New consumer study featured at 28th annual CONNECTIONS™ Conference highlights connected home trends
Parks Associates’ research finds that among smart home devices, video devices lead in adoption, with 30% of internet households owning either a smart camera or a smart video doorbell. These devices then become key sources of recurring revenues, as the vast majority of owners pay for an attached service, such as monitoring or storage.
Parks Associates and leading industry players will address the opportunities for service revenues at its upcoming CONNECTIONS™: The Premier Connected Home Conference, May 7-9 at the Hilton Dallas/Plano Granite Park Hotel in Plano, TX. The conference opens with the session “Smart Home Integration: Progress and Barriers” at 3:15 PM on Tuesday, May 7. That session features executives from Cox, Fortune Brands Innovations, Kaadas, and Resideo, followed by the keynote “Rocketship for the Mind,” from Steve Chazin, VP of Products, Alarm.com.
“The integration of video and notifications plays a pivotal role in offering homeowners peace of mind and enhanced safety,” said Jennifer Kent, VP, Research, Parks Associates. “Features such as real-time visual monitoring and instant alerts ensure owners are informed.”
Consumers are buying multiple products within the video device category to cover multiple security points in the home. The average number of smart cameras and/or smart video doorbells is 2.21 per household, and strong market potential remains for both products. Households value the ability to see who is at the door, whether they are at home or not, and many video doorbells let them pretend to be at home when away, which creates an added sense of security.
About two-thirds of video device owners report paying for an attached service, not including those with a security system. Video provides an opportunity for service revenues, including high-dollar services like professional monitoring.
“Expect more device manufacturers to add a video element to their solutions, particularly access control players,” Kent said.
The research, found in the firm’s flagship study Smart Home: Integration, Automation, and Control, provides the latest data on smart home trends and consumer purchase behavior and preferences. The firm will present data throughout the event featuring results and analysis of its quarterly surveys of 8,000-10,000 US internet households.
To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at mindi.sue@parksassociates.com or 972-490-1113.
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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