New research from Parks Associates shows that 41 percent of U.S. broadband households plan to purchase a smart home product in the next 12 months, including 27 percent with high purchase intentions. The most popular devices include smart smoke/CO detectors, thermostats, and lightbulbs.
The international research firm predicts U.S. broadband households will buy almost 55 million smart home devices in 2020.
“Consumer intentions to buy smart home products are strong, but there are multiple steps the industry can take to turn these intentions to reality,” said Elizabeth Parks, EVP, Parks Associates.
Additional Parks Associates research:
- 60 percent of U.S. broadband households with insurance are interested in a smart home product that can detect, notify, or prevent damage or loss from water or fire or theft.
- Approximately 75 percent of U.S. broadband households with insurance who are interested in purchasing a smart product are willing to let the devices automatically communicate with insurance companies.
- More than one-third of consumers in the market for a smart home device would find a recommendation from an insurance company “very important.”
- The security industry is the largest channel for smart home systems and a strong channel for numerous smart product categories, including door locks and networked video cameras.