Benchmarking research highlights growth in safety and security solutions for consumers
DALLAS, Oct. 12, 2023 /PRNewswire/ — Parks Associates’ latest Residential Security Dashboard reports that 10% of US internet households own a DIY security system and 28% of US internet households pay for a security service, attached to either a security system or a smart security device. The firm reports that small, local security dealer businesses are struggling to keep up with national tech-first, online-first players, which have a presence in multiple markets.
Parks Associates’ Residential Security Dashboard visualizes the key metrics for the residential security market, including system adoption and purchase channels, professional monitoring services, and home security installation. After strong growth during the pandemic, security system adoption dropped dramatically in 2022. In 2023, adoption has settled at about 31% of households owning a system, while installation patterns are normalizing based on past, pre-pandemic market patterns.
“Brands must compete on their hardware, price-value equation, ease of purchase, and new features,” said Elizabeth Parks, President and CMO, Parks Associates. “All major players retained or gained share year-over-year, indicating that the smaller players, including local traditional security dealers, are seeing their share of the market dwindle.”
Parks recently presented an in-depth analysis of the security market during the CONNECTIONS™ session “State of the Home Security Market,” which featured a discussion with Don Young, EVP and COO, ADT, and is available for replay. The market expansion and new revenue strategies for the security industry will be key topics at the 2024 CONNECTIONS™ conference, May 7-9, in Dallas/Plano, Texas.
Consumer Insights Dashboards present survey-based consumer research that tracks movement of foundational market metrics, such as product or service adoption, household spending intentions, churn, and key tracking metrics on leading industry players.
Parks Associates surveys 8,000-10,000 US internet households every quarter, completing additional consumer surveys throughout the year. The survey results provide findings representative for US internet households, 92% of all US households.
To request data or an interview, contact Mindi Sue at email@example.com or call 972.490-1113
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.
The company’s expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. http://www.parksassociates.com
SOURCE Parks Associates