DALLAS, April 4, 2019 /PRNewswire/ -- Security research from Parks Associates finds consumers who bought their home security system in the past 12 months spend $55 per month on average for their monitoring services, $5 more than the average cost among all security households. 360 View: Residential Security attributes the increase in RMR (recurring monthly revenue) among new subscribers to an increasing adoption rate of home controls and interactive services.
Dina Abdelrazik, Senior Analyst, Parks Associates, will present Parks Associates' new security research during the "Security in the Connected Home" session at ISC West on April 11 at 11:00 a.m.
"More than 60% of households with a security system, which equal 16% of all US broadband households, have an interactive home security system," said Dina Abdelrazik, Senior Analyst, Parks Associates. "For new security subscribers, the adoption of interactive services is 80-95%, so new customers are driving interactive services to reach maturity."
The research finds the average monthly spend for security monitoring subscribers is $50 per month. Adding interactivity and home controls to the security system is quickly becoming a standard offering among security system providers. National security companies and cable operators lead in market share of new professionally monitored customers with interactive services.
"The shift away from the traditional security offering is necessary for the industry to move forward," Abdelrazik said. "Among households planning to buy a security system in the next 12 months, the abilities to be monitored/controlled via a smartphone and to work with smart devices already in the home are their top two features guiding their purchase decision."
360 View: Residential Security quantifies major trends in the market, including analysis of competition, self-installation, the adoption of interactive services and home controls, and the impact of standalone smart products.
Additional research includes:
- 63% of security system households own a smart home device.
- The needle for home security system ownership, monitored or not, has stayed within 25-27% over the last five years.
- Professionally monitored households are 12 times as likely to be early adopters as households with low/no interest in security systems.
- More than half of professionally monitored security subscribers indicate that they would switch providers for a service fee that was 25% or 50% less than their current monthly fee.
For more information about 360 View: Residential Security, contact [email protected]. To schedule an interview with an analyst or to request specific research data, please contact Elizabeth Parks at [email protected], 972-996-0202.
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 webcasts, 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
SOURCE Parks Associates