Thursday, July 20, 2017

One-half of consumers willing to share data and device control for discounts on electricity

New research quantifies the value of IoT data in the connected home

Parks Associates announced new research today showing that approximately 50% of U.S. broadband households are willing to share data and device control for discounts on electricity. 360 View Update: The Value of Data – New Smart Home Business Models notes interest is consistent across different product categories, with 51% of smart thermostat owners, 50% of hot water heater owners, and 48% of owners of smart clothes dryers willing to share data and control for electricity discounts.

“The real value from the Internet of Things will be derived from the data collected by smart products,” said Tom Kerber, Director of IoT Strategy, Parks Associates. “In general, IoT industries agree that the consumer owns the data from smart products and that smart home solution providers are the stewards of the data. Given this reality, it is essential for all IoT players to understand consumers’ willingness to exchange data for services, their views on privacy and security, and the conditions under which they will grant access to their data.”

Parks Associates also released the report IoT Data: Securing the Connected Home, which reveals that 40-50% of consumers are willing to share data under some circumstance when presented with a variety of non-monetary incentives.

“Consumers are more likely to share data for non-monetary value related to warranties, product improvements, product education, and remote technical support,” said Brad Russell, Research Analyst, Parks Associates. “They are less likely to share data to receive product recommendations or to simplify ordering consumables. For data-sharing programs to be successful, service providers and utilities need to ensure they are communicating value propositions that align with their consumers.”

IoT Data: Securing the Connected Home examines the current challenges for securing the connected home and the opportunities for security solution providers. The report includes the latest consumer data on security concerns, willingness to share data, and analysis of their effects on consumer confidence and purchasing behavior. It also includes a U.S. forecast for standalone security gateway solutions and a forecast for residential combination gateway/routers, which are a crucial point of defense against security vulnerabilities.

360 View Update: The Value of Data – New Smart Home Business Models quantifies consumer attitudes about data privacy and security, effectiveness of actions to mitigate privacy concerns, the level of trust between consumers and different industry players, and their willingness to exchange data for services.

For more information on Parks Associates research or events, visit, or contact, 972-490-1113. To schedule an interview with an analyst or to request specific research data, please contact Julia Homier at, 972-490-1113.

About Parks Associates: Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.

The company's expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media.

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