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Providing market intelligence for more than 35 years
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.