Parks Associates: 18% of Households with Professional Monitoring Report a High Intention to Cancel Their Monitoring Contracts

New white paper in partnership with Ubiety features interviews with first responders to deliver unique view of residential security market and alarm response

DALLAS, May 2, 2024 /PRNewswire/ -- Parks Associates today announced the new white paper Next-Gen Professional Monitoring: Scaling Verification, in partnership with Ubiety, which reveals 18% of households with professional monitoring, approximately 4.8 million US households, reported a high intention to cancel their monitoring contracts in the next 12 months. This finding comes as interest in self-monitoring is increasing, with 34% of security system owners with professional monitoring considering a self-monitored system when shopping.

The research presents custom primary industry and consumer research conducted by Parks Associates to highlight multiple warning signs for the security industry. It shares data from interviews with first responders, including their view of security alarms and how their past experiences impact current response times and cause them to deprioritize security alarms. The firm's research reveals universal agreement that false alarms are a problem for the industry, with negative consequences for the customer, the security dealer, the monitoring centers, and the first responders.

"Security providers are in a unique position of trust with their consumers, but the new options for security solutions are appealing," said Daniel Holcomb, Senior Analyst, Parks Associates. "The risk of losing customers to self-monitoring or alternatives to systems is real."

"Parks Associates' white paper shines a critical light on a major challenge plaguing the security industry – false alarms and lack of consumer value," says Keith Puckett, CEO of Ubiety Technologies. "The data paints a clear picture: the current state of affairs is unacceptable for homeowners, law enforcement, and the security industry as a whole. At Ubiety, we are committed to developing and deploying innovative solutions that significantly reduce false alarms and enhance security while increasing homeowner engagement. We are grateful to Parks Associates for their leadership in raising awareness of this issue and look forward to collaborating with industry partners to develop a future where reliable security and peace of mind go hand-in-hand."

Parks Associates research shows that 15% of households who recently cancelled their professional monitoring cite false alarms as an issue, alongside high monthly fees and lack of value/use of the service. Additionally, 20% of the consumers who cancelled their service report purchasing an alternative smart security device to monitor their homes.

The white paper details public safety perceptions of alarms and new approaches to false alarms:

• Public safety officers are frustrated by limited information passed down from the monitoring center.
• False alarms and slow response times threaten to undermine the value proposition of home security systems and monitoring services.
• A coordinated approach among leading monitoring providers and security platforms can minimize compatibility issues and create better experiences for dispatchers and consumers. Coordinated efforts are essential for seamless deployment and the ability to scale solutions and educate first responders.

"The professional monitored security industry has to evolve and become more sophisticated with its solutions," Holcomb said. "Consumers have more options now, and there is a real threat for customers to move towards 'good enough' security solutions like self-monitoring systems and products."

Parks Associates will discuss this and additional security and monitoring data and market trends at CONNECTIONS™: The Premier Connected Home Conference, hosted May 7-9 at the Hilton Dallas/Plano Granite Park Hotel in Plano, TX. The conference features the session "Solving False Alarms: Tech Transforming Home Security" on Wednesday, May 8, at 2:00 pm CT.

To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at [email protected] or 972-490-1113.

About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households. https://www.parksassociates.com

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Contact:
Mindi Sue Sternblitz-Rubenstein
Parks Associates
972.490.1113
[email protected]

SOURCE Parks Associates