Parks Associates research shows that 36 per cent of US broadband households now own a smart home device, an increase of 2 per cent over Q4 2020.
“The residential security industry continues to experience a blurring of lines between professional and DIY solutions,” said Elizabeth Parks, President, Parks Associates. “Professional monitoring providers, like ADT, Brinks, and Comcast, have added self-monitoring options, while companies that started in the DIY space now offer professional monitoring. We expect more innovation, especially in AI and video analytics, as companies attempt to find a winning business model to increase monthly monitoring subscribers for security and smart home services.”
“Even when the modern security consumer’s home is professionally monitored, they still want to self-monitor to a degree,” said Logan Dunn, Head of Growth, Wyze. “They want to see what is happening in their homes. They want to verify any abnormalities themselves. This is a current trend, and one that has legs to keep going. Smart home camera penetration in the US market is still low. I imagine that much of the upcoming innovations to the security industry will revolve around video.”
“Despite pandemic-related restrictions, our efforts helped ensure solid growth and achieved impressive customer retention,” said Min Kang, Chief Product Officer, Brinks Home. “As our customer needs to diversify and more customers look for customised solutions with flexibility, we strive to transform our business and technology to accommodate or exceed these expectations, enabling us to accelerate our growth further.”
“The keys to the industry reaching its full potential are focusing on the customer experience and driving value,” said Don Young, EVP and COO, ADT. “This means making it easier to harmonise the many single-point devices into a single smart home ecosystem. It means using sensors and data to make security become more predictive and more proactive. And it means extending security beyond the home to vehicles and personal mobile devices. All of these add value and relevance to the underlying security relationship with the customer and, when done correctly, increase the convenience of feeling protected.”