A recent study from Parks Associates found that one-third of US households would switch their homeowner’s/renter’s insurance provider to acquire smart home devices. Smart home devices can detect and prevent costly damages, like water and faulty wiring, which can reduce premiums, claims, and payouts. Water damage is the most common home damage, costing an average of $9,633, while flood/weather-related damage costs an average of $8,625.

“The ‘Early Majority’ tech adopters with a simple smart home now make up the market's largest segment,” said Elizabeth Parks, President and CMO of Parks Associates. “The profile of the smart home adopter looks different in 2022. The Super User (10+ devices) who buys technology immediately and tends to own five or more smart home devices is no longer the center of the story. A shift toward mass market may finally be underway.”

The smart home healthcare market continues to grow, but the scale of the opportunity remains underpenetrated. Last year, new smart home healthcare shipment and service revenues grew 25% to reach US$22.9 billion worldwide, but that growth rate will be hard to sustain, despite the considerable potential for further growth.

Parks Associates’ latest consumer research reports over one-third of smart home device owners experienced technical difficulties in 2022. The firm’s new whitepaper, Self-Service Support: Improving Home Automation, developed in partnership with RouteThis, addresses support needs across the connected home at the network and device level and strategies to address technical issues.

The worldwide market for smart home devices grew 10.3% year over year in the third quarter of 2021 (3Q21) with more than 221.8 million device shipments, according to the International Data Corporation (IDC) Worldwide Quarterly Smart Home Device Tracker. Despite persistent supply chain disruptions, unemployment, and an uneven economic recovery, consumer demand remained high for smart home devices like smart TVs, smart speakers, and other devices.

The Internet-of-Things is leaving an indelible mark on the economy because it opens entirely new ways for products and services—at both consumer and industrial levels—to interact with individuals, the cloud environment, and potentially thousands of applications.

trategy Analytics forecasts global consumer spending in 2021 on smart home products and services will break through the $100 billion mark after falling short in 2020 due to the pandemic. he market will continue grow to $173 billion in 2025 when nearly 20% of all households globally have at least one smart home product in use up from 15% by the end of 2021. Security systems are driving growth in the US and in Western Europe surveillance cameras, smart bulbs and electrical devices are driving smart home adoption.

New research fromParks Associates shows 43% of MDU residents owned a smart home device in 2020, compared to 30% in 2019. Parks Associates will host “MDUs: Leveraging Proptech for Smart Energy Management” on Wednesday, April 28, the next virtual session in the ninth annual Smart Energy Summit: Engaging the Consumer.

Parks Associates smart home research finds high perceived prices remain a top barrier to smart home adoption, with providers and manufacturers working to bring lower-priced products to market and discontinue specific premium products.

A new whitepaper from Parks Associates reports 40% of US broadband households have trialed at least one OTT video service during the COVID-19 crisis, while one-third of smart home device owners have increased usage of these products.

Strategy Analytics forecasts global consumer spending in 2020 on smart home related devices will drop to $44 billion in 2020, from $52 billion in 2019, due to the economic downturn as a result of the COVID-19 outbreak. However, the market will recover in 2021, and consumer spending will increase in 2021 to $62 billion. Strategy Analytics forecasts the global smart home device market will continue to grow at a CAGR of 155, reaching $88 billion in 2025.

Despite the COVID-19 pandemic, global sales of smart speakers in Q1 2020 reached $28.2 million units, an increase of 8.2% on Q1 2019, according to new research from Strategy Analytics. Amazon remained the leading brand with a share of 23.5%, up from 21.5% in the same period a year ago. Google retained second place with a 19.3% share, compared to 17.9% in Q1 2019.

Uptake of smart home devices continues apace and is on track to ship 137 million units in 2019, worth $16 billion in trade value, according to a new market report from Futuresource Consulting. That represents a 37% volume increase on 2018, with a slowdown in home hub sales being eclipsed by accelerating growth in other categories. And although growth remains strong, it is now tracking slightly below previous Futuresource forecasts.

New data from Juniper Research found that the number of voice assistants used to access smart home devices will reach 555 million by 2024; up from 105 million in 2019. By 2024, Juniper Research expects more than 90% of voice assistants to be used to control smart home devices; driven by increased participation from Chinese manufacturers.

The home will emerge as an increasingly valuable site for enhancing the healthcare experience as part of the progression of digital, remote, connected and virtual care, according to new research from Frost & Sullivan. Health systems are evolving beyond care delivery of the diseased to encompass numerous health and wellness touchpoints, transforming it from disease management to health management.