Consumer research examines new channels for smart home solutions through home builders, new construction, and multifamily homes

New research from Parks Associates explores the opportunity for home builders and MDUs as channels for smart home solutions, as 25% of US broadband households perceive a “move-in-ready house” would include smart home devices. My Next Home: Demand for Smart Homes and Smart Apartments reports that despite device ownership flattening in 2018, purchase intentions for smart home devices continue to increase, with 43% of US broadband households planning to purchase at least one device in 2019.

“Among MDU residents, 19% feel that smart home devices are a very important consideration when looking for a home to rent or purchase,” said Patrice Samuels, Senior Analyst, Parks Associates. “Having smart home devices pre-installed in the home creates an immediate opportunity to demonstrate specific value propositions in safety, energy management, and convenience. It also opens avenues for ongoing services, such as tech support and data management, that are key to ensuring a positive user experience.”

The research notes that companies offering smart home devices in the builder channel have the advantage of creating model homes specifically designed to demonstrate potential use cases and benefits of smart home devices, which can drive interest. Among MDU channels, properties often roll out devices across many units, exposing a large number of consumers to these products.

“Low consumer awareness and low perceived product value remain significant problems for the smart home industry,” Samuels said. “Insufficient information about smart home products often lead to purchase avoidance. These channels help introduce many new consumers to smart home products.”

My Next Home: Demand for Smart Homes and Smart Apartmentsquantifies consumer demand for smart products in their next residence. It alsoexamines the unique needs of consumers living in multifamily homes and examines the different use cases and drivers for smart home devices and systems among residents of multifamily dwellings and their business model preferences.

Additional research:

• Among consumers who do not own or intend to purchase smart home devices, 54% do not perceive that the devices will benefit their lives.
• Nearly one-quarter of US broadband households own at least one smart home device.
   

For information on My Next Home: Demand for Smart Homes and Smart Apartments, contact sales@parksassociates.com. To schedule an interview with an analyst or to request specific research data, please contact Sherrelle Lewis at sherrelle.lewis@parksassociates.com, 972-996-0214.

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. Parks Associates provides custom research, strategic consulting, and forward-looking analysis across connected home, small business, and commercial markets, including security, smart home, 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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