Wednesday, June 01, 2022

Delivering Peace of Mind

A whitepaper released this week by research firm Parks Associates, “Value
Beyond Home Security: Expanding Product Ecosystems,” examined the expansion
of professional services beyond home security due to a number of factors, including the growth of connected devices, new technology, and unified offerings from
professional service providers and DIY solutions.

Even though the number of COVID-19 cases continues to rise across the U.S. amidst a resurgence, and the fact that supply chain issues have impacted the security industry significantly since the onset of the pandemic in 2020, the whitepaper points out that the smart home industry continues to see “slow but steady growth” due to technology companies expanding product lines and entering into new partnerships.

The Parks Associates research revealed that purchase rates of smart home devices rose substantially in early 2021. Growth spanned all product categories, including smart door locks (19 percent), smart video doorbells (18 percent), networked cameras (15 percent) and outdoor light fixtures with video cameras (15 percent). Owners of smart home devices continue to add more products to their home ecosystems, with eight devices on average in every home, according to the whitepaper.

With more people working remotely the last two years due to the pandemic, it’s no surprise that the number of home security system installations have risen the last couple of years. In fact, 36 percent of U.S. broadband households owned a home security system in Q2 2021, up from 26 percent in Q2 2018, the whitepaper revealed.

“Traditional residential security players continue to integrate advanced technologies, especially around AI and video analytics, to create new service offerings, address new customer segments, and integrate with Google and Amazon,” the whitepaper noted.

“These new advances and innovative products are helping redefine residential security services and expanding them into new areas. Consumer choice regarding installation, device bundles, and monitoring services is a driving force for both professional and DIY solutions. Broadening consumer adoption of smart home products through retail, traditional home security system providers, and ISPs creates an onboarding ramp to the development of new professional services or added revenue to existing services.”

Another aspect of security that the report touched on was the importance of home control, whether it’s self-installed DIY systems, professionally installed systems, or whole-home systems, as well as the option of having one unified app to control all smart home devices. The whitepaper noted that 86 percent of smart home device owners surveyed wanted a single unified app to control their devices, which stresses the importance of convenience for homeowners.

Video analytics, and the significant role it plays in modern residential security video technology, was also covered in the Parks Associates research. In addition to the benefits that analytics provide homeowners when it comes to video surveillance, the whitepaper pointed out that video analytics offer “an excellent opportunity for security providers to build on their core offerings by extending security all the way from inside the home to the perimeter of a property.”

Another important advantage of video analytics is the increased amount of intelligent alerts and decreased number of false alerts for end users. The whitepaper revealed that 48 percent of U.S. security system homeowners with broadband internet agree that their home security systems trigger too many false alarms, and 39 percent strongly agree.

“This growing technology can identify people, objects, animals, packages, license plates, and other subjects of interest visible in video camera feeds to interpret the meaning and context of their presence near or in the home,” the research noted.

With all the progress being made on how smart home devices operate - in areas such as AI, connectivity, video analytics, and integration, just to name a few – homeowners can enjoy an “increasingly more personalized, predictive, and proactive experience,” the whitepaper concluded.

From the article, "Delivering Peace of Mind" by Cory Harris

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