New research shows aggressive innovations in smart DIY solutions will reinvigorate home security market

New research by Parks Associates notes that new and more economical DIY systems from key players, including Nest, Ring, Samsung, and ADT, are part of a key step in expanding the security market. The international research firm also notes that new smart DIY solutions will reinvigorate adoption of home security, particularly among younger consumers.

“Consumers value security and safety use cases, but the security market has struggled to move beyond the traditional 20% penetration level in the U.S.,” said Brad Russell, Research Director, Connected Home, Parks Associates. “Aggressive moves by companies such as Ring, which launched its inexpensive Ring Protect DIY home security system in October, will help attract new and younger consumers into the security market. Ring’s pricing strategy also puts downward pressure on other players to lower prices.”

Parks Associates reveals that 37% of smart home device owners report safety is the main reason they purchased a smart home device and nearly 30% bought a smart home device primarily to monitor their home while away. The firm notes that DIY innovations with on-demand, no-contract monitoring options could help expand the market for device makers and for monitoring providers who seek inroads to young consumers.

“Samsung and ADT have joined forces for the ADT Home Security Starter Kit, which expands the self-installable DIY segment,” Russell said. “Meanwhile, hub-based security systems are an intentional strategy to stake out a controller position in the home for a variety of future device and service offerings.”

U.S. Smart Home Tracker: Market Sizing & Trends provides the market intelligence for companies to navigate and succeed in this competitive landscape by sizing and forecasting the overlapping markets in the smart home space and providing an analysis of key industry trends, market shifts, and player announcements on an ongoing basis. This annual service includes multiple deliverables from the Parks Associates smart home analyst team, with market sizing, analysis, and insight about key smart home and IoT products and services.

For more information about Parks Associates’ research, contact sales@parksassociates.com. To schedule an interview with an analyst or to request specific data, contact Julia Homier at julia.homier@parksassociates.com, 972-996-0214.

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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