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Q2 2021

Industry Report

Breaking Smart Home Barriers: Why Consumers Don’t Buy

Despite the proliferation of smart home devices and services, as well as escalating promotion, adoption of smart home products has remained flat in most product categories. Manufacturers and service providers are eager to understand what they must do to make significant gains in sales and revenue. This in-depth research on market barriers mines consumer fears and presents strategies for addressing or alleviating their concerns in order to expand into the mass market. This report analyzes factors that contribute to winning companies’ success and projects how current trends may shape future adoption.

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Bottom line

Smart Home Devices

Smart Product Adoption Trends

1.0          Poor Value Perceptions

1.1          Market Activity Driving Poor Value Perception

1.2          Solutions

Wyze 

Yi Home/ Kami 

Google Nest

Eufy

Blink

2.0          SECURITY AND PRIVACY CONCERNS

2.1          Market Activity Driving Security and Privacy Concerns

2.2          Solutions

CUJO AI Security 

Firedome

ioXt

UL

3.0          Technical Issues

3.1          Market Activity Driving Concerns about Technical Issues

3.2          Solutions

Amazon (Certified for Humans)

TechSee (TechSee Live Solution)

Veego

Implications and Recommendations

Appendix

Citations

Attribution

Smart Home Device Ownership
Device Adoption Trends             
Device Ownership Growth Rate               
Device Pricing- Smart vs. Standard         
Obsolete Smart Home Platforms             
Purchase Threshold vs. Actual Price       
Preferred Source of Cyber Security       
Smart Home Devices Technical Issues   
Smart Home Device Purchase Incentives

© April 2021 Parks Associates
All rights reserved.  No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher.

Printed in the United States of America. 

Disclaimer
Parks Associates has made every reasonable effort to ensure that all information in this report is correct.  We assume no responsibility for any inadvertent errors.

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