DALLAS, April 30, 2024 -- Parks Associates' research finds that among smart home devices, video devices lead in adoption, with 30% of internet households owning either a smart camera or a smart video doorbell. These devices then become key sources of recurring revenues, as the vast majority of owners pay for an attached service, such as monitoring or storage.
Parks Associates and leading industry players will address the opportunities for service revenues at its upcoming CONNECTIONS: The Premier Connected Home Conference, May 7-9 at the Hilton Dallas/Plano Granite Park Hotel in Plano, TX. The conference opens with the session "Smart Home Integration: Progress and Barriers" at 3:15 PM on Tuesday, May 7. That session features executives from Cox, Fortune Brands Innovations, Kaadas, and Resideo, followed by the keynote "Rocketship for the Mind," from Steve Chazin, VP of Products, Alarm.com.
"The integration of video and notifications plays a pivotal role in offering homeowners peace of mind and enhanced safety," said Jennifer Kent, VP, Research, Parks Associates. "Features such as real-time visual monitoring and instant alerts ensure owners are informed."
Consumers are buying multiple products within the video device category to cover multiple security points in the home. The average number of smart cameras and/or smart video doorbells is 2.21 per household, and strong market potential remains for both products. Households value the ability to see who is at the door, whether they are at home or not, and many video doorbells let them pretend to be at home when away, which creates an added sense of security.
About two-thirds of video device owners report paying for an attached service, not including those with a security system. Video provides an opportunity for service revenues, including high-dollar services like professional monitoring.
"Expect more device manufacturers to add a video element to their solutions, particularly access control players," Kent said.
The research, found in the firm's flagship study Smart Home: Integration, Automation, and Control, provides the latest data on smart home trends and consumer purchase behavior and preferences. The firm will present data throughout the event featuring results and analysis of its quarterly surveys of 8,000-10,000 US internet households.
To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at [email protected] or 972-490-1113.
