Benchmarking research highlights consumer willingness to invest in premium data security services
Parks Associates, a leading authority in consumer and market research, has released its latest groundbreaking study, "Privacy and Data Protection for Connected Devices," revealing that 54% of US internet households report experiencing a data privacy/security issue over a 12-month period. This is an increase of 50% since 2018.
Drawing from an extensive survey of US internet households, the report finds that 62% of smart home device owners express apprehension about unauthorized access and control of their devices. It also prescribes strategies for smart home firms, manufacturers, and tech providers to allay consumer concerns about the safety and security of their data as they adopt and use more connected devices.
Jennifer Kent, Vice President of Research at Parks Associates, emphasizes the critical importance of securing home networks and connected devices to ensure consumers' personal data remains private. "As we witness this surge in data privacy and security concerns, it becomes paramount for smart home industry players and service providers to prioritize consumer data apprehensions and redouble their efforts in securing their products," Kent said. “After interoperability, the top reasons consumers gravitate to certain providers of smart home products are user experience and trust – trust that the company will properly handle personal data, and trust that the company will be present for the long haul.”
Parks Associates' research reveals that in the past seven years, US internet households have doubled the number of connected devices they utilize within their homes. "While the growth in 2023 appears to be slightly slower than in previous years, this could be attributed to consumers exercising caution in the wake of historic inflation, layoffs, and looming recession fears,” Kent said. “We anticipate that device ownership will resume its upward trajectory in more favorable economic conditions."
This research study offers valuable insights into the shifting attitudes of consumers toward data privacy. It examines consumers' desires for enhanced privacy controls and their preferences concerning how companies collect and manage their data. Additionally, the report explores the data that consumers are willing to share for their own benefit and assesses consumer willingness to invest in premium data security services.
About Parks Associates
Parks Associates is a global research, consulting, and marketing firm with 40 years of experience delivering proprietary consumer data and industry insights for businesses. The firm produces market research reports, forecasts, surveys, and competitive business intelligence on connected consumer, small business, and commercial technologies and related business solutions. A woman-owned and woman-led company, Parks Associates is a trusted partner and advisor to executives, providing custom research, strategic consulting, and forward-looking analysis across smart home, small business, and commercial markets, including security, broadband, entertainment, energy, multifamily, smart buildings, connected health, and emerging AI-driven technologies.
Parks Associates supports industry growth through proprietary research, consulting, and executive networking and convenes thousands of leaders each year through its flagship conferences, including CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. Learn more at https://www.parksassociates.com.
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