Report
IoT products
Industry Reports  
31 January 2017

Parks and Associates examines IoT market trends in 2017

Global energy market research and consulting firm Parks and Associates issued a whitepaper analysing the global market for the Internet of Things (IoT).

The whitepaper Top 10 Consumer IoT Trends in 2017 discusses factors impacting on the adoption of IoT products and services in 2017 through to 2018.

The paper is a discussion of technical problems encountered by consumers in using smart home devices since 2014 through to 2016.

The whitepaper highlights the impact of IoT on consumer technologies including the Internet of Things driving the reinvention of consumer technologies.

According to the US-headquartered research firm, connected products are taking on new form factors and providing new use cases and data analytics is offering solution providers a new source of customer insights to help them refine the user experience as well as develop next-generation IoT products.

IoT products adoption and market challenges

Improved product experiences are paving the way for increased product adoption, finds Parks and Associates.

In early 2016, 57% of U.S. broadband households that own a smart home device reported having no setup problems, while 52% reported no problems in 2015.

25% of US consumers reported having technical problems with connected light bulbs and water leak detectors.

Parks and Associates predict that by 2025, consumer interaction with the devices and services in their lives, at home, in the car, on the go will be dramatically different.

This will be due to advances in cloud services and increased efforts by technology providers to resolve technical challenges being faced by consumers in operating IoT devices.

However, consumer issues such as lack of funds and awareness will remain negatively impacting increased adoption of IoT products, technologies and services.

According to the findings of Parks Associates, 45% of U.S. broadband households, including both owners and non-owners, are very concerned that someone will get unauthorised access to a smart home product/device.

Trends forecasted and identified by the research firm to impact the market for consumer technology in 2017 include:

  • Voice control vying to become the primary user interface for the smart home connected lifestyle
  • Consumers increasingly expect connectivity in their cars, but pricing, safety and data privacy concerns inhibit the market.
  • Smart home industry will continue to develop new use cases for security, peace of mind and energy management.

[Singapore Power to deploy IoT platform].

 

 

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