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Friday, May 19, 2017

Product awareness can be biggest driver for connected home technology: Insights from MivaTek

Jorge Perdomo, SVP Corporate Strategy & Development, and Joe Liu, CEO, MivaTek, provided insight on several key industry trends ahead of Parks Associates’ 21st-annual CONNECTIONS™ Conference, which will be held May 23-25 at the Hyatt Regency San Francisco Airport:

How is your company engaging consumers through new technology solutions?

Our basic mission is to provide consumers with a collaborative, managed video-verified solution for prioritized response and notifications. Our IoT platform was created to enable consumers to instantaneously turn their legacy professional monitored security systems to be mobile-interactive. The MivaTek platform also provide affordable healthcare solutions for a growing elderly population that wants to “age in place” – that is, remain at home as long as physically possible. Our platform aims to empower service providers to create a more versatile solution and efficient consumer offerings of their own.

What is the biggest change you have seen in the past year in the connected home and entertainment industries?

One of the biggest changes is the increased knowledge on the part of the consumer about the technology in general and a consolidation of similar solutions. More and more people understand what a smart home is, and what actually makes it smart. This is due, in large part, to the extensive marketing campaigns from service providers like AT&T and Comcast, as well as the product offerings from companies like Google (Home) and Amazon (Alexa) – companies that made their names in other areas but have taken huge steps into the connected-home marketplace. As the market continues to gain knowledge on solutions it tends to seek more efficient and cost effective solutions like MivaTek.

What do you think is the biggest driver for the connected consumer market?

What will drive the connected consumer market most effectively is helping the consumer understand the true benefits of connected technology. Studies have shown that many consumers view connected technology as a luxury, one that would be nice to have but certainly not essential. By and large, the consumer has not been made aware of the fact that connected home technology can not only make their lives better but can actually make them safer and more productive, as well as helping them save substantial dollars (i.e., energy management). This increased understanding has the potential to be the biggest single driver in the increased adoption of connected home technology. Lastly, like other technologies the connected home solutions continue to provide low cost solutions for easier adoption.

What is the greatest challenge for the connected home industry in the next year?

Similar to the previous answer, perhaps the biggest challenge is in the way that the connected home is marketed to the consumer. To date, it has been largely marketed as a luxury or convenience, rather than emphasizing the true safety and well-being that the connected home can bring. Much of the consumer marketing we see shows how people can shut off their lights while they’re in bed or locking their doors from miles away. Great conveniences, to be sure, but the industry needs to do a better job of showing the “necessity” of connected home technology – such as the text alerts from smart locks when your kids return home from school; the increased safety of having your lights come on before you get home; or the medicine tracking capabilities that can ensure an elderly parent does not take the wrong pills. Since the consolidation of many solution provides the ability to provide innovated offerings by smaller solution provides may not be seen or heard by many consumers as the large services provides control the industry momentum.


During the pre-show research workshops, Perdomo will speak on the session “From Hospital to Home: Partnering for Success” on Tuesday, May 23 at 11:30 a.m. Joining Perdomo on the panel are speakers from SeniorLink and Reflexion Health. Liu will speak on the session “Growth and Business Models” at 9:45 a.m. and will be joined by speakers from Comcast and Arrayent.

For more information on CONNECTIONS™, visit www.connectionsus.com or register by clicking here.

Next: Parks Associates shares presentations from CONNECTIONS™ Summit at CES: Smart Home Business Models and Strategies
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