Providing Market Intelligence for 40 Years

In The News

Parks Associates: Smart Home Players Look to Overcome Consumer Price Sensitivity

Parks Associates smart home research finds high perceived prices remain a top barrier to smart home adoption, with providers and manufacturers working to bring lower priced products to market and discontinue specific premium products.

“Perception of high prices is a key barrier to smart home device adoption, but it is also tied to the perception among non-owners that smart home devices do not offer any benefits to the lifestyle,” Patrice Samuels, senior analyst, Parks Associates. “Device manufacturers in the smart home market are evaluating multiple strategies to address the leading adoption barriers. Companies are betting that getting one device in the home, even as a loss leader, will convince consumers of the value of smart home devices and inspire future purchases. Our research indicates this is a sound strategy.”

Parks Associates notes that households that own at least one smart home device have an average of seven devices. Companies such as Eufy are offering lower priced models that retain most of the features of their higher-priced models, knowing there is a good chance that their customers will buy more products following this initial purchase.

The Smart Home Tracker, a quarterly service from Parks Associates, also finds that as new social distancing guidelines continue to impact schools and businesses, a number of tech giants – including Facebook and Google – are incorporating video conferencing solutions into their products and systems. The percentage of U.S. broadband households that report using video services is 54 percent higher than prior to the pandemic.

“One of the leading and overarching value propositions of smart home products is to improve convenience for users,” Samuels said. “Services like Zoom have become invaluable. Helping users to make video calls more conveniently increases the value of smart home devices in these times, and we expect to see additional integration around solutions like these.”

From the article "Parks Associates: Smart Home Players Look to Overcome Consumer Price Sensitivity" by Residential Tech Today.

Previously In The News

Ring Wired Doorbell Pro Sees First Discount

Google’s wired doorbell excels with on-device detection and tight Nest integration, and Arlo’s wired unit is known for a tall field of view and strong notifications. But Ring continues to lead brand r...

TP-Link Wi-Fi 7 Mesh System Is Now 20% Off

Homes now juggle well over a dozen connected devices on average, according to researchers like Parks Associates, and that number climbs quickly with smart speakers, security cams, and gaming consoles....

Walmart’s NewFront Vision: Content-to-Commerce

Vizio is central to Walmart’s vision of transforming from a retail media network into a full “content-to-commerce” ecosystem, able to finally compete head-to-head with Amazon. The companies emphasized...

SSI Introduces Industry Hall of Fame Class of 2026 at ISC West

SSI will induct five new members into its Industry Hall of Fame on Thursday afternoon at ISC West in conjunction with PSA Network, honoring five industry legends who have left their marks on the secur...

Phone:
972-490-1113
Mailing Address:
2301 West Plano Parkway, Suite 210, Plano, TX 75075
Expertise
Smart Home: Management and Safety Consumer Electronics Connected Health and Wellness Connectivity and Mobility Small-to-medium Business (SMB) MDU
Services
Research Memberships Visibility Memberships Streaming Video Tracker Smart Home and Security Tracker Broadband Market Tracker Channel Analytics
Events
CONNECTIONS™ CONNECTIONS™ Summit/CES Smart Energy Summit Connected Health Summit Future Of Video Smart Spaces
Resources
Press Releases Analyst Blog Parks in the News
Store
View Your Cart
About Us
Overview Team Contact Us Privacy Policy

Follow:

© 2023-2026 Parks Associates. All Rights Reserved. Privacy Policy

Design & Developed By Agency Partner Interactive