The past two years have been hard for most industries, but the smart home business has grown steadily. Through health crises, social strife, and economic volatility, consumers continue buying connected products for their homes. Parks Associates research finds that as of Q4 2021, 37% of U.S. internet households are actively shopping for a smart home device.
Consumer and business interest in smart home applications and solutions accelerated during the pandemic. Multi-dwelling unit (MDU) residents are a fast-growing segment of the market. Parks Associates’ finds that 27% of MDU residents have a smart device provided by their landlord or property owner, and the overwhelming majority value the safety and security benefits of these solutions. Of those with property-provided smart home devices, 64% value the notifications that they receive about safety issues, and 62% find value in the ability to monitor activity outside their door.
