Parks Associates: 40% of Consumers with Home or Renters Insurance Are Likely to Purchase Smart Home Products That Can Detect Electrical Fires

New whitepaper addresses consumer demand for smart home solutions that detect, prevent, and protect against electrical fires

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Parks Associates

Sep 12, 2018, 08:56 ET

DALLAS, Sept. 12, 2018 /PRNewswire/ -- A new whitepaper released today by Parks Associates finds approximately 40% of U.S. broadband households with insurance are interested in buying a smart home product that can detect electrical fires, with interest strongest among young consumers and households in the southern U.S. The whitepaper "IoT Home Safety: Fire Prevention Solutions," sponsored by Whisker Labs, shows approximately 6% of U.S. broadband households own a smart smoke detector, but the strong consumer interest in the fire safety use case for smart home solutions creates significant market opportunity in this area.

Parks Associates: Likelihood of Buying a Smart Home Fire Notification Product

"Home safety is the leading value proposition for the connected home, and fire in particular can be devastating," said Tom Kerber, Senior Director, IoT Strategy, Parks Associates. "Smart home solutions that can detect, prevent, and protect against electrical fires are an increasingly important and valuable part of the connected home landscape, and consumers see the value in them, especially if they've previously experience fire damage in their home."

"IoT Home Safety: Fire Prevention Solutions" examines the issues surrounding arc faults in electrical wiring, statistics and causes regarding electrical fires in U.S. homes, and advances in smart plugs and related smart home products designed to reduce and eliminate the incidence of electrical fires.

"We're excited to address the $5B annual spend on residential smoke/CO alarms and arc fault circuit interrupters by bringing to market the next generation of fire prevention technology," said Bob Marshall, Founder & CEO, Whisker Labs. "This product has the potential to be the first major market breakthrough since the advent of the smoke alarm."

"Protecting the home involves a detailed assessment of all different types of risks," Kerber said. "The risk of electrical fires from arc faults often goes unrecognized, and solutions that address this unmet need can expect strong adoption and will create opportunities for channel partners, with benefits spanning multiple industries, including insurance, energy, security, and smart home."

Additional Parks Associates data from the whitepaper:

Nearly one-half of U.S broadband households find a connected device that alerts them to smoke and fire highly appealing.
21% of households that subscribe to professionally monitored security systems own a smart smoke detector.
66% of households that subscribe to professionally monitored security own a smart product.
20-30% of consumers with insurance are likely to purchase a fire safety package for an up-front cost of $200-$400.
Nearly 40% of consumers with insurance would switch insurance providers to obtain any smart home products

To download this whitepaper, visit www.parksassociates.com/whitepapers.

About Parks Associates

Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions. http://www.parksassociates.com

Contact:

Julia Homier
Parks Associates
972.996.0214
[email protected]

SOURCE Parks Associates