New Parks Associates research reveals that 26% of U.S. broadband households own at least one smart home device, equating to more than 26 million households. The way consumers are purchasing smart home devices has shifted in the past two years. Smart home products are typically sold as standalone devices, as devices bundled with services, or as devices bundled with multiple components. Between 2014 and 2016, the share of sales as standalone devices increased for more than a dozen smart home product categories.
At the upcoming 21st-annual CONNECTIONS Conference, Parks Associates and other industry experts will address the adoption, purchase channels, and growth strategies for smart home devices and services. The executive conference, held May 23-25, 2017 in San Francisco, examines the use cases and emerging business models to successfully engage consumers and grow revenues in the converging IoT industries, including smart home, connected entertainment, and mobile ecosystems.
A research workshop, “Smart Home and IoT: Growth, Consumer Trends”, will be held on the first day of the event, prior to the opening keynote by IoTC Advisor Sridhar Solur, SVP, Product & Development for Xfinity Home, Internet of Things, and Data Services, Comcast.
Research from Parks Associates on the growth of the smart home includes:
- More than one-fourth of U.S. broadband households now own a smart home device.
- Nearly three-fourths U.S. broadband households have an Internet-connected entertainment device.
- The majority of U.S. broadband households are willing to pay more than $20 per month for a comprehensive smart home system.
- 95% of U.S. broadband households use one or more mobile phones.
- 10% of U.S. broadband households are likely to cancel their fixed broadband Internet service over the next 12 months.
- 8% of U.S. broadband households plan to purchase a plug-in electric vehicle in next 12 months.
- 45% of U.S. broadband households are very concerned about unauthorized access regarding smart home devices.
The industry is in a transformative phase. In the past year, voice control features from products such as Amazon Echo and Google Home have demonstrated new user experiences. Consumers are embracing these innovations and quickly developing new use cases, signaling the beginning of another major shift in technology adoption. Keynote speakers addressing the future of the connected home include:
- Matt Eyring, Chief Strategy and Innovation Officer, Vivint Smart Home
- Kristine Faulkner, Senior Vice President / General Manager, COX Homelife, Cox Communications
- Miles Kingston, GM of Smart Home, Intel
- IoTC Advisor Sridhar Solur, Senior Vice President, Product & Development for Xfinity Home, Internet of Things and Data Services, Comcast
For more information on CONNECTIONS: The Premier Connected Home Conference, visit www.connectionsus.com