New white paper investigates video innovation and integration in home access control
Parks Associates’ new white paper, Video at the Door: Driving New Revenues, developed in partnership with Xailient, estimates that smart video devices generated $1.3 billion in stand-alone service revenues in 2023 and projects service revenue will grow to $2.4 billion by 2027. Stand-alone service revenues are exclusive of revenues generated through a security system and can include services such as video storage or monitoring tied to a smart camera.
This research assesses consumer demand for these smart devices and services, including video analytics, facial recognition tied to door locks and access control, and the ability to differentiate known people from strangers.
“Due to this growing consumer demand for smarter, more comprehensive video coverage and analytics, manufacturers are integrating video into other form factors, including flood lights, door locks, garage control systems, and vehicle dashboards,” said Jennifer Kent, VP, Research, Parks Associates. “The next step is to integrate these capabilities across devices, to deliver a high-quality experience to the consumer.”
“Video smart locks are an opportunity for a brand to upgrade from passive security monitoring to active automation – the door is now literally the gateway to the smart home. For consumers it’s a natural progression, obvious even, from video doorbells to integrated access control. Parks Associates helped us quantify that demand,” said Lars Oleson, CEO of Xailient.
The white paperfinds 84% of smart video doorbell purchase intenders and 85% of smart camera purchase intenders want the product they purchase to have AI with facial recognition to identify family and friends. One-third rated this feature as a “must have.”
Many current smart home products use video analytics to detect motion and discriminate between moving objects like cars, tree branches, animals, and humans to determine the most appropriate response. Facial recognition allows a smart home solution to distinguish household members from unknown persons, enhancing value in alarm event verification. With integrated video-lock capabilities, users can grant entrance to the right people at the right time.
“Many consumers already use facial recognition as an authentication and unlocking mechanism on their smartphone, so smart device manufacturers need to be prepared for consumers to raise their expectations of receiving similar conveniences in other product categories,” Kent said.
To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at 383720@email4pr.comor 972-490-1113.
About Parks AssociatesParks 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, including quarterly surveys of 10,000 internet households.
The company’s expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
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