samsung both entered strategic partnerships with companies in the insurance and commercial/residential construction markets, respectively. Such collaborations open new avenues of application for existing smart home technology outside of the home.

Ring’s partnership with North Carolina-based insurance provider Hippo demonstrates that bundling device offerings with insurance plans can facilitate greater interest and eventual adoption of smart products. Partnerships such as the one between Ring and Hippo also highlight that there are ways to raise awareness of smart devices outside of traditional marketing channels, such as online retailers, physical stores, and social media.

Ring and Aqara have expanded their market reach by making their devices available to more countries, while tech giants like Samsung and Apple have redesigned their device interfaces, making product management more seamless to the user.

Bosch’s continued effort to expand into the mobility space bodes well for connecting the intelligent home with digital mobility. The partnership will ideally help blur the barrier between the home and car, relying on integrations with CarPlay and voice assistants like Siri to make the car an extension of the home.

Eufy and Leviton are already well-established names in the smart home. These three companies each unveiled new device offerings that increase the traditional scope of device usage. Eufy’s new camera makes more rural/environments eligible for smart camera usage, while Leviton’s latest product line includes a switch that can work without a neutral wire, opening up expansion into older homes.

Partnerships also contributed to the growth of energy management functionality for various connected devices.

Key partnerships from Honeywell and Resideo are revolutionizing the role certain devices like smart thermostats can play in energy management and home security. Eddy Solutions, a leading smart water management company, also partnered with commercial developers to implement smart leak management in commercial and multi-family settings

Device makers have even partnered with companies for more non-traditional uses of smart technology. RemoteLock and Honeywell partnered with accessibility and health care companies respectively to bring connected device solutions to the disabled and clinical care.

By joining forces with ABB, a renowned technology firm, Samsung is establishing a stronger foothold in the commercial and residential construction market. The collaboration between the tech giant and ABB will ideally allow for joint energy management solutions, as well as ground-up development and construction of truly, “smart” homes. Through its SmartThings platform, Samsung has demonstrated continued interest in shifting towards cloud-based services and by partnering with ABB’s smart hardware solutions, Samsung will be able to expand smart device offerings to MDU and commercial settings.

This is a research excerpt from Parks Associates Smart Home Tracker. Thanks for reading our research. We appreciate your support and feedback.

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