New research quantifies the value of IoT data in the connected home
Dallas, Texas, July 20, 2017 - Parks Associates announced new research today showing that approximately 50% of U.S. broadband households are willing to share data and device control for discounts on electricity. 360 View Update: The Value of Data - New Smart Home Business Models notes interest is consistent across different product categories, with 51% of smart thermostat owners, 50% of hot water heater owners, and 48% of owners of smart clothes dryers willing to share data and control for electricity discounts.
"The real value from the Internet of Things will be derived from the data collected by smart products," said Tom Kerber, Director of IoT Strategy, Parks Associates. "In general, IoT industries agree that the consumer owns the data from smart products and that smart home solution providers are the stewards of the data. Given this reality, it is essential for all IoT players to understand consumers' willingness to exchange data for services, their views on privacy and security, and the conditions under which they will grant access to their data."
Parks Associates also released the report IoT Data: Securing the Connected Home, which reveals that 40-50% of consumers are willing to share data under some circumstance when presented with a variety of non-monetary incentives.
"Consumers are more likely to share data for non-monetary value related to warranties, product improvements, product education, and remote technical support," said Brad Russell, Research Analyst, Parks Associates. "They are less likely to share data to receive product recommendations or to simplify ordering consumables. For data-sharing programs to be successful, service providers and utilities need to ensure they are communicating value propositions that align with their consumers."
IoT Data: Securing the Connected Home examines the current challenges for securing the connected home and the opportunities for security solution providers. The report includes the latest consumer data on security concerns, willingness to share data, and analysis of their effects on consumer confidence and purchasing behavior. It also includes a U.S. forecast for standalone security gateway solutions and a forecast for residential combination gateway/routers, which are a crucial point of defense against security vulnerabilities.
360 View Update: The Value of Data - New Smart Home Business Models quantifies consumer attitudes about data privacy and security, effectiveness of actions to mitigate privacy concerns, the level of trust between consumers and different industry players, and their willingness to exchange data for services.
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About Parks Associates
Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.
The company's expertise includes digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.
Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit: Engaging Consumers, and Smart Energy Summit: Engaging the Consumer. http://www.parksassociates.com