The most popular service alerts family members if there is an emergency

New research from Parks Associates finds 40% of consumers would pay for at least one home-living service for themselves, including one-third who are interested in a service that alerts family members during an emergency.

“Interest in home-living services will increase as the U.S. population ages,” said Kristen Hanich, Research Analyst, Parks Associates. “Nearly 50% of consumers 65 and older see these services as useful, but only 27% would pay for them for themselves. Younger people show more interest in using technology to support their quality of life and so are more interested in paying for home-living services for themselves.”

In Smart Home, Caregiving, and Aging-in-Place, the research firm tested consumer interest in the following services:

• Services that alert family members if one is in an emergency
• Services that send alerts to the consumer about dangers in the home
• Concierge services offering advice on retirement and healthy home living

“Households already paying for monitoring services are much more likely to pay for a home-living service, so companies in the home security and smart home space are well-positioned to expand their lineup to include services that support independent living and aging comfortably,” Hanich said. “Layering home-living services on top of a smart home system would create a recurring source of revenue.”

Smart Home, Caregiving, and Aging-in-Place provides an analysis of existing and anticipated independent living needs among people ages 50 and older. Additional findings include:

• 49% report concern about a lack of financial resources disrupting their retirement plans
• Three out of four consumers ages 40 and older expect to live in their own homes when they turn 80
• Roughly 34% of U.S. broadband households have a family member providing care for a loved one, and 45% of current family caregivers would pay for a home living service package for a loved one

For more information about Parks Associates’ research, contact [email protected]. To schedule an interview with an analyst or to request specific data, contact Julia Homier at [email protected], 972-996-0214.

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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