New white paper developed in partnership with Alarm.com addresses the expansion of professional services beyond home security
A new white paper from Parks Associates, Value Beyond Home Security: Expanding Product Ecosystems, finds “peace of mind” is a key driver for smart home adoption, with 31% of recent buyers citing this factor as a top benefit influencing their purchase. The whitepaper, developed in partnership with Alarm.com, finds consumers are increasingly reliant on connected devices and security services to deliver peace of mind in and around their home, driving the expansion of professional services beyond home security.
“As connected device adoption increases, device manufacturers and service providers have a tremendous opportunity to provide new and valuable experiences to consumers,” said Jennifer Kent, VP, Research, Parks Associates. “New monitoring services, including loss prevention for devices, PERS enhancements, and monitoring of vehicles, appliances, energy usage, indoor air quality, and valuable assets, will continue to grow in the coming months and years.”
As the technology used in smart homes and security systems grows in complexity, consumers opting for professionally installed and monitored systems rely on their providers' expertise for configuration and support. Security providers can diversify their consumer base by expanding solutions to integrate new home services designed around safety and security value propositions. The whitepaper reports 23% of home security system owners want to extend their system to protect their yard and outdoor items, while 69% of home security system owners are interested in vehicle monitoring as an add-on for home security systems. This indicates that expanding beyond the home will also improve consumer engagement with their systems.
“Consumers' expectations for their devices and household services will continue to expand in parallel with their capabilities, opening many more opportunities for specialty providers in the home,” Kent said. “The future is bright for those companies who recognize the opportunities to create additional stickiness and engagement through new services that highlight safety and security value propositions.”
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.
The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
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