New research from Parks Associates shows that 41 percent of U.S. broadband households plan to purchase a smart home product in the next 12 months, including 27 percent with high purchase intentions. The most popular devices include smart smoke/CO detectors, thermostats, and lightbulbs.
The international research firm, which predicts U.S. broadband households will buy almost 55 million smart home devices in 2020, hosts the 12th-annual CONNECTIONS Summit: IoT and the Smart Home on January 9 at CES 2018 in Las Vegas.
CONNECTIONS Summit features multiple sessions on the smart home to examine mass-market business strategies, partnership opportunities, the impact of voice on the user experience, and advances in AI and data analytics. CONNECTIONS Summit sponsors include Homematic IP, Vivint Smart Home, Brilliant, Carrier, Cirrent, Deutsche Telekom, Greenwave Systems, Hive, Intel, iQor, LUX Products, mnubo, Plasmatic Technologies, ROC-Connect, and Zigbee Alliance.
“Consumer intentions to buy smart home products are strong, but there are multiple steps the industry can take to turn these intentions to reality,” said Elizabeth Parks, EVP, Parks Associates. “At CONNECTIONS Summit, we will discuss strategies to educate consumers, reduce price sensitivity, and enable new use cases regarding smart home products, including innovations that will reduce costs and enhance value propositions in new platforms.”
Additional Parks Associates research indicated that 60 percent of U.S. broadband households with insurance are interested in a smart home product that can detect, notify, or prevent damage or loss from water or fire or theft.
Approximately 75 percent of U.S. broadband households with insurance who are interested in smart products also are willing to let the devices automatically communicate with insurance companies.