Consumer likelihood of purchasing home security increases if customers have physical and contractual control, according to Parks Associates. Almost one in five people who have resisted buying home security systems say they are very likely to take the plunge if the system can be smartphone controlled.
Parks Associates’ “360 View: Residential Security” found that 73% of the 10,000 the U.S. broadband households in the study do not have security systems. Of these, 19% are very likely to buy one if it can be controlled by a smartphone and 19% are very likely to buy a system if a long-term contract is not required.
Likelihood of Purchasing Home Security
“Smart home adjacencies have helped revitalize the traditional security industry but also create new competition,” Dina Abdelrazik, Research Analyst, Parks Associates said in a press release. “Consumers can create DIY solutions with category devices such as doorbell video cameras and networked cameras, and alternative approaches to systems and monitoring for the security industry, including a new batch of DIY systems, are emerging. For instance, Vivint is bringing monitoring beyond the home with its introduction of Streety, an application that allows neighbors to share video clips and live feeds from their home security cameras.”
Other findings from the report:
- Traditional security companies account for the majority (72%) of all professionally monitored subscribers, but this share is declining.
- 41% of home security system owners live in the southern U.S.
- Over 50% of professionally monitored subscribers have interactive services.
- 16% of U.S. broadband households are highly likely to acquire a security system within one year of the survey; one-half plan to acquire a system that they can install themselves.
Several things are working in favor of home security in the modern age. The press release points out that creative new business models and technology enhancements such as voice control are putting pressure on traditional providers. In addition, the emergence of smart homes makes it possible for security to be bundled with other services and therefore more be attractive to homeowners.
Late last year, a home security satisfaction survey from J.D. Power found that two security-focused firms – Vivint Smart Homes and Guardian Protection Services – finished first and second, respectively. AT&T finished third.