Residential security market expands with new opportunities in the IoT
New research from Parks Associates finds over 40% of new security monitoring subscribers are signing with nontraditional providers, including cable and telco companies. Traditional security companies still claim over 75% of the monitored security market, but this growth in subscribers through these new channels shows a renewed interest in security offerings.
“Roughly one-fourth of U.S. broadband households own a functioning security system, and the smart home and IoT are creating new opportunities to grow the security market,” said Tom Kerber, Director of Research, Home Controls & Energy, Parks Associates. “New features such as the ability to self-install and to check and control their security solution through their smartphones are enticing consumers to buy these new services.”
The firm’s 360 View Update: Competition in Residential Security analyzes competition for residential security services between traditional players and new players from the telecom and pay-TV sectors. The research also investigates the competitive power derived from bundling security services with video, voice, and data services.
“The telecom and cable operators are taking a substantial portion of the strong growth in the market thanks in part to their ability to include security in triple- and quad-play service bundles,” Kerber said. “Interactive service providers are experiencing dramatic growth, as the portion of new professionally monitored security subscribers that include interactive services and home controls continues to climb.”
Competition in Residential Security is available for purchase, and more information is available at www.parksassociates.com. To schedule an interview with an analyst or to request specific research data, please contact Holly Sprague at hsprague@gmail.com.
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