Research firm examines consumer engagement and product development strategies for building IoT data services

Parks Associates announced today it will host the webcast “IoT: Smart Devices and Data-Driven Services,” sponsored by Ayla Networks, on Wednesday, April 19, at 1 p.m. CT. The webcast will present strategies for smart device makers to build data-driven services into their connected products in order to capitalize on the full potential of IoT devices.

“Over the next 12 months, 22% of U.S. broadband households plan to buy a smart thermostat, 19% plan to buy a networked camera, and 14% plan to buy a smart sprinkler system. The usage data generated by these smart home devices is invaluable in expanding the value proposition for both individual devices and the IoT as a whole,” said Brad Russell, Research Analyst, Parks Associates. “Device makers need to build data-driven strategies into their products from the beginning to ensure their solutions can be fully monetized in the IoT.”

During the webcast, experts from Parks Associates, Ayla Networks, and mnubo will present ways to integrate cloud platforms and analytics services into product development, the new roles of product managers in creating new product features, and the importance of incentives.

“Incentives are powerful tools to drive consumer participation in data-driven services, but successful incentives vary by segment and individual,” Russell said. “Roughly 50% of consumers are willing to share data from smart devices for discounts on electricity, and 40% are willing to share data to update and improve their products. Given the importance of data in product value, companies need to design with transparency and flexibility to ensure they can match the right incentives with the right consumers to maximize adoption.”

Parks Associates research shows 35%-45% of U.S. broadband households remain unwilling to share smart home data based on traditional incentives, including monitoring and improvement services, so new approaches will be necessary to attract these consumers.

Webcast participants include:

• Josh Pederson, Director of Product Management, Ayla Networks
• Brad Russell, Research Analyst, Parks Associates
• Jennifer Sewell, Head of Product Marketing, mnubo

"Manufacturers designing connected products can think about IoT data services in at least two ways: as providing visible consumer/end-user benefits, and as providing benefits directly to the manufacturer,” said Josh Pederson, Director of Product Management for Ayla Networks. “Considering what kind of IoT data you want to gather, and what you want to do with that data, is a crucial aspect of your entire connected-product design process."

To register for “IoT: Smart Devices and Data-Driven Services,” go to www.parksassociates.com/data-services-april2017. To schedule a meeting with an analyst or request specific research data, contact Holly Sprague at [email protected] or 720-987-6614.

Parks Associates is also hosting the 21st-annual CONNECTIONS™: The Premier Connected Home Conference, May 23-25 in San Francisco, California, with Ayla Networks as a sponsor. The conference features sessions on “Smart Home Experiences in the IoT” and “IoT Monetization Models: Building a Mass-market Smart Home” as well as a pre-show workshop Smart Home and IoT: Growth, Consumer Trends. Register at www.connectionsconference.com. 

About Parks Associates: Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
 

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