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Jennifer Kent

Parks Associates: 10 top IoT trends

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Wednesday, December 21, 2016

Parks Associates recently released a whitepaper that discusses key trends in the IoT space for 2017.

“The Internet of Things is driving the reinvention of consumer technology and entertainment markets,” Brett Sappington, senior research director, Parks Associates, said in the announcement.

“New players and product categories are emerging that challenge traditional players with established business models and distribution channels. Online giants have the scale and technology to take risks in new areas of innovation. In some cases, these innovations are transforming whole sectors of the connected home,” Sappington continued.

According to Parks’ research, the average U.S. broadband household has “more than eight connected computing, entertainment, or mobile devices, plus another two connected home devices such as networked cameras, smart thermostats, or smart lighting.”

That strikes me as very interesting, as my household contains only about five—and, as a millennial, I feel more is expected of me there.

“Consumer interaction with the devices and services in their lives – at home, in the car, on the go – will continue to evolve in 2017 to be more personal and targeted,”  Jennifer Kent, director, research quality and product development for Parks Associates, said in a prepared statement. “Approximately 50% of U.S. broadband households plan to buy a smart home device in the next 12 months, and they will tie these devices to their mobile platforms, broadband connections, and other devices to create a singular but ever-expanding user experience.”

Below are the 10 trends Parks Associates noted on in their announcement:

1.         Voice control is vying to become the primary user interface for the smart home and connected lifestyle.

2.         The smartphone market plateaus, and mobile carriers experiment to retain subscribers, which will threaten fixed broadband services.

3.         CE manufacturers focus on new product categories and ecosystem strategies to compensate for stagnation in a mature market.

4.         Virtual and augmented reality gain a foothold in niche operations and greater awareness among early adopters, creating opportunities for social VR experiences.

5.         The differences between on-demand and live viewing continue to blur as consumers embrace a variety of OTT video services.

6.         Consumers increasingly expect connectivity in their cars, but pricing, safety, and data privacy concerns inhibit market growth.

7.         To cross the chasm, the smart home industry will continue to develop new use cases for security, peace of mind, and energy management.

8.         Insurers are exploring new business opportunities in smart home products and services and will continue to launch trials and new partnerships.

9.         Wearables and smart watches are expanding as healthcare tools and will be integrated with other IoT applications.

10.       Consumerization of healthcare services and devices drives integration with smart home ecosystems and new business models.

The whitepaper also includes a list of “Players to watch in 2017” for a variety of categories, including voice control, security and the smart home, connected health devices, and insurance and the smart home.