Providing market intelligence for more than 35 years

In The News

Network Security: Hacking Fears Could Scare Consumers Away from Smart-Home Devices

The rising occurrence of high-profile security hacks and privacy breaches, as well as being personally victimized, are contributing to ever-increasing consumer anxiety about smart home devices and platforms, according to new research.

Parks Associates’ latest quarterly survey of 10,000 U.S. broadband households found that almost half of consumers rank data security and privacy issues as their greatest concerns about connecting devices to the Internet, compared to other problems they may encounter, such as with tech support. Forty percent of the respondents say they have experienced a privacy or security problem with a connected device in the past year, most commonly viruses and malware.

“Our most recent data reveals that almost half of U.S. broadband households are ‘very concerned’ [rating 6-7 on a 7-point scale] about hackers getting control of connected devices and hackers getting access to data from the device,” says Parks Associates Research Analyst Brad Russell. “In tracing trending changes on these consumer attitudes from 2014 to 2016, we find that while the total share of consumers who are ‘concerned’ [rating 5-7] has not appreciably changed, the share of those that are ‘very concerned’ has grown by 6% to 7%. Similarly, the share of consumers who are ‘not concerned [rating 1-3] has shrunk by about half.”

From the article "Network Security: Hacking Fears Could Scare Consumers Away from Smart-Home Devices" by Rodney Bosch.

Previously In The News

Netflix Reportedly Plans To Open Physical Stores With Themed Food, Meet-and-Greets, and Merch

Over the last few years, monthly spending on streaming subscriptions has declined 25% from $90 in 2021 to $73 in 2023, according to data from Parks Associates. From the article, "Netflix Reportedly...

The Smart Lock’s Role in PropTech

According to a 2022 study by Parks Associates, 43% of multi-dwelling units are home to at least one smart home device. “The most significant benefit of installing smart home devices in MDUs is ren...

AI-Powered Presence Detection

According to Parks Associates data, 62% of security system owners reported that their systems triggered “too many” false alarms in the last 12 months. To retain customers, security companies must prio...

Cross-platform Content Navigation Emerges as Key to Consumer Engagement

As a result, according to a recent Parks Associates study, over a third (36%) of OTT subscribers have become “service hoppers” — dynamically subscribing, unsubscribing and resubscribing to services mu...