Smart Home Tracker offers insights as device manufacturers incorporate energy monitoring capabilities in smart home plugs
New research from Parks Associates' Smart Home Tracker: Market Sizing and Trends estimates six million smart plugs will be sold in the U.S. in 2023, with sales revenues nearing $200 million. The firm notes device manufacturers such as Whisker Labs and Jeeo have launched multifunctional smart plugs that include energy monitoring capabilities and additional smart safety features to encourage wider adoption.
Appeal of Smart Home Value Propositions | Parks Associates
"While smart plugs are a staple of the smart home ecosystem today, next-generation products are creating more value through numerous value-added services derived from energy data," said Tom Kerber, Sr. Director, IoT Strategy, Parks Associates. "Access to high-frequency energy data enables a myriad of home safety, security, aging-in-place, and asset monitoring applications."
Energy monitoring capabilities in smart home devices can provide consumers with insight on energy consumption and the most cost-effective approaches to save on utility bills. High-frequency energy data also enables appliance health monitoring and failure prediction capabilities. Some smart plugs can even provide safety features such as warning about imminent arc faults. Parks Associates' research reveals smoke and fire sensing use cases to be valuable among U.S. consumers.
Parks Associates' Smart Home Tracker also reveals:
23% of consumers who do not intend to purchase a smart home device cite security and privacy concerns as a reason.
Among consumers who reported problems with their connected devices in 2018, 32% reported a loss of wireless connectivity.
Smart Home Tracker provides a market sizing summary of 16 devices and services, including smart home controls, security, access control, and energy, lighting, and water devices. The research also provides industry insights and analysis on artificial intelligence, cloud services, data analytics, interoperability solutions and networking, product innovation, user interface innovation, and more.
Parks Associates examines advances in smart plugs and smart home products designed to reduce and eliminate the incidence of electrical fires in the whitepaper "IoT Home Safety: Fire Prevention Solutions."
The research firm will host Smart Energy Summit: Engaging the Consumer on February 18-20, 2019, in Austin, Texas. The executive conference addresses new opportunities for energy monitoring in the home, including strategies to expand services and revenues in the utility markets, as a result of the increasing breadth and capabilities of smart products entering the home.
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