More than 20 million U.S. broadband households do not plan to buy a smart home device due to perceived high prices, Parks Associates has reported, based on its research.
Its findings revealed that the top three inhibitors to smart home adoption are: perceived high prices; lack of a clear value proposition; and data/privacy concerns. Among the 44 percent of U.S. broadband households that do not intend to buy a smart home device, representing 46.7 million households, 44 percent (20.5 million households) perceive these devices are too expensive; 38 percent (17.7 million households) say they don’t see the benefit of these devices; and 35 percent (16.3 million) have data and privacy concerns. Parks Associates shared further ownership and usage trends of smart home, security, connected health, and home automation solutions at its 15th annual CONNECTIONS Summit: Smart Home Growth Strategies, which took place virtually Jan. 14, in partnership with CES 2021.
CONNECTIONS Summit, sponsored by Alarm.com, AmTrust Specialty Risk, Airties, and Plume, featured sessions on smart home technology and services, connected health, data privacy, value-added services, and home security. Parks Associates analysts and industry executives explored the impact as expanding work, school, and entertainment use cases increase demand on smart home functions and capabilities. Speakers also discussed new consumer behaviors in DIY and opportunities emerging as households adopt and integrate multiple connected devices.
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