New Parks Associates research in the firm’s Smart Home Tracker found that smart home mainstays are strengthening their offerings by acquiring smaller companies with deep expertise.
Resideo recently acquired fire and life-safety solutions manufacturer First Alert, Inc., and Crestron recently acquired intelligent video technology from 1 Beyond. Parks Associates’ Smart Home Tracker provides insights into the competitive landscape of the smart home market through analysis of key industries in the smart home space as well as market shifts and player announcements on an ongoing basis.
“By acquiring First Alert, Resideo added a very well-known name with sizable market share to their brand portfolio,” said Jennifer Kent, VP of Research, Parks Associates. “Brand recognition and trust are important in safety devices, so this enhances their smart home offering. They also added the retail relationships and deep expertise in a specific category.”
Similarly, Crestron added expertise in camera solutions focused on video conferencing. The move brings a wide-ranging line of intelligent video offerings and automated camera tracking to Crestron. Parks Associates research indicates that the waning pandemic did not fully reverse the massive growth of telework the world experienced during 2020 and 2021. The addition of 1 Beyond will help further Crestron’s mission of bringing convenience and comfort to the work-from-home segment via automation.
The Smart Home Tracker also finds that the automotive market, and especially the EV market, provides new opportunities from smart home and smart energy player expansion. ADT and Ford entered a joint venture to bring an industry-first AI-enabled security monitoring product, Canopy, that can identify and report threats to Ford automobiles as they happen. Siemens and Nexii Building Solutions recently unveiled an EV charging solution that can scale up to quickly electrify building structures and new/existing parking lots.
This ability to install in the built environment is a key capability. Parks Associates research indicates that 16% of US internet households intend to buy an electric vehicle in the next 12 months, and that group includes many who don’t live in a single-family home where a charger can easily be installed in a garage.
“The expansion of public charging in apartment complexes and commercial parking garages presents an opportunity for restauranteurs, shop keepers, and property managers to add a recurring revenue source, while also better serving their customers, clients, and residents who will increasingly own EVs and have a need for charging while they work, eat, and shop,” Kent said.
For more information about the Smart Home Tracker, contact [email protected]. To schedule an interview with an analyst or request specific research data, please contact Rosey Sera at [email protected], 972.996.0233.
Visit parksassociates.com to learn more.
About Parks Associates
Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.
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