DALLAS, Oct. 16, 2019 /PRNewswire/ -- Parks Associates research estimates new DIY solutions will cause some shifts in the residential security market, as over two million broadband households will have a self-monitored system by the end of 2019. Home Security: Market Sizing and Forecasts notes that 23% of self-monitored systems are fee-based, collecting on average $9 per month in 2019, and 22% also include home control. By 2024, average monthly fees will drop to $8.50, and 34% will also have home control add-on services
Home Security: Market Sizing and Forecasts quantifies trends and explains the forces impacting the residential security market. It also outlines the assumptions, drivers, and inhibitors of the residential security market and provides a five-year forecast for multiple market segments.
"While smart home features may tip the scales towards acquisition, overall market drivers and inhibitors for home security are roughly the same as they have been for many years," said Dina Abdelrazik, Senior Analyst, Parks Associates. "Parks Associates forecasts roughly 30% of US broadband households will have a security system by 2024, so the industry is in need of business models that can tap into the roughly 70% of households without a security system."
Artificial intelligence is one innovation that could create new and alternative approaches to home security systems and monitoring that would attract a broader base of customers. AI and machine learning can reduce false alarms, sense anomalous activity, perform video analytics, and provide video verification and surveillance.
"A complete value proposition based on AI benefits would require a full alignment of AI-enabled hardware, system software, and intelligent call center services," Abdelrazik said. "Vertically integrated or partially vertically aligned players are in the strongest position to deliver these benefits because they can optimize the whole system, assure quality control and user experience, and monetize each component."
- Roughly 86% of US households now have fixed broadband capability; these are the households of strong interest for technology product and service providers.
- Among the 27% of broadband households with security, 23% or 23.88M report having professional monitoring.
- The majority of self-monitored security systems, 75%, are self-installed.
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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. http://www.parksassociates.com
SOURCE Parks Associates