Opportunities for integrators in smart spaces, asserts Parks Associates

DALLAS — Changing times have provided residential smart device integrators with a chance to meet the changing needs of consumers, according to research performed by Parks Associates.

Data from the group’s Video Services Consumer Insights Dashboard reported that 46% of US internet households (roughly 56 million) are cord cutters, with 12% having never subscribed to traditional pay TV services. That’s a large market of consumers who increasingly rely on smart device integration and IoT services to achieve their media needs.

It’s opening opportunities in a variety of markets according to a white paper recently published by Parks Associates in partnership with Nice. It ranges from commercial and education, to the multifamily housing market.

“The multifamily market is highly diverse, consisting of a wide variety of ownership types, including privately owned family businesses, equity REITs, and publicly traded real estate companies,” researchers at Park Associates wrote. “Most multifamily units are in low-rise or garden-style buildings, and we estimate that 6.75M units are in larger properties having 50 or more total units – these are the properties that are most likely to invest in smart spaces technologies.”

A not insignificant number of owners and operators that are turning to smart technologies to attract and retain residents. The white paper revealed that from a study of 300 multifamily owners and operators, 90% planned to deploy smart technology in their properties over the course of the next year.

“Properties are investing in several specific technologies that drive value. These include video intercoms, access control systems, smart thermostats, water leak detection, and property wide Wi-Fi. While these technologies are increasingly common in new construction, the vast majority of the existing multifamily housing stock are older properties that lack these solutions,” the white paper stated. “With multifamily housing becoming more competitive as new inventory hits the market, these existing properties will need to evaluate their opportunities for retrofitting amenities or risk losing prospective tenants.”

The full report can be viewed online at www.parksassociates.com.