Smart Home Firms Need to Refine Value Propositions to Grow Market, Says Parks

Eighty-nine percent of U.S. broadband homes use at least one smartphone that in many cases serves as the foundation for connected consumer experiences across multiple IoT markets, said a Parks Associates report. “Quick and easy access to the Internet is changing how consumers interact with technology, driving new innovations and the adoption of new products and services in multiple verticals,” said analyst Jennifer Kent. Just over a quarter of U.S. broadband households, over 26 million, own at least one smart home device, said Parks. The share of sales of stand-alone smart home devices increased for more than a dozen smart home product categories between 2014 and 2016, which could indicate a transition beyond early adopters and high-income households toward the mass market, said Kent. For smart home companies to continue to grow consumer interest and adoption, they’ll need to refine and promote the value propositions for their solutions to meet the needs of their customers, said Parks.