International research firm Parks Associates announced that Tom Kerber, Director of IoT Strategy, examines key trends in the residential home security market and how smart safety and security products impact the competitive landscape.
“The residential security market has experienced continued growth, and the introduction of smart devices and services has opened new opportunities to bring more U.S. homes into the security market,” Kerber said. “Security providers must adapt to this trend and embrace the new IoT reality, which will expand the market for monitoring services and ultimately bring provider higher revenues.”
The firm recently released the consumer research Smart Home Devices: User Experience, which shows security is the strongest driver for smart home adoption. Among U.S. smart home device owners, 37% made this purchase to keep their home safe, while 29% wanted to monitor their home while away. One-fifth of U.S. broadband households plan to purchase a smart all-in-one security product in the next 12 months, and another 20% plan to purchase a networked camera.
According to Parks Associates’ Home Security NUMBERS™ research, more than 26 million U.S. broadband households will have professionally monitored security by 2021. The research also shows that total annual revenue for professionally monitored security in U.S. households will exceed $14 billion by 2020.
“The residential security industry is changing along many dimensions,” Kerber said. “The addition of interactive services and home control products has expanded the market and changed the value chain and competitive landscape. Cable and telecom operators have entered the market with security services. New approaches to selling professional monitoring including self-installed solutions and on-demand monitoring services, and service providers are working to expand the market by connecting smart products to monitoring services.”
The Monitoring Association (TMA), formerly Central Station Alarm Association (CSAA), is an internationally recognized nonprofit trade association that represents professional monitoring companies that are listed by a TMA-approved Nationally Recognized Testing Laboratory, such as FM Approvals, Intertek/ETL, or UL.
TMA is legally entitled to represent its members before Congress and regulatory agencies on the local, state and federal levels, and other authorities having jurisdiction (AHJs) over the industry. Since its incorporation in 1950, TMA has served its members’ interests through education, online training, meetings and conventions, certification, insurance, and industry standards.Source: parksassociates.com