CONNECTIONS™ conference session examines state of residential home security market, including current trends and opportunities for growth
Parks Associates released new research ahead of tomorrow’s CONNECTIONS™: The Premier Connected Home Conference virtual session, showing that 36% of US broadband households now own a smart home device, an increase of 2% over Q4 2020. The session State of Home Security Market features executives from Alarm.com, ADT, Wyze, Brinks Home, Johnson Controls, Rapid Response Monitoring, Smartfrog & Canary, and RSPNDR. Event sponsors include Alarm.com, Calix, Cox Communications, SmartRent, Xfinity Home, Bitdefender, Tuya, Ayla Networks, Plume, and Airties.
“The residential security industry continues to experience a blurring of lines between professional and DIY solutions,” said Elizabeth Parks, President, Parks Associates. “Professional monitoring providers, like ADT, Brinks, and Comcast, have added self-monitoring options, while companies that started in the DIY space now offer professional monitoring. We expect more innovation, especially in AI and video analytics, as companies attempt to find a winning business model to increase monthly monitoring subscribers for security and smart home services.”
State of Home Security Market, 12:30 p.m. CT on August 18, features the visionary speaker Gustaf Lonaeus, Director of Product Management, Alarm.com, followed by an executive Q&A session with Don Young, EVP and COO, ADT, and an interactive panel discussion with:
- Logan Dunn, Head of Growth, Wyze
- Min Kang, Chief Product and Strategy Officer, Brinks Home
- Jeremy McLerran, Global Director, Marketing, Johnson Controls
- Spencer Moore, VP, Sales and Marketing, Rapid Response Monitoring
- Andreas Rudyk, Co-Founder, Smartfrog & Canary
- Mark Zimmerman, CEO, RSPNDR
“Even when the modern security consumer's home is professionally monitored, they still want to self-monitor to a degree,” said Logan Dunn, Head of Growth, Wyze. “They want to SEE what is happening in their homes. They want to verify any abnormalities themselves. This is a current trend, and one that has legs to keep going. Smart home camera penetration in the US market is still low. I imagine that much of the upcoming innovations to the security industry will revolve around video.”
“Despite pandemic-related restrictions, our efforts helped ensure solid growth and achieved impressive customer retention,” said Min Kang, Chief Product Officer, Brinks Home. “As our customer needs to diversify and more customers look for customized solutions with flexibility, we strive to transform our business and technology to accommodate or exceed these expectations, enabling us to accelerate our growth further.”
“The smart home security market is passing exciting milestones. Parks Associates and their annual CONNECTIONS conference are greatly contributing in shaping the future of our industry by cultivating a platform that connects people and shares insights from key industry players,” said Andreas Rudyk, Co-Founder, Smartfrog & Canary.
“The keys to the industry reaching its full potential are focusing on the customer experience and driving value,” said Don Young, EVP and COO, ADT. “This means making it easier to harmonize the many single-point devices into a single smart home ecosystem. It means using sensors and data to make security become more predictive and more proactive. And it means extending security beyond the home to vehicles and personal mobile devices. All of these add value and relevance to the underlying security relationship with the customer and, when done correctly, increase the convenience of feeling protected.”
For 25 years, CONNECTIONS™ has brought together thousands of industry players from the consumer technology ecosystem for networking opportunities, consumer and industry research from the Parks Associates analyst team, insights from visionary speakers, and thoughtful, curated sessions focused on technology innovations, consumer behavior, and product and service adoption and trends.
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Parks Associates' 28th annual CONNECTIONS™: The Premier Connected Home Conference is hosted May 7-9, 2024, in Plano, Texas, and brings industry leaders together to provide insights and business forecasting about the adoption of technology including broadband, smart home, security, connected health, energy, and home automation.
CONNECTIONS™ provides ongoing insights throughout the year with virtual and in person conference sessions. Parks Associates analyst team leads the conference sessions, which are focused on technology innovations, consumer adoption and trends, product and service forecasts, and the evaluation of new business strategies, partnerships, monetization opportunities, and value-added service design.
CONNECTIONS™ is a pivotal platform for partnerships and exploring the future of technology adoption and its impact on consumers and businesses. www.connectionsconference.com