DALLAS – New Parks Associates research in the firm's Smart Home Tracker finds smart home mainstays are strengthening their offerings by acquiring smaller companies with deep expertise. Resideo recently acquired fire and life-safety solutions manufacturer First Alert, Inc., and Crestron recently acquired intelligent video technology from 1 Beyond. Parks Associates' Smart Home Tracker provides insights into the competitive landscape of the smart home market through analysis of key industries in the smart home space as well as market shifts and player announcements on an ongoing basis.

Similarly, Crestron added expertise in camera solutions focused on video conferencing. The move brings a wide-ranging line of intelligent video offerings and automated camera tracking to Crestron. Parks Associates research indicates that the waning pandemic did not fully reverse the massive growth of telework the world experienced during 2020 and 2021. The addition of 1 Beyond will help further Crestron's mission of bringing convenience and comfort to the work-from-home segment via automation.

The Smart Home Tracker also finds that the automotive market, and especially the EV market, provides new opportunities from smart home and smart energy player expansion. ADT and Ford entered a joint venture to bring an industry-first AI-enabled security monitoring product, Canopy, that can identify and report threats to Ford automobiles as they happen. Siemens and Nexii Building Solutions recently unveiled an EV charging solution that can scale up to quickly electrify building structures and new/existing parking lots. This ability to install in the built environment is a key capability. Parks Associates research indicates that 16% of US internet households intend to buy an electric vehicle in the next 12 months, and that group includes many who don't live in a single-family home where a charger can easily be installed in a garage.

Read the full press release here.

Parks Associates