Parks Associates: AI, Including Face Recognition, Can Be a Key Differentiator for Smart Home Providers by Their Enhancing Safety, Convenience, and Personalized Value Propositions

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16 May, 2023, 08:58 ET

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86% of consumers reported at least one AI feature as important to their purchase decision for a smart video doorbell or camera

DALLAS, May 16, 2023 /PRNewswire/ -- Parks Associates new whitepaper, Face Recognition and the Smart Home: Applications, Demand, and Innovation, developed in partnership with Xailient, examines new solutions enabling face recognition in security solutions and the benefits emerging from their integration into the smart home. The research firm reports that 86% of consumers reported at least one AI feature as important to their purchase decision for smart home security devices, but 26% said that data concerns could be an impediment to adoption.

AI solutions, including face recognition, can enhance the value propositions and be a key differentiator for smart home providers, but increasing concerns over privacy and data security will limit growth, unless these concerns are addressed through clear and secure data storage and management plans. Consumers are concerned not only about unauthorized access by hackers and bad actors but also how the product and services companies are storing and using their data.

"Face recognition technology is poised to expand beyond home security and will also cater to other verticals," said Elizabeth Parks, President and CMO, Parks Associates. "Our research shows only 37% of consumers trust the companies that have access to their personal data, so industry players will have to address increasing concerns over privacy and data security concurrently, as they integrate these new capabilities into their solutions."

Parks Associates forecasts close to 30 million US internet households will have a video doorbell or smart cameras by 2027. The firm's consumer data, including quarterly surveys of 10,000 US internet households, shows that 57% of video doorbell owners report safety and security as a factor for purchasing the device. Thirty percent of internet household report plans to purchase one of these devices within the next year.

"Smart cameras present brands an opportunity to establish trust with consumers," said Lars Oleson, CEO and co-founder of Xailient. "Consumers seek safety and peace of mind from their security systems and diligent stewardship of their data from their security service providers. Smart cameras secure the residence, while good data and AI governance secure the privacy of the residents."

Consumers value advanced video features in their security devices, including the ability to detect different objects and distinguish a known person from a stranger, which makes face recognition a key differentiator in the shopping experience.

"Face recognition creates operational savings for security monitoring, reduces the time and effort to validate the security event, and provides verification data to first responders to reduce response times and fines for false alerts," Parks said.

The whitepaper is available for download. To request data or an interview, please contact Rosey Sera at [email protected], 972.996.0233.

About Parks Associates

Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades. http://www.parksassociates.com

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About Xailient

Xailient is the world leader in Computer Vision AI for the Smart Home. The company's flagship product, Orchestrait™, delivers embedded AI for smart cameras, auditing and management across diverse smart camera fleets, and consent driven data management for privacy regulation compliance. https://xailient.com

Follow Xailient on LinkedIn

Rosimely SeraParks Associates972.996.0233[email protected]

SOURCE Parks Associates