Tuesday, January 10, 2023

Security trends to watch for in 2023

There’s also plenty going on in the residential security market. A Parks Associates Research report commissioned by the Electronic Security Association and sponsored by Resideo outlined 5 top residential security trends to watch for this year, noting the millions of households that have come aboard due to the explosion of DIY offerings and COVID-19.
In fact, several of the top residential security companies reported double-digit YoY growth while also recording record-high total revenue, ESA noted. Parks Associates research on security dealers found they have expected steady growth in their revenues since 2020.
A good portion of the security industry is raising professional monitoring fees or including new services for consumers or both. Five of the 12 major home security players Parks Associates tracked in Q2 increased their monthly professional monitoring fees. The average price hike for these 5 companies was about $12 per month.
Technology product and service providers, including home security providers, increasingly target the multifamily space, offering services to both MDU residents and rental property owners. Parks Associates research finds that 80% of property managers plan to implement smart home devices within the next 12 months, demonstrating a strong demand for automation and operational efficiency in the MDU space.
Vehicle security and energy management both present opportunities to home security providers. For example, a recent Parks Associates survey find 45% of security system owners or intenders want their security system to detect and prevent theft or damage to their vehicles.
Overall, Swiftlane estimates $6 billion worth of packages were stolen in 2020. Package theft is a glaring issue for consumers, and the home security and access control industries want to provide solutions. In Parks Associates Q2 2022 residential security tracker, Canary (also known as the Smartfrog Group) announced its acquisition of the smart lock and in-home delivery platform company Glue.
From the article, "Security trends to watch for in 2023," by John Dobberstein.

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