Tuesday, April 10, 2018

Households without a home security system want interactive services, no long-term contracts, and home management capabilities

Among U.S. broadband households without a security system, 19% are very likely to buy one if it can be monitored or controlled via a smartphone

Parks Associates shared new research today ahead of ISC West from its consumer study 360 View: Residential Security showing remote monitoring with no long-term commitment are key factors to attract new security customers. The research study of 10,000 U.S. broadband households reveals that among the 73% of broadband households without a home security system, 19% are very likely to buy a home security system if it can be monitored and controlled via a smartphone and 19% are very likely to buy a home security system if it does not require a long-term contract.  

The firm notes that new entrants like Nest, technology enhancements like voice control from Amazon, and creative business models contribute to shifting consumer expectations and put pressure on the traditional security industry to innovate in both technology and business strategies.

Likelihood of Acquiring a Security System  with Specified Features | Parks Associates

“Smart home adjacencies have helped revitalize the traditional security industry but also create new competition,” said Dina Abdelrazik, Research Analyst, Parks Associates.  “Consumers can create DIY solutions with category devices such as doorbell video cameras and networked cameras, and alternative approaches to systems and monitoring for the security industry, including a new batch of DIY systems, are emerging. For instance, Vivint is bringing monitoring beyond the home with its introduction of Streety, an application that allows neighbors to share video clips and live feeds from their home security cameras.”

Other research insights include:

  • Traditional security companies account for the majority (72%) of all professionally monitored subscribers, but this share is declining.
  • 41% of home security system owners live in the southern U.S.
  • Over 50% of professionally monitored subscribers have interactive services.
  • 16% of U.S. broadband households are highly likely to acquire a security system within one year of the survey; one-half plan to acquire a system that they can install themselves.

360 View: Residential Security addresses the current state of the residential security market; the leading channels for professionally monitored security; the market dynamics, such as price, interactivity, and installation method, that are affecting the security industry; the impact of the smart home market on residential security; and key trends in the residential security market.

For more information about Parks Associates’ research, contact sales@parksassociates.com.

Parks Associates analysts are attending ISC West in Las Vegas this week. 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 is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.

The company's expertise includes the Internet of Things (IoT), digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Smart Energy Summit: Engaging the Consumer, Connected Health Summit: Engaging Consumers, and Future of Video: OTT, Pay TV, and Digital Media.

http://www.parksassociates.com

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