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2024 State Of The Industry: Guarded Optimism

“Companies will continue to adapt by finding new suppliers, adjusting product pricing, managing inventory more efficiently, and possibly rethinking entire supply chain strategies,” reports Elizabeth Parks, president and CMO of Parks Associates. “The new normal includes the continued rise in costs around materials, transportation, and labor seems to be becoming a more permanent fixture, impacting the bottom line.”

Optimism continues to abound about the potential of the Matter smart home standard. Parks Associates says 37% of U.S. internet households currently shopping for smart home products consider Matter certification to be important or even critical in their purchase decision.

“Consumers are increasingly looking for comprehensive offerings that go beyond hardware,” explains Parks. “Subscription-based services such as cloud storage, remote monitoring, and enhanced features are now critical differentiators. Companies are capitalizing on service revenue as a significant and stable income stream while solidifying customer loyalty.”

From the article, "2024 State Of The Industry: Guarded Optimism" by Stewart Wolpin

Previously In The News

Stat Firm Reports Less Than 1% of Subscribers Playing Netflix Games

“Netflix should continue to be vigilant and observant of consumer response as it builds out its still-nascent games portfolio, but I don’t believe it should be overly concerned,” said Parks Associates...

Apple May Be Prepping Siri for Smart Home Duty

Entry into the smart speaker market makes sense for a company with smart home aspirations. "As the success of Echo and Google Home took off, everyone expected Apple to follow suit," said Brad Russe...

Second-tier boom to drive global OTT to more than 400MN subs by 2022

Overall globally, Parks calculates that there are more than 265 million households worldwide and that there will be more than 400 million OTT video service subscriptions by 2022. While Netflix, Amazon...

Roku cuts price on top streaming player to counter Apple TV

Although it is much smaller than its rivals, Roku is the leading seller of video streaming players in the U.S. with a 37 percent share of the market, according to the research firm Park Associates....

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