Parks Associates data estimates that between 2022 and 2024, more than 250 million networked cameras, video doorbells, and smart speakers/smart displays will be sold in the U.S. The industry report “Context is King: Video & Audio Analytics,” examines how video and audio analytics are evolving and impacting the smart home user experience, including driving adoption of new devices and attached services.

“Consumers want the often difficult combination of peace of mind, privacy, and convenience with monitoring and independent living solutions,” said Chris White, senior analyst, Parks Associates. “With video and audio analytics, standard devices such as video doorbells and networked cameras have expanded capabilities, providing more value and context to consumers.”

Video and audio gathered near access points are the most prominent and traditional monitoring activity, but increasingly consumers desire more monitoring beyond the entrance and exits of homes. Parks Associates’ latest consumer data also reveals 68 percent of network camera owners have cameras installed outside the home.

“Consumers are increasingly turning to networked cameras and video doorbells to provide the sense of security and peace of mind traditionally provided by full-fledged security systems,” White said. “Approximately a third of network camera owners report relying on their devices more heavily due to the COVID-19 crisis.”

The report comes on the heels of the recent announcement that ASSA ABLOY will purchase Spectrum Brands hardware and home improvement business for $4.3 billion, which Parks Associates says underscores the drive to add new use cases and user experiences within a product portfolio. 

Video and audio analytics reach the consumer through verticals that includes chipset makers, AI software companies, and pro-monitoring or storage companies, with opportunities for revenue growth across the value chain, especially in monitoring, maintenance and upgrades.

Visit Parks Associates’ website to read the full report.