Parks Associates’ most recent update of its Residential Security Tracker assesses the residential security market, offering insights on security players’ expansion into the MDU market and the latest trends and industry news.
Consumer research featured in the Residential Security Tracker reveals that in Q2 2022, nearly 40% of US internet households reported owning a “security solution,” such as a home security system, networked cameras, or a video doorbell. Seven percent of U.S. internet households — approximately seven million households — own a network camera or video doorbell but no security system.
“Together, these smart home products add to the market for security solutions, as millions of households find a camera solution is ‘safe enough’ for their needs,” said Jennifer Kent, vice president, research, Parks Associates. “The current market for residential security solutions is a mix of devices, systems, installation methods, and attached services that offer consumers more choice than ever before.”
In the firm’s July 2022 survey, Parks Associates expanded its definition of home security services to better capture fee-based self-monitoring and video storage services. Thirty-one percent of internet households reported owning a security system, and 18% of U.S. internet households reported subscribing to a professional monitoring service.
“Parks Associates research captures substantially more fee-based self-monitored households than prior survey findings and is in line with our current view of the market,” Kent said. “Installation trends continue to hold where self-installed systems and pro-installed systems account for a similar portion of the market.”
Security solutions have enjoyed high demand, even under the economic uncertainty of the pandemic, but it’s unclear if growth will continue with higher pricing and tighter consumer wallets. After a spike in DIY installation during COVID-19 shutdowns, professional installation rebounded to its current rate. However, price hikes for security monitoring may impact adoption rates throughout the rest of 2022 or shift market share to less costly competitors.
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