Friday, May 24, 2019

Significant change in rates for installation methods indicates DIY is on the rise

New research shows impact of DIY and smart home on competition, channels, and value-added services for home security market

New research from Parks Associates reveals at the end of 4Q 2018, 28% of US broadband households reported the presence of an active security system, up from 26% in 4Q 2017, with 24% having professional monitoring. Connected Trends & Disruption in Home Security reports that 52% of households that are highly likely to purchase a security system in the next 12 months plan to buy a system that is self-installed.

“Professional installation continues to be the dominant choice for home security systems, but self-installation continues to experience growth,” said Dina Abdelrazik, Senior Analyst, Parks Associates. “Self-install security systems have made a mark. Self-installed security solutions have the potential to significantly lower the cost of security and, in doing so, expand the market beyond that which is currently serviced by the professionally monitored security industry.”

Parks Associates Chart Security System Purchase Considerations Monitoring

Consumer Trends & Disruption in Home Security reveals intentions for 2019 are roughly parallel to those of 2018—15% of broadband households report an intention to acquire a security system, with 8% reporting high intentions.

“Some providers and manufacturers believed smart home additions would pull security systems into 50% of US households, but current trends indicate this will not happen soon,” Abdelrazik said. “Security providers, particularly traditional players, are taking steps to incorporate the sale of adjacent devices into their offerings. Networked cameras and video doorbells in particular are having early success, but providers need stronger holistic explanations for selling across device categories, including energy and convenience. Providing the ability to self-install additional smart home devices to existing security systems helps to move the needle forward.”

Consumer Trends & Disruption in Home Security provides insights on what is driving the market and quantifies the trends, the competition, channels, and value-added services for the home security market.

Additional research includes:

  • About one-third of security system owners report having a camera, and about 25% report having a video doorbell or smart door lock.
  • The 28% of current security system owners report having higher than average household income, higher education levels than average, are more likely to have children at home, and most often own their homes.  
     

For information about Consumer Trends and Disruption in Home Security, contact sales@parksassociates.com. To schedule an interview with an analyst or to request specific research data, please contact Sherrelle Lewis at sherrelle.lewis@parksassociates.com, 972-996-0214.

About Parks Associates: Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.

The company's expertise includes the Internet of Things (IoT), digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.

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

http://www.parksassociates.com

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