New research developed in partnership with Connectivity Standards Alliance (CSA) emphasizes the networks, sensors, and devices that form the foundation of an integrated and intelligent smart home
Parks Associates’ new white paper, Next-Generation Smart Home: Building for the Future, assesses the drivers of the smart home market and strategies for engaging new buyers. Currently 41% of US internet households have a smart home device, and the firm forecasts that by 2024, the home fixed or mobile broadband market will expand to approximately 93% of US households. Developed in partnership with Connectivity Standards Alliance (CSA), the white paper highlights Parks Associates’ latest insight into the top motivators attracting new consumers into the smart home market and new developments and applications in productivity and utility, safety and security, health, and energy management solutions in the home.
“The smart home market is starting to reach a more mass-market consumer who is not necessarily an early adopter of technology. The strategies that attract early adopters may not be sufficient to reach new customers,” said Jennifer Kent, Vice President, Research, Parks Associates. “There is enormous opportunity in serving new households with intelligent, affordable, and secure solutions that solve practical needs.”
“This research is a testament to the industry’s way forward. It affirms our understanding of the potential that lives within the smart home and IoT space, inspires our confidence, and validates that the work of our members on standards is more important now than ever. Brands like Matter represent immense benefit to the both new and informed consumers looking to expand their smart home experience, providing interoperability, security, and ease of use,” said Michelle Mindala-Freeman, Head of Marketing and Member Services at the Connectivity Standards Alliance.
The white paper highlights consumer purchase habits including the curated, systems-based approach versus single-point solutions. It addresses the role of home security platforms and hub-based smart home systems for a unified experience. In addition, it highlights the new Matter standard as a possible solution to offer interoperability across various brand devices and platforms.
“Mass-market adoption of smart home technologies requires interoperability — a unified, easy, and simple experience for the end user,” Kent said. “This is another great step forward for the consumer experience and serves an enormous number of stakeholders in the very fragmented smart home marketplace, including solution providers and manufacturers.”
The white paper is available for download.
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.
The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
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