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Market Research Report

Breaking Smart Home Barriers: Why Consumers Don't Buy

Published by Parks Associates Product code 933283
Published Content info 30 Pages
Delivery time: 1-2 business days
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Breaking Smart Home Barriers: Why Consumers Don't Buy
Published: April 7, 2021 Content info: 30 Pages
Description

SYNOPSIS:

Despite the proliferation of smart home devices and services, as well as escalating promotion, adoption of smart home products has remained flat in most product categories. Manufacturers and service providers are eager to understand what they must do to make significant gains in sales and revenue. This in-depth research on market barriers mines consumer fears and presents strategies for addressing or alleviating their concerns in order to expand into the mass market. This report analyzes factors that contribute to winning companies' success and projects how current trends may shape future adoption.

ANALYST INSIGHT:

"Convincing consumers of the value of smart home devices and the benefits that come from owning these devices remains the most important messages necessary to increase adoption," said Avni Mithal , Research Intern, Parks Associates.

Key Questions:

  • Why are consumers hesitant to purchase smart home devices?
  • How can smart home companies provide value in their smart home offerings?
  • Which smart home companies help to drive the market for smart home products?
  • What are consumer preferences and the willingness to pay for smart home devices?
  • What value propositions will drive the adoption of smart home products in to the home?
Table of Contents

Table of Contents

Bottom line

Smart Home Devices

Smart Product Adoption Trends

1.0. Poor Value Perceptions

  • 1.1. Market Activity Driving Poor Value Perception
  • 1.2. Solutions
    • Wyze
    • Yi Home/ Kami
    • Google Nest
    • Eufy
    • Blink

2.0. SECURITY AND PRIVACY CONCERNS

  • 2.1. Market Activity Driving Security and Privacy Concerns
  • 2.2. Solutions
    • CUJO AI Security
    • Firedome
    • ioXt
    • UL

3.0. Technical Issues

  • 3.1. Market Activity Driving Concerns about Technical Issues
  • 3.2. Solutions
    • Amazon (Certified for Humans)
    • TechSee (TechSee Live Solution)
    • Veego

Implications and Recommendations

Appendix

Citations

Attribution

List of Figures

  • Smart Home Device Ownership
  • Device Adoption Trends
  • Device Ownership Growth Rate
  • Device Pricing- Smart vs. Standard
  • Obsolete Smart Home Platforms
  • Purchase Threshold vs. Actual Price
  • Preferred Source of Cyber Security
  • Smart Home Devices Technical Issues
  • Smart Home Device Purchase Incentives
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