First-time buyers helping to expand the connected home market
Ahead of ISC West, Parks Associates’ new Smart Home Consumer Insights Dashboard reports that 28% of US internet households now have three or more smart home devices, with more and more households featuring first-time buyers. Among US internet households with a smart home device, the average household has 7.1 smart home devices. Parks Associates research also shows that 40% of US internet households have a security solution and 25% of US households have professional monitoring.
“New households are entering the smart home market, with just one or two devices, bringing down the average number of smart home devices owned – but this is a positive result overall,” said Jennifer Kent, VP, Research, Parks Associates. “The security industry is a strong channel for smart home devices and new services, with many opportunities to connect different ecosystems through the security system platform.”
The research reveals that a decline in purchases occurred across most smart home device categories at the end of 2022, as inflation and economic uncertainty constrained consumer spending. However, robotic vacuum cleaners, smart cameras, video doorbells, and smart thermostats experienced higher purchase rates than in 2021.
“New solutions in the smart home and security space are being introduced, with a special focus around networked cameras and new applications and capabilities,” Kent said. “We look forward to tracking the many announcements at ISC West this year from the security channel, focused on the residential, multifamily, and small-to-medium business markets.”
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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