Benchmarking research highlights growth in safety and security solutions for consumers
Parks Associates’ latest Residential Security Dashboard reports that 10% of US internet households own a DIY security system and 28% of US internet households pay for a security service, attached to either a security system or a smart security device. The firm reports that small, local security dealer businesses are struggling to keep up with national tech-first, online-first players, which have a presence in multiple markets.
Parks Associates’ Residential Security Dashboard visualizes the key metrics for the residential security market, including system adoption and purchase channels, professional monitoring services, and home security installation. After strong growth during the pandemic, security system adoption dropped dramatically in 2022. In 2023, adoption has settled at about 31% of households owning a system, while installation patterns are normalizing based on past, pre-pandemic market patterns.
“Brands must compete on their hardware, price-value equation, ease of purchase, and new features," said Elizabeth Parks, President and CMO, Parks Associates. “All major players retained or gained share year-over-year, indicating that the smaller players, including local traditional security dealers, are seeing their share of the market dwindle.”
Parks recently presented an in-depth analysis of the security market during the CONNECTIONS™ session “State of the Home Security Market,” which featured a discussion with Don Young, EVP and COO, ADT, and is available for replay. The market expansion and new revenue strategies for the security industry will be key topics at the 2024 CONNECTIONS™ conference, May 7-9, in Dallas/Plano, Texas.
Consumer Insights Dashboards present survey-based consumer research that tracks movement of foundational market metrics, such as product or service adoption, household spending intentions, churn, and key tracking metrics on leading industry players.
Parks Associates surveys 8,000-10,000 US internet households every quarter, completing additional consumer surveys throughout the year. The survey results provide findings representative for US internet households, 92% of all US households.
About Parks Associates
Parks Associates helps companies identify new opportunities, refine strategy, and accelerate growth in connected technology markets through data-driven insights and industry expertise. With more than 40 years of experience, the firm delivers proprietary consumer and industry research, market forecasts, and strategic analysis that guide business decisions across personal, connected home, small business, and commercial technology ecosystems. Parks Associates supports clients in navigating evolving markets including AI, security, smart home, broadband, entertainment, energy, multifamily, smart buildings, and connected health.
The firm also fosters industry growth and collaboration by convening thousands of leaders each year through its flagship executive conferences, including CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. Learn more at https://www.parksassociates.com.
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