New industry report addresses advanced video and audio analytics solutions for the smart home
Parks Associates data estimates that between 2022 and 2024, more than 250 million networked cameras, video doorbells, and smart speakers/smart displays will be sold in the US. The industry report "Context is King: Video & Audio Analytics" examines how video and audio analytics are evolving and impacting the smart home user experience, including driving adoption of new devices and attached services.
“Consumers want the often difficult combination of peace of mind, privacy, and convenience with monitoring and independent living solutions,” said Chris White, Sr. Analyst, Parks Associates. “With video and audio analytics, standard devices such as video doorbells and networked cameras have expanded capabilities, providing more value and context to consumers.”
Video and audio gathered near access points are the most prominent and traditional monitoring activity, but increasingly consumers desire more monitoring beyond the entrance/exits of homes. Parks Associates’ latest consumer data also reveals 68% of network camera owners have cameras installed outside the home.
“Consumers are increasingly turning to networked cameras and video doorbells to provide the sense of security and peace of mind traditionally provided by full-fledged security systems,” White said. “Approximately a third of network camera owners report relying on their devices more heavily due to the COVID-19 crisis.”
Parks Associates notes the recent announcement that ASSA ABLOY, a leader in access controls, will purchase Spectrum Brands’ hardware and home improvement business for $4.3 billion underscores the drive to add new use cases and user experiences within a product portfolio. Video and audio analytics reach the consumer through a complex set of verticals that includes chipset makers, AI software companies, and pro-monitoring or storage companies, with opportunities for revenue growth across the value chain, especially in monitoring, maintenance, and upgrades.
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