Smart Home Technologies And IoT Driving New Growth In Residential Security Market
The report analyzes trends relevant to security dealers, including challenges in the business environment, product offerings, and factors of interactive services.
Parks Associates has released new research reporting that 70 percent of U.S. security dealers currently install or plan to install some type of interactive smart home device or system within their residential offerings in the next 12 months. Nearly three-quarters of security dealers offer interactivity with their devices, which can be controlled through smartphones, tablets, and computers.
“Smart home features are helping security dealers increase monthly revenues and also attract new customers,” said Barbara Kraus, director of research at Parks Associates. “Benefits from smart home features increase interest among homeowners who were not interested in monitored security systems. The sales model for security dealers, which involves one-on-one interaction with the customer, is particularly effective in communicating the benefits of smart home solutions.”
The project, “Security Dealer Survey: Emerging Trends in Security Systems Sales and Services” reports that nearly 40 percent of installs from 2015 had both system interactivity and enhanced smart home features, an increase from 31 percent in 2014. Dealer revenues for smart home services are around $14 per month.
“The residential security industry is in recovery mode thanks to more new starts, higher general rates of moving for homeowners, and a better economy, particularly for higher-income households,” Kraus said. “Smart home offerings open opportunities for growth over the next two to three years, and dealers are readily embracing these technologies.”
“Emerging Trends in Security Systems Sales and Services” analyzes a variety of trends relevant to security dealers, including top challenges in the business environment, intended product offerings, and factors related to interactive services. The research contains recommendations as well as a detailed section of firmographics, including systems installed, monitoring affiliations, revenues, revenue expectations, and sales breakdowns by market.