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About 60% of connected home consumers want data security support: Parks Associates

About 60% of connected home consumers want data security support: Parks Associates
New Parks Associates research shows that 59% of U.S. broadband households planning to purchase a smart home device are interested in a support service that guarantees the security of their device from unauthorized access.

This option was the most popular value-added service among smart home shoppers, while services that resolve technical issues or provide tools for the user to address problems each gained interest from 45% of potential buyers.

Energy management is another hot topic, with research showing 40-50% of consumers find individual energy monitoring services appealing.

Smart Home: Quest for Compelling Use Cases notes that 54% of U.S. broadband households are interested in a monitoring solution that identifies problems with any major appliance and 50% are interested in a solution that identifies ways of improving energy efficiency.

Overall, U.S. consumers show a preference for energy solutions with actionable intelligence that are informative and proactive, over basic monitoring and reporting solutions.

Parks Associates research shows more than five million smart water leak detectors will be sold in the U.S. by 2020, generating more than $220 million in annual sales. These types of devices have generated interest among new players, including the insurance industry, which could create new revenues through the data generated.

Insurance firms as smart home service providers

Consumers are also interested in working with insurance companies in the IoT, as more than 50% of U.S. broadband households rank insurance providers alongside electricity providers and security monitoring providers among the top three most trustworthy companies in this space.

“The entire consumer experience in the smart home is evolving into a curated experience,” said Patrice Samuels, Senior Analyst at Parks Associates. “Changes in the retail channel illustrate this shift, where smart home products are moving from shelves and endcaps to ‘experience centers,’ which offer consultations, consumer education, cross-category product comparisons, and out-of-the box product demos.”

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