Smart home products are entering the market via two main paths: smart home product manufacturers and smart home service providers. Manufacturers are adding connectivity to products to provide differentiation and extend the relationship with the consumer. Service providers offer a group of products that work together and can be monitored and controlled from a single app.

However, familiarity with smart home products and services is low. Therefore, manufacturers and service providers must educate consumers on the capabilities and benefits of smart home solutions. Channels that are able to connect with consumers and provide an interactive discussion that allows consumers to ask questions to fully understand the capabilities and benefits are seeing the most success. Today, the security industry is the leading channel for smart home products and services.

Connectivity is a disruptive force in the market. Startups are gaining share in multiple product categories as industry veterans work to keep pace with the now rapidly evolving market. 

For more information on the growth of the Internet of Things and the smart home, see Parks Associates' 360 View Update Smart Product Adoption.

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