The Future of the Connected Home: Insights with Chamberlain

by Parks Associates | May. 18, 2018

Prior to Parks Associates’ 22nd-annual CONNECTIONS: The Premier Connected Home Conference, Laura Crisp, Manager of Emerging Business, Chamberlain, Chamberlain spoke with the analyst team to discuss the future of the connected home.

Laura will be participating on the Future of the Connected Home: Delivering on Promises panel on Thursday, May 24, at 8:30 AM. Panelists joining him on this session include:

Kurt Hoppe, Global Head of Innovation – Mobility & Connected Services, GM
Nigel Pugh, CEO, IMONT Technologies Limited
Anthony Versarge, Head of Product, Health and Wellness, Comcast

Given the continual increase in the number of connected products, how can providers ease consumer concerns associated with data security and privacy? ?
Consumers’ #1 concern is security. They want to feel confident that their homes and data are secure and private.

At present, providers are working to successfully address this issue of security and privacy, yet simultaneously provide features and functionality consumers crave. Despite security and privacy concerns about connected devices, sales continue to increase and dramatic growth is predicted over the next several years.

Since Chamberlain Group’s MyQ technology controls the largest door and main entry point to the home for the majority of Americans, security has always been of paramount importance. While Chamberlain and LiftMaster apply multiple security layers to our MyQ technology and user accounts to ensure the strongest levels of protection and we will continue to enhance our security efforts to remain consistent with industry standards. Homeowners have an important role to play as well. One of the best things homeowners can do to keep their home Wi-Fi networks secure is to use strong passwords and security settings, and ensuring you submit your user data, such as your personal information or login credentials, to first party providers or trusted technology providers with data protection and security measures in place.

How will artificial intelligence (AI) impact the smart home, IoT, and connected entertainment landscapes in 2018 and beyond? ?
Artificial intelligence will disrupt every industry. As the consumer gains more knowledge with how their smart home products integrate, their consumer value will only grow as both artificial intelligence and machine learning increase and enhance their usefulness and implementation over the coming years.

Have you seen any new cutting-edge innovations that could tip the smart home scale from early adopter to mass market adoption? ?
In the past few years, voice has made the connected home more accessible to mainstream consumers. With the help of voice and the push made by consumer tech companies, consumers are now more receptive to the smart-home concept.

I don’t foresee one single innovation or major event that will trigger mass-market adoption overnight. I anticipate ongoing, steady momentum as awareness of smart-home technology continues to advance, and consumers are fascinated by how voice technology can add convenience, control, and even entertainment to their everyday lives. As the connected home becomes more widely adopted and competitively priced, smart home products are becoming connected together creating a more robust smart home platform. Over time, consumers will continue to see the advantage of how seamless the connected home experience can be.

On a daily basis, we see our customers rely on smart-home tech to be “in the know.” To know what is happening at home while they’re at work, or to have awareness when the kids or spouse are entering or leaving home, and to access core functionality through their smartphone and have the knowledge their home is safe and secure.

Will the rise of DIY solutions significantly impact the traditional security landscape?
Absolutely, the rise of DIY solutions are changing the traditional security landscape dramatically. According to Parks research, 60% of consumers set up new smart home devices on their own, and 40% rely on professional support. Since more than half of consumers set up their smart devices on their own, this means that brands must now manage their customers’ experience throughout their entire journey, including the install and we are now seeing more and more traditional security companies go to market with their own DIY branded products to accommodate what the market wants. The DIY security play is attractive to the end user because the overall solution offering from hardware to the monthly monitoring fee is extremely cost effective, no contract term, and easily followed instructions for install. This makes the offering highly adoptable to mass markets.

How can companies capitalize on consumer interest in a home insurance-smart home connection? What potential impact will that interest have for business models on both sides?

There are numerous strategies and ways companies can capitalize on consumer interest in using smart-home devices in connection with insurance services. As data becomes more readily available across more devices and appliances, the value to insurance providers will surely grow.

We find these new potential business models to be very exciting. There’s a lot of room for both insurance companies and device manufactures to develop new solutions, increase revenue, increase brand awareness, and deepen customer engagement.

For more information on CONNECTIONS, visit: www.connectionsus.com



Next: Industry Insights with Mivatek: Future of the Connected Home
Previous: Connected Products: Discussing Privacy and Security Concerns with UEI

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