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Q1 2023

Market Forecasts

Residential Security Forecast Q1 2023 doc

Over the past five years, the market for residential security solutions has shifted dramatically across several vectors:

  • Self-installation players have increased their share of the market, both attracting a new segment of customers to the market and cannibalizing some existing security customers.
  • In response, many top traditional professional installation players now offer a self-installation option, providing consumers their choice of system type and installation method.
  • This has also changed acquisition methods. Younger consumers are e-commerce shoppers first, and new competitors commonly offer a better online buying experience without requirements for home visits, phone consultations, or interaction with sales staff.
  • Security services have expanded, such that professional monitoring is no longer the sole source of recurring revenue for providers. While it still makes up the lion’s share of revenue, self-monitoring fees and video storage fees are additional and important sources of security services.
  • Professional monitoring providers have expanded the types of solutions monitored, from systems to devices, vehicles, and persons.

To better reflect these dramatic changes, Parks Associates has built a fresh model sizing the residential security market and projecting forward growth. This document includes key definitions as well as analysts’ assumptions behind the numbers.

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