According to Parks Associates, 41% of U.S. broadband households plan to purchase a smart home product in the next 12 months, including 27% with high purchase intentions. The most popular devices include smart smoke/CO detectors, thermostats and lightbulbs. The research firm predicts U.S. broadband households will buy almost 55 million smart home devices in 2020.
Other findings indicate:
- 60% of U.S. broadband households with insurance are interested in a smart home product that can detect, notify, or prevent damage or loss from water or fire or theft.
- Approximately 75% of U.S. broadband households with insurance who are interested in smart products are willing to let the devices automatically communicate with insurance companies.
- More than one-third of consumers in the market for a smart home device would find a recommendation from an insurance company "very important."
- The security industry is the largest channel for smart home systems and a strong channel for numerous smart product categories, including door locks and networked video cameras.