This finding, from the firm's most recent Smart Home and Security Tracker research, indicates consumers increasingly value integration and interoperability across various smart devices and platforms. They prioritize the ability to control all their devices through a single interface.
"Consumers are increasingly looking for comprehensive offerings that go beyond hardware," says Elizabeth Parks, President and CMO, Parks Associates. "Subscription-based services such as cloud storage, remote monitoring, and enhanced features are now critical differentiators. Companies are capitalizing on service revenue as a significant and stable income stream while solidifying customer loyalty."
Parks Associates' Smart Home and Security Tracker is an ongoing service, invaluable to all players invested in these sectors, delivering analysis on the latest trends, research, and forecasts in smart home and security, with insights into consumer behavior, market dynamics, and the strategic direction of companies in this space. The latest quarterly release reveals a heightened focus on service integration, as consumers place added value on any smart home device that can enhance their security and privacy, regardless of its traditional use case.
Partnerships create opportunities for unique offerings and diversification of revenue opportunities. For example, the partnership between Samsung Electronics and Warner Bros. Pictures showcased the Barbie SmartThings DreamHouse, in coordination with the release of the Barbie movie. A virtual tour of the DreamHouse demonstrated the benefits of smart home solutions to a wide audience.
Parks Associates will present the firm's latest smart home and security research at the 18th annual Connections Summit at CES, January 9, 2024, in Las Vegas, with sessions moderated by the firm's analysts and featuring executives from Google, ADT, Nice, AIG, and more.
For more information, email Mindi Sue or call 972-490-1113.
www.parksassociates.com
