Parks Associates: 34% of MDU Property Managers Offer IoT Devices in at Least One Property They Manage

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May 19, 2022, 08:39 ET

New whitepaper developed in partnership with Technicolor addresses IoT edge solutions in smart spaces

DALLAS , May 19, 2022 /PRNewswire/ -- Today Parks Associates released a new white paper, Simplifying the IoT Edge: Smart Spaces Best Practices, that addresses the demand, growth, and use cases of IoT edge solutions in smart buildings including apartments and MDUs, retail and warehousing, and hospitality and building management. The research, developed in partnership with Technicolor, shows that over one third of US multi-dwelling unit (MDU) property managers report offering Internet of Things or smart home devices to residents in at least one property that they manage.

"Parks Associates defines 'smart spaces' as physical locations, equipped with networked devices and sensor-based solutions, that give individuals data about the location's parameters and how the space is being used," said Kristen Hanich, Research Director, Connectivity, Parks Associates. "Smart spaces have a strong overlap with smart home, industrial IoT, and Industry 4.0, making use of the same concept of networked sensors feeding into larger data platforms."

The growing smart apartment space presents a unique area for IoT technology deployments, with specific benefits and challenges. Smart apartments feature smart amenities for residents, community management solutions, and building automation solutions. Parks Associates' consumer surveys find that internet access is a top amenity for MDU residents, while smart home device offerings are emerging as a key differentiator for properties. Almost two-thirds of prospective MDU residents report that pre-installation of smart home devices is an important factor when selecting their new apartment.

"The property management industry is in a unique position to take the integration of consumers' physical and digital lives to the next level. Apartments, condos and other MDUs that offer IoT-based services are creating new value propositions that will transform the entire sector. By redefining how people interact with their most intimate environments, property managers will also influence how IoT-enabled experiences are extended to other critical settings -- including workplaces and public spaces," said Girish Naganathan, CTO for Technicolor Connected Home.

"As a leading provider of connected devices and software for the home, Technicolor Connected Home deeply understands the opportunity presented by the promise of IoT. We are working closely with property management companies and cloud platform providers to develop, deploy and integrate next-generation technologies into the living spaces of consumers in a safe, secure and sustainable manner," he added.

"Technology investments are costly and need to last for many years. However, the pace of technological innovation is constantly increasing, and innovations happen frequently. For companies to gain the full benefit of investment into smart spaces technologies, as well as the advantage of being able to deploy new and innovative technological solutions, IoT deployments must be as future-proof as possible," Hanich said.

To download the white paper, click here. To request data or an interview, please contact Rosey Sera at [email protected], 972.996.0233.

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 35^th 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. http://www.parksassociates.com

Media Contact:
Rosimely Sera
Parks Associates
972.996.0233
[email protected]

SOURCE Parks Associates