Smart Home Update

from Parks Associates ongoing industry research on the smart home and security market, from Parks Associates Smart Home and Home Security Tracker

In the third quarter of 2023, companies are strategically positioning themselves in the competitive smart home and technology markets by leveraging innovation, product diversity, and partnerships. Parks Associates research shows that 42% of US internet households have at least one smart home device.

• Philips is expanding its product lineup with the introduction of the Philips Hue Secure Wired Camera, Contact Sensor, and Floodlight, reinforcing its position as a comprehensive smart lighting solutions provider. By creating products that seamlessly integrate with existing smart lighting, Philips is enhancing its revenue model by promoting a holistic ecosystem for smart home enthusiasts.
• Amazon is strategically expanding its product offerings by introducing a range of new devices under the Ring and Blink brands. Their diversified product line targets various customer segments and preferences, potentially driving substantial revenue growth. By including features like enhanced nighttime footage and cloud-based storage, Amazon aims to solidify its position as a go-to source for smart home security products.
• Arlo Technologies, Inc. focuses on offering enhanced security features in its second-generation essential cameras and doorbells while maintaining competitive pricing. The pre-sale strategy on multiple platforms and compatibility with popular smart home platforms positions Arlo as a versatile and customer-focused security solutions provider. Their revenue model will likely encompass device sales and potential subscription services, while their strategy emphasizes attracting a broad customer base.
• Tuya Smart's partnership with Construlita Lighting International aims to enhance commercial lighting technology, improving the strategic positioning of both companies in the commercial sector. By providing comprehensive support for lighting products, Tuya is expanding its revenue potential and reinforcing its role as an end-to-end solutions provider.
• Savant's introduction of the Savant Home Manager serves a subscription-based model, offering users a comprehensive smart home management tool. This strategic move caters to homeowners seeking streamlined control of their smart home systems, enhancing user experience and potentially driving subscription revenue growth.
• The support for Matter in Philips Hue Bridge indicates a strategic move towards interoperability. By enabling compatibility with Matter-enabled devices and popular platforms, Philips enhances its positioning as a provider of versatile and future-ready smart lighting solutions. The potential revenue model includes product sales, subscriptions, and the broader adoption of their ecosystem within the Matter framework.

These companies are employing various strategies to reinforce their positions in the smart home and technology markets, emphasizing product diversification, partnerships, and user-centric solutions to drive revenue growth and maintain competitiveness.

If you need research on the smart home or home security market, please consider Parks Associates as a trusted research partner.