Tuesday, September 24, 2013

Parks Associates analysts identify opportunities for growth in the home security market

New smart home research shows that nearly 10% of U.S. homeowners with broadband at home are strong candidates for security system adoption

New smart home consumer research from Parks Associates finds nearly 10% of U.S. homeowners with broadband at home, approximately 5 million households, considered purchasing a home security system over the past year but ultimately did not acquire one. Moreover, roughly one-half are still open to adoption. Just 2% of U.S. broadband households actually acquired a security system over the same time period.

Expanding the Base: From Security to Smart home, a project featuring results from multiple 2013 consumer surveys of U.S. broadband households, finds two-thirds of households without a security system express interest in “smart home” systems that provide a mixture of safety, security, and home control features.  This level of interest bodes well for service providers like AT&T Digital Life and Comcast that offer smart home service packages.

"The recession dampened the market for security, but there is demand for new systems,” said John Barrett, director, consumer analytics, Parks Associates. "The challenge is getting the right mix of features and pricing as well as communicating to consumers the value of a smart home system.”

Parks Associates data indicates that monthly service fees are a key sticking point for those considering adoption.

Parks Associates - Home Security consumer research

"Integrating security into a 'smart home system' creates a new value proposition within this market and will help lure new adopters," Barrett said. “Companies looking to increase the likelihood of adoption of professional security with smart home features must increase the value proposition for the overall package and service.”

Expanding the Base: From Security to Smart home analyzes the potential of growing the home security market through integrated, Internet-enabled packages, including research on current security owners and households considering security adoption.

For more information, visit www.parksassociates.com or contact sales@parksassociates.com, 972-490-1113.

About Parks Associates: Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.

The company's expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com

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