Parks Associates recently surveyed more than 100 executives across the connected home and consumer IoT landscape to better understand their view of the market, changes in their business strategies, key metrics for success, and top challenges facing the market.
The research, found in The Business of Consumer IoT: Product Strategy in a Maturing Market, reveals consumer IoT products are priced 21-70% higher than similar non-connected products, with an average price differential of 44%.
Jennifer Kent, VP Research, Parks Associates, said, “The smart home and security markets benefit from delivering solutions that address consumer needs that only get stronger in uncertain times – safety and security. This – along with growing demands on the grid due to electrification and data center development – gives stability to the smart home market and a positive outlook that may not hold in other economic sectors.”
“Great product development is at the core of many consumer IoT businesses, but marketing, merchandising, pricing models, logistics, and other operational factors will become ever more important to staking out a lead position in the market – and a profitable one,” Kent said.
From the IoT Business News article, "Consumer IoT Products are Priced 44% Higher on Average Than Similar Non-Connected Products"
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