Parks Associates has developed a white paper on behalf of the Connectivity Standards Alliance that looks at the next-generation smart home. This paper assesses the motivations and market dynamics driving the smart home market forward, strategies for engaging new buyers to the smart home, and expanded use cases building on the substantial landscape of existing solutions, including aging-in-place solutions, energy management, insurance, and monitoring.

The white paper also provides an in-depth analysis of the latest market trends; strategies for attracting new buyers; a look at how the smart home market is being driven forward by a range of motivations, from aging in place to energy management; and how smart-home innovations are transforming the way people live and work. Right now, many aspects of a connected home can be controlled with just a tap on a smart phone, the white paper notes.

The home broadband market is growing at the fastest rate in well over a decade, according to Parks Associates, which forecasts that by the end of 2025, approximately 93% of US households will have a broadband subscription -- either fixed or mobile. The consulting firm notes that the home network is a critical point of visibility and control for all smart home computing, entertainment, health, and other consumer electronic devices, and has the potential to enable a new dimension of value by offering integrated applications.

Right now, the average US internet household has more than 16 connected devices in the home, according to the white paper. Further, 41% of US internet households report owning at least one core smart home device, with access control and security devices like locks, video doorbells, and cameras leading the way. Smart thermostats and lighting are also perennial frontrunners. Households with smart home devices are more likely to own multiple devices than they are to own just one.

To download the white paper, "Next-Generation Smart Home: Building for the Future," click here