Lines Blurring in DIY, Pro Monitoring Segments of Home Security Market: Parks
Thirty-six percent of U.S. broadband households own a smart home device, up 2% from Q4, reported Parks Associates Tuesday. “The residential security industry continues to experience a blurring of lines between professional” and do-it-yourself, said President Elizabeth Parks, noting that…
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pro monitoring providers including ADT, Brinks and Comcast have added self-monitoring options, and companies that started with DIY solutions now offer pro monitoring. Parks expects more innovation in AI and video analytics as companies look to add more monthly monitoring subscribers for security and smart home services. Some consumers want to self-monitor even if their home is professionally monitored, said Logan Dunn, Wyze head of growth. They want to see and verify any abnormalities, he said, calling it a trend with “legs.” Smart home camera penetration in the U.S. market is still low, he said, predicting upcoming innovations in the industry will involve video. To grow, the security industry needs to focus on the customer experience and value by making it easier to bring single-point devices into a single smart home ecosystem, said Don Young, ADT chief operating officer. The security experience also needs to extend beyond the home to vehicles and mobile devices to increase the sense of “feeling protected,” Young said. Parks plans a virtual Connections conference on the home security industry Wednesday at 1:30 p.m. EDT.