New whitepaper examines the adoption and growth of connected products in US broadband households and the impact on consumer lifestyles, new homes, and the MDU market
Parks Associates research finds 88% of US households have broadband, with an increasing number of connected devices tapping into high-speed connections to deliver safety, security, convenience, and energy-saving use cases. The firm’s latest whitepaper, Smart Products: Building the Modern Home, developed for GE Appliances and released ahead of the TecHome Builder Summit and the Asian American Hotel Owners Association (AAHOA) Convention and Trade Show, notes consumers have an average of thirteen connected devices, up from nine in 2016, with smart home device owners being the most prolific buyers.
Smart home devices are among the newest category of connected devices, and adoption has been growing steadily since 2014. The percentage of US broadband households owning three or more smart home devices increased by over 64% in the past two years, from 14% in 2018 to 23% at the end of 2020. Adoption of smart appliances has also trended upward, with adoption at 13% of US broadband households.
“Connected devices are forming deep integrations in consumers’ lifestyles, with convenience, comfort, and peace of mind the leading drivers of adoption,” said Patrice Samuels, Senior Analyst, Parks Associates. “As their familiarity with smart home products increases, consumers will seek products that target their specific needs, which can range from lawn maintenance and irrigation to independent living and health monitoring. Co-marketing partnerships with brands in other industries such as energy providers, builders, and insurance companies will help expand awareness and distribution and connect consumers with the connected solutions they want and need.”
Smart Products: Building the Modern Home examines growth of smart home devices, the connected consumer lifestyle, and the future of modern living. The whitepaper notes frequency of use of the smart features of smart home devices is another relevant factor indicating how deeply integrated these products have become in consumers’ lives. More than 70% of smart home device and appliance owners report using the features of their smart home devices always or frequently.
“Consumers’ consistent engagement with smart home devices and appliances is indicative of the value provided,” Samuels said. “As these factors continue to drive adoption, we anticipate strong growth in both single-family and multifamily residences, so homebuilders and MDU managers and owners would benefit by exploring new ways to integrate connected solutions into their current properties and especially new construction projects.”
To download this whitepaper, go to https://www.parksassociates.com/whitepapers/smartproducts-2021.
Parks Associates explores trends and research in the connected home space during the firm’s signature event CONNECTIONS™: The Premier Connected Home Conference, now in its 25th year. The next CONNECTIONS™ virtual session, “State of Home Security Market,” takes place August 18 at 12:30 pm CT.
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