AI and Machine Learning Could Help Propel Home Security Monitoring Market, Says Parks
Do-it-yourself solutions will cause shifts in the residential security market, blogged Parks Associates Wednesday, predicting more than 2 million U.S. broadband households will have a self-monitored system by year-end. Some 23 percent of self-monitored systems are fee-based, collecting an average…
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$9 per month, while 22 percent include home control. By 2024, average monthly fees will drop to $8.50, and 34 percent of DIY services will include home control add-ons, it said. Though smart home features “tip the scales toward acquisition,” market drivers and inhibitors for home security are the same they have been for years, said analyst Dina Abdelrazik. Parks believes artificial intelligence could create alternative approaches to home security systems and monitoring that would attract a broader customer base: AI and machine learning can reduce false alarms, sense anomalous activity, perform video analytics, and provide video verification and surveillance, said the analyst. An AI-based system would require a “full alignment of AI-enabled hardware, system software, and intelligent call center services,” she said, saying vertically integrated players are in the strongest position to deliver because they can optimize an entire system, assure quality control and user experience and “monetize each component.” Three-quarters of self-monitored security systems are self-installed said Parks, and among the 27 percent of broadband households with security, 23 percent, or 23.9 million, have professional monitoring.