DALLAS, Oct. 22, 2020 /PRNewswire/ -- New Parks Associates research finds 63% of security system owners plan to purchase a smart home device over the next 12 months, compared to 40% of all US broadband households. The research firm identifies this segment of security households as a prime target for new device purchases based on their higher affinity to new technologies and greater likelihood of starting a home improvement project due to the COVID-19 pandemic. The new study COVID-19: Impact on Residential Security and Smart Home details changes to purchase or upgrade intentions regarding security systems due to the COVID-19 pandemic, as well as related factors such the impact on professional monitoring and installation preferences.
"Security system owners and intenders show greater appreciation for technology solutions due to the COVID-19 pandemic," said Jennifer Kent, Senior Director, Parks Associates. "They are also more likely to have a home improvement project planned now, and while COVID-19 has caused some households to avoid projects that bring installers into the home, 23% of security system owners scheduled a project with a contractor or service provider at their house. Companies with the flexibility to offer DIY and professional installation options will have an advantage in this market."
The installation method for newly acquired security systems and smart home devices has trended towards self-installation for several years. Fourteen percent of US broadband households plan to purchase a security system in the next 12 months, but only 39% of these intenders report that they will choose professional installation. Traditional security providers and installers must stress the actions they are taking to minimize risks to their prospects and clients as well as promote the benefits that come with professional monitoring.
"Security providers that can offer reduced pricing during this extraordinary time will benefit in sales and reputation among both new and current customers," Kent said. "Currently 32% of professional monitoring subscribers report getting some payment relief from their provider."
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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 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 webinars, the CONNECTIONS™ Conference Series, Connected Health Summit: Engaging Consumers, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com