Strong Residential Security System Trends Show New Growth Opportunities For Dealers
New ESA Forecast report offers Outlook for Residential Security and Add-On Devices
The increase in time spent at home due to the pandemic can have a solid impact on home-automation platform sales. According to a recent study, overall, 52% of all U.S. broadband households intend to purchase some kind of smart home device in the next twelve months, compared to 43% in 2018.
The ESA Forecast Outlook for Residential Security and Add-On Devices1 provides an analysis on the most important trends impacting the connected home security system market through 2024. These trends include adopting new technology, the addition of interactivity and changes in consumer behavior.
Their study polled broadband households and is available for download. Here are some high-level insights to help guide professional security businesses in 2021:
- 42% will subscribe to home control services in interactive security households;
- 31% will have network security cameras with a video storage service;
- Do it yourself-style systems continue to contribute to sector expansion, but not at the expense of pro-monitoring. In fact, the attachment of professional monitoring to self-installed systems contributes to overall professional-monitoring growth.
Take Advantage of Growing Awareness and Adoption
Not surprisingly, the report also shows that video cameras and video doorbells are the most highly adopted adjacencies for security system owners. It also showed that these security systems are ripe for add-ons such as smart garage door controllers and smart outdoor lighting, and both of these continue to provide the best added value for homeowners, while also dealers to expand their businesses.
The interactive security system with smart home support continues to account for the lion’s share of home control systems in the U.S. today.
Professionally monitored security remains strong: 88% of security system owners have it, and the do-it-with-me approach provides a means for dealers to address pandemic limitations and a lower price point for entry-level security system buyers. For example, over the past two years, more than half of newly installed systems were self-installed.
Get the latest facts and trends to help you make informed decisions on capturing new customers by downloading the complete white paper at the ESA website.
1 This report was commissioned by the Electronic Security Association (ESA) and conducted by research firm, Parks Associates. Resideo sponsored the report.