Despite the proliferation of smart home devices and services, as well as escalating promotion, adoption of smart home products has remained flat in most product categories. Manufacturers and service providers are eager to understand what they must do to make significant gains in sales and revenue. This in-depth research on market barriers mines consumer fears and presents strategies for addressing or alleviating their concerns in order to expand into the mass market. This report analyzes factors that contribute to winning companies’ success and projects how current trends may shape future adoption.
Bottom line
Smart Home Devices
Smart Product Adoption Trends
1.0 Poor Value Perceptions
1.1 Market Activity Driving Poor Value Perception
1.2 Solutions
Wyze
Yi Home/ Kami
Google Nest
Eufy
Blink
2.0 SECURITY AND PRIVACY CONCERNS
2.1 Market Activity Driving Security and Privacy Concerns
2.2 Solutions
CUJO AI Security
Firedome
ioXt
UL
3.0 Technical Issues
3.1 Market Activity Driving Concerns about Technical Issues
3.2 Solutions
Amazon (Certified for Humans)
TechSee (TechSee Live Solution)
Veego
Implications and Recommendations
Appendix
Citations
Attribution
Smart Home Device Ownership
Device Adoption Trends
Device Ownership Growth Rate
Device Pricing- Smart vs. Standard
Obsolete Smart Home Platforms
Purchase Threshold vs. Actual Price
Preferred Source of Cyber Security
Smart Home Devices Technical Issues
Smart Home Device Purchase Incentives
© April 2021 Parks Associates
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Printed in the United States of America.
Disclaimer
Parks Associates has made every reasonable effort to ensure that all information in this report is correct. We assume no responsibility for any inadvertent errors.
