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Taking New Steps in the Smart Home Market

Taking New Steps in the Smart Home Market

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SUMMARY

This report highlights consumer opinions toward smart home products and services including digital home assistants, smart appliances, and smart utilities. The report found that a rising number of households are adopting smart home services.

In comparison to 11% in 2017, 22% of households own a voice-controlled digital assistant. Although the number of early adopters rose, households are unsure if there is a need for a centralized smart home environment. Half (49%) of the respondents are not familiar with the features and benefits of smart home products and services, which has not changed since 2018. Yet consumers have mixed sentiments about purchasing a centralized smart home ecosystem from potential providers. Although households are more receptive to a smart home experience, consumers are undecided if their homes require a centralized smart home system: 39% of respondents show interest in a smart home system, 22% do not, and the remainder (39%) are undecided. Finally, consumers are concerned about cybersecurity and data privacy. More than half of the respondents (57%) agree that reviews of security features inform purchasing decisions.

What are the next steps for smart home providers? First, smart home providers need to strengthen the publics’ awareness of the benefits of a connected home. Next, service providers need to address consumer concerns about security and privacy. Although early adopters expect security drawbacks, the mass market is not so kind. Smart home providers should balance in-house product development and partnerships with other value chain enterprises. Subsequently, there is mixed consumer demand for centralized smart home systems and a growing smart home competitive landscape. Lastly, intelligent home providers need to adopt a consumer-centric attitude to meet consumer demands for practical solutions to everyday needs in the home.

OUTLINE

The rise of the smart home

Key consumer needs

Preferred suppliers and services

Next steps

DETAILS

Overview

Researchfinder Rating
5 out of 5 stars
Title
Taking New Steps in the Smart Home Market
Region
Europe
Published
Sept. 9, 2019
Publisher
Ernst & Young
Price
FREE
Language
ENGLISH

Content

Number of Pages
16
Number of Tables
14
Number of Exhibits
0
Topics
iot
Tags
cloud applications, consumer survey, cyber security, data protection, digital assistant, Ernst & Young, europe, iot, privacy, SaaS, smart appliances, smart home, telecommunication, uk, voice control
Methodology
The insights in this report are taken from the online survey of 2,500 UK households that was conducted September 2018.
EVALUATION

This report is visually appealing and addresses customer opinions about the smart home sector.

This report gives a data-rich analysis of the quickly growing smart home segment in the digital space. The report is visually appealing and does an excellent job of exploring usage trends, provider and purchase preferences, and concerns and challenges.

Positives

  • Visually appealing document
  • Significant insights on customer trends, opinions, and concerns
  • Graphs summarize highlights well

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