SOURCE: Parks Associates

Parks Associates

June 24, 2016 09:00 ET

Parks Associates: Less Than 30% of U.S. Broadband Households Familiar With Where to Buy Smart Home Products and Services

Research Firm Finds TV and Internet as the Leading Marketing Channels to Drive Smart Home Awareness

DALLAS, TX--(Marketwired - Jun 24, 2016) - IoT research from Parks Associates shows less than 30% of U.S. broadband households are familiar with where to buy smart home products or services. Among these households, nearly 40% prefer to purchase these products at retail outlets, particularly home improvement stores.

"In addressing the low consumer awareness for smart home solutions, all players have ample opportunities to make inroads in this early market," said Eddie Accomando, Research Analyst, Parks Associates. "Roughly 40% of the U.S. broadband households familiar with smart home products or services learned about them from TV or the Internet. In 2016 we are seeing smart home companies develop more robust TV and Internet consumer marketing strategies to reach the consumers who don't know where to buy smart home products."

Parks Associates notes that service providers, with the exception of home security providers, rate far behind retailers as the preferred channel for smart home products. Among U.S. broadband households familiar with the purchase channels for smart home products or services, 31% would prefer a home security provider, 23% would prefer an Internet service provider, and only 12% would prefer a pay-TV provider.

360 View Update: Go-to-Market Strategy for IoT: Consumer Insights shows smart home products and services will increase exponentially in relevance and adoption over the next decade. In 2016, 24% of U.S. broadband households plan to buy a smart lighting solution, such as smart light bulbs or smart in-wall outlets/switches, and 11% plan to buy a smart thermostat. Currently, 9% of U.S. broadband households own a smart thermostat, and 9% own smart lighting.

"To move the smart home from early adopters to the mass market, companies and industry players must address low consumer awareness," Accomando said. "Even radio has a role in promoting smart home awareness -- 27% of current smart home owners found out about the companies that offer smart home products and services through the radio."

Go-to-Market Strategy for IoT: Consumer Insights examines smart home product and service familiarity in the current marketplace. It presents the current state of the home security market and updates analysis on the smart home product market with new data. Details about how to leverage marketing channels to drive product adoption within particular segments provide current companies with a way to evaluate their current strategy to address this still nascent market.

More information on Parks Associates' Go-to-Market Strategy for IoT: Consumer Insights is available at www.parksassociates.com. To schedule an interview with an analyst or to request specific research data, please contact Holly Sprague at hsprague@gmail.com.

About Parks Associates
Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.

The company's expertise includes the Internet of Things (IoT), digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Smart Energy Summit: Engaging the Consumer, and Connected Health Summit: Engaging Consumers.
http://www.parksassociates.com

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