According to Parks Associates’ Home Security NUMBERS research, more than 26 million U.S. broadband households will have professionally monitored security by 2021. The research also shows that total annual revenue for professionally monitored security in U.S. households will exceed $14 billion by 2020.
“The residential security industry is changing along many dimensions,” Tom Kerber, director of IoT Strategy, said. “The addition of interactive services and home control products has expanded the market and changed the value chain and competitive landscape. Cable and telecom operators have entered the market with security services. New approaches to selling professional monitoring including self-installed solutions and on-demand monitoring services, and service providers are working to expand the market by connecting smart products to monitoring services.”
Security is the strongest driver for smart home adoption. Among U.S. smart home device owners, 37% made this purchase to keep their home safe, while 29% wanted to monitor their home while away. One-fifth of U.S. broadband households plan to purchase a smart all-in-one security product in the next 12 months, and another 20% plan to purchase a networked camera, notes Parks Associates.