Market Awareness, Perception and Adoption of Video Doorbells and Smart Cameras

Market Awareness, Perception and Adoption of Video Doorbells and Smart Cameras

As a category, smart home devices have enjoyed solid growth since 2014 with a CAGR of 18.35% from Q4 2014 to Q4 2022.

By individual devices, the story is less positive and less robust.? Smart thermostats, for instance, have been available since 2008, but have just now achieved 17% adoption in US internet households. That shows that device has reached the magic 15% indicating mass market potential. It has taken more than a decade and is now driven by consumer awareness that utility rates are rising rapidly.? In addition, the new smart thermostats have more capabilities to accompany their prices which are often lower than in past years.

Smart video doorbells offer a rosy story.? Ring introduced its smart doorbell in 2013, with its first sale in 2014, and was acquired by Amazon in 2018 for well over $1B.

The adoption rate remained quite stagnant until 2014 and then, in a relative sense, has shot up since 2020. There have been price reductions and the entry of Ring. This robust market offers multiple products per residence potential with 2.1 cameras the current average number of units owned by owning households.

Networked cameras, available in some form since the late 80s, are another type of tale.? Technology advances, lower prices, and possible DIY installation have all led to recent strong adoption for smart cameras.

25% of internet households own either a smart camera or a smart video doorbell. Smart cameras have gained solid growth in recent years given their long-standing availability and slow adoption.

The average number of either smart cameras or smart video doorbells or both is 2.21 per household.? Strong market potential remains for both products.? Households with family members away value the ability to see who is at the door; some people pretend they are home when their video doorbell rings by communicating remotely through the intercom.

Parks Associates helps companies navigate the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, and trailblazing conferences. Explore our industry research: https://tinyurl.com/4e23tnvv

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