New Research on Most Appealing Smart Home Scenarios

The emergence of connected health products and monitoring services opens a new opportunity to serve consumers at home. The industry is undergoing a shift as seniors who have become accustomed to using new technologies expect to use them as part of their health routines in their homes. Service providers, professional security monitoring, and PERS monitoring companies are exploring their potential role in consumer wellness, remote patient monitoring, and aging with independence. Providing solutions for aging consumers and their caregivers is a natural first step. In the same way that security providers offer home monitoring services in case of intrusion, there is an opportunity to leverage this same technology to provide monitoring services for individuals in the home in case of medical-related emergencies.

Parks Associates research reveals that 78% of caregivers who are interested in a professionally installed, sensor-based independent living solution for an aging loved one would be willing to pay $40/month for the service; 94% would pay $10/month. Safety and security are the core values for home services and are key drivers for security and connected health solutions alike. Security providers can diversify their consumer base by providing security-related packages with connected health and independent living solutions designed for protecting loved ones.

This is an excerpt of Parks Associates whitepaper "Value Beyond Home Security: Expanding Product Ecosystems," in collaboration with Alarm.com. Download this complimentary whitepaper to learn more about the expansion of professional services beyond home security—driven by the growth of connected devices, new technology, and unified offerings from professional service providers and DIY solutions.