Connected Devices Provide New Opportunities to Extend Monitoring Services

by Parks Associates | Aug. 19, 2020

The number of connected devices continues to expand year-over-year, and 2019 concluded on a particularly strong note for the security industry.  Security system adoption reached one-third of all US broadband households at the end of the year. Consumers now have an average of 12 connected devices in their homes, which opens multiple opportunities to extend monitoring services as well as different varieties of both professional monitoring and monitor-it-yourself options.

Our team forecasts that total professional monitoring revenue for the US residential security sector will total $15.74 billion in 2020, with smart home services accounting for $1.2 billion.

COVID-19 pandemic and resulting economic fallout create a more challenging landscape in 2020, specifically as consumers will look to reduce household spending.  Central monitoring is a high-margin business, and many stations have excess monitoring capacity, driving the industry to expand its value proposition beyond the standard security offering. As more aspects of daily life get connected, and as people spend more time in the home, new opportunities emerge that cross multiple industries, including energy usage monitoring, risk mitigation from flood and fire, monitoring the health and safety of aging relatives, tracking of valuables, and appliance maintenance monitoring.

Join the CONNECTIONS Community where you can network with key industry leaders in the connected home and IoT industries. The virtual conference sessions focus on technology innovations, consumer research on adoption and trends, product and service forecasts, and evaluation of new business strategies, partnerships, monetization opportunities, and value-added service design. 



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