A recent study from Parks Associates found that one-third of US households would switch their homeowner’s/renter’s insurance provider to acquire smart home devices. Smart home devices can detect and prevent costly damages, like water and faulty wiring, which can reduce premiums, claims, and payouts. Water damage is the most common home damage, costing an average of $9,633, while flood/weather-related damage costs an average of $8,625.
Read More“The ‘Early Majority’ tech adopters with a simple smart home now make up the market's largest segment,” said Elizabeth Parks, President and CMO of Parks Associates. “The profile of the smart home adopter looks different in 2022. The Super User (10+ devices) who buys technology immediately and tends to own five or more smart home devices is no longer the center of the story. A shift toward mass market may finally be underway.”
Read MoreA new consumer study finds younger households are at higher risk for canceling their professionally monitored security, even as plans to cancel have dropped among all households. The research firm reports that 38% of Gen Z home security monitoring subscribers intend to cancel their contract, while overall, only 17% of those with pro-monitoring report a likelihood to cancel.
Read MoreOver the past decade, home internet adoption in the US has grown steadily and accelerated during the pandemic, when approximately 8M households signed up for home internet service. Parks Associates estimates over 105 million US households will have high-speed internet delivered to their home by 2023. Overall internet adoption – including mobile broadband-only households – will reach 119M.
Read MoreNew research from Parks Associates finds 75% of heads of US broadband households report playing video games for at least one hour per week and 36% subscribe to or are trialing at least one free or paid gaming service. The firm forecasts the potential market opportunity for US cloud gaming services is $3.6 billion in 2024.
Read MoreResearch firm Parks Associates finds that 16% of US broadband households report that home network problems have disrupted their work-at-home activities during COVID-19 and that 37% are interested in a service that monitors network traffic and devices on the network for malicious behavior.
Read MoreNew research fromParks Associates shows 43% of MDU residents owned a smart home device in 2020, compared to 30% in 2019. Parks Associates will host “MDUs: Leveraging Proptech for Smart Energy Management” on Wednesday, April 28, the next virtual session in the ninth annual Smart Energy Summit: Engaging the Consumer.
Read MoreNew research from Parks Associates reports more than 12 million US households have cancelled their home broadband service and use only mobile broadband for their internet needs. Adoption and Perception of Broadband finds there are more than 15 million households in the US that have only a mobile broadband service, which includes more than three million households that have never had a home internet subscription.
Read MoreA new whitepaper from Parks Associates reports 40% of US broadband households have trialed at least one OTT video service during the COVID-19 crisis, while one-third of smart home device owners have increased usage of these products.
Read MoreInterest in integrating connected health devices with telehealth consultations rises dramatically among those who have experienced COVID-19 symptoms, 71% of whom find such an approach appealing.
Read MoreParks Associates OTT research finds 20% of US broadband households currently use an ad-supported OTT service and 15% use a “freemium” service, placing these offerings in a strong second place, behind OTT subscription services, among business models.
Read MoreParks Associates' Smart Market Product Assessment: Networked Cameras reports 68% of owners self-installed their networked camera in Q4 2018, compared to 49% in Q4 2016. This shift toward DIY options comes as both ease of use and retail availability appear to be driving growth in these product areas.
Read MoreParks Associates research finds that the percentage of households with multiple OTT subscriptions has increased by 130% since 2014. In 2019, forty-six percent of US broadband households subscribe to two or more OTT services. According to a new report, “Partnering, Aggregation, and Bundling in Video Services” only 33% subscribed to multiple services in early 2017 and 20% in 2014.
Read MoreBy 2023, more than 15% of UK broadband households will have professionally installed or nontraditional residential security systems, according to new research from Parks Associates, with nontraditional solutions in the majority. The firm’s Digital Living Forecasts: Professional Residential Security in Europe also notes that more than 10% of Spanish broadband households and 9% of French broadband households will have residential security systems by 2023.
Read MoreA rise in the use of voice controls and the increased interest in voice commands to control in-home entertainment devices increasingly will drive volumes among US broadband households, according to new research from Parks Associates. The research firm reports that over half of US broadband households find voice control of connected entertainment devices to be appealing. Voice functionality has also become an important buying consideration, with 12% of US broadband households stating it is a top feature when buying a new smart TV.“
Read MoreNew research from Parks Associates’ Smart Home Tracker: Market Sizing and Trends estimates nearly 14 million new smart home controllers will be sold in the US in 2024. The tracker provides industry insights and analysis on the latest trends in the smart home space, including the need for new privacy protection and authentication measures.
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Sales of connected consumer devices — including networked cameras, security systems, and connected health devices — will exceed 520 million units by 2022, according to Parks Associates. The report, sponsored by Calix, presents the opportunities emerging from this wealth of residential devices and details strategies for service providers to operate in the smart home market in ways that leverage their strengths while avoiding the pitfalls of past efforts.
Household spending on subscription OTT video services has held steady for three years, averaging just under $8 per month since 2016 according to Parks Associates’ OTT Video Research. Given the growing adoption of OTT video services over the past three years, these figures suggest that adoption of multiple services or expensive services by some consumers is offset by a larger base of consumers who either subscribe to one or two relatively inexpensive services, including 30 percent of consumers who do not spend any money on OTT video services.
Read MoreNew research from Parks Associates finds smart speakers inspire strong brand loyalty among owners—97 percent of smart speaker households own only one brand in this device category. New research from 360 Deep Dive: Consumer Demand for High-End Entertainment Devices reveals two-thirds of smart speaker households own an Echo device, while almost one-third own a Google Home. Low-end models such as the Echo Dot and Google Home Mini are the most common products owned, but the trend of brand loyalty in this early market creates opportunities for device makers to upsell premium products.
Read MoreAlthough an overwhelming majority of consumers are very concerned about the security of their personal data, smart devices and online services, that anxiety has no impact on purchase decisions, new research from Parks Associates reveals.
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