Widespread Adoption of Smart Home Products
The smart home products marketplace has enjoyed impressive growth over the past five years. Smart home products, formerly enjoyed only by households with a professionally installed, interactive security system or a professionally installed home automation system, are now commonly found in the households and apartments of those of varying incomes and ages. Well-priced and easy to install DIY products are appearing in many sales channels, both online and in retail stores. Doorbell cameras, smart thermostats and smart lightbulbs are commonplace in US homes and apartments, and many are connected to smart speakers from Amazon and Google.
Traditional home security players such as ADT and Vivint are increasingly seeking to ride the wave of consumer enthusiasm for low-cost, easy to install smart home products, while maintaining their high-margin recurring revenue subscription businesses. Device makers, including Google, are forming partnerships and providing subscription services to gain access to recurring revenues. Service providers, including Comcast and Cox, continue to add home security and automation to their pay TV and Internet services. Energy providers continue to experiment with smart home product offerings, seeking to provide both energy management solutions as well as comprehensive home automation and security offerings.
Determining the Right Smart Home Solutions for the Right Buyers
Smart home industry leaders are faced with multiple challenges including:
- Determining the appropriate value propositions to engage consumers
- Creating the proper bundles of products and services
- Determining the optimal go-to-market channels for smart home solutions
- Forming partnerships with the right ecosystem players
- Establishing business models that will maximize consumer uptake
Formulating the appropriate product, pricing and distribution strategies requires a keen understanding of smart home buyer segments.
Smart home industry executives must:
- Frequently survey consumer interests and expectations
- Develop partnerships with home services and product providers to realize new opportunities
- Keep a sharp focus on emerging and potentially disruptive technologies
Purchase data and usage statistics are critical, as are taking stock of industry trends. To maintain leadership, industry players must leverage as many insights and analytics tools as possible.
Smart Home Matrix
In a single library of insights, updated throughout the year, seasoned industry analysts provide insightful consumer data, analysis of emerging trends, and forecasts of what’s to come. Essential for competitive advantage in a rapidly shifting market, Smart Home Matrix provides critical insights, constantly updated throughout the year.
Smart Home Matrix: Consumer
Smart Home Matrix: Consumer is a syndicated service providing quarterly consumer tracking data on buyer behavior and preferences, unique segmentation with personas, brand analysis, and quarterly focus topics.Learn More
Smart Home Matrix: Forecasts
An annual quantitative look at market sizing and growth for the top-selling smart home product categories.Learn More
Smart Home Matrix: Trends
Smart home trends and insights drawing on a fusion of consumer data, executive interviews, and market analysis.Learn More
Key Smart Home Questions Addressed
- Who is buying what smart home products, where, and why?
- What is the scale of opportunity and growth rate?
- Who is not buying and what will it take to win them? What trends drive and impede growth?
- How are consumer preferences and expectations shifting as familiarity with products increases, product experiences vary, and new models expand options?
- How are new technologies from voice control to networking protocols to artificial intelligence driving both value and partnership alignments?
- How can consumers be meaningfully segmented and what are the channel implications for how smart home device owners move along the purchase journey?
- Which brands are succeeding at engaging smart home consumers and how do their installed bases differ?
- How does the user experience measure up against consumer expectations?
- How is consumer attraction to business models evolving?
Interpret’s Smart Home Matrix suite of insights products includes:
Smart Home Matrix: Trends™ monitors trends and delivers insights with a fusion of consumer data, executive interviews, and expert market analysis. Designed to keep industry decision-makers up to date on evolving smart home market trends.
Smart Home Matrix: Consumer TM provides quarterly consumer tracking data on buyer behavior and preferences, unique segmentation with personas, brand analysis, and quarterly “focus topics.” Designed for business decision-makers in the smart home ecosystem who rely on timely insight into consumer preferences, intentions, and biases.
Smart Home Matrix: Forecasts™ delivers 5-year forecasts of adoption and growth of select smart home products in the US market, including adopting households, annual sales units, revenue, channel share, and consumer-reported brand share. Designed for businesses who want a complete picture of the complex distribution of smart home products.
Smart Home Matrix provides comprehensive answers to the smart home industry’s most critical questions.More Information about Smart Home Matrix