Consumers scrutinizing value of pro monitored and pro installed security systems
Parks Associates’ new research, Demand for Security Solutions: Devices, Systems, and Services, finds that more than 60% of US households with self-monitoring believe it keeps them just as safe as professional monitoring. During the COVID pandemic, the adoption of DIY-installed security systems surged significantly. However, professional system installations have since made a strong comeback, reaching a level where both installation approaches are now equally popular.
Parks Associates’ flagship survey of 8,000 US internet households quantifies security system owners’ purchase journey and assesses the different purchase and ownership experiences among pro-installed and DIY system owners. The most common reason for cancelling professional monitoring is “fees are too high.” However, these households represent only 25% of all who have recently cancelled monitoring. An increased sense of neighborhood safety and a realization that the household doesn’t use their system enough are also strong triggers to cancellation and difficult to overcome.
"Although discounts or promotions can address cost concerns, the perception that professional monitoring offers no additional benefits requires a response that is both logical and credible," said Elizabeth Parks, President, Parks Associates. “Overcoming this perception is a challenge that providers of professional monitoring services must tackle.”
Demand for Security Solutions: Devices, Systems, and Services explores opportunities for security providers to transform their business by incorporating smart home devices, which will enable them to offer interactive, personalized, and efficient home management solutions. The entry of large tech companies into this space raises expectations among consumers that devices will communicate not only with each other but also with emergency response services. Market expansion also opens opportunities for customization, with a tailored security approach that can adjust to the unique needs of each household.
"The additional services attached to a system significantly enhance its value by contributing to lifestyle enhancements and increasing customer retention,” Parks said. “These ancillary services improve user experience and create 'stickiness,' making the system an indispensable part of daily routines and transforming security companies into lifestyle service providers. This integration fosters loyalty and ensures sustained user engagement, as highlighted in our research findings."
To schedule an interview with an analyst or to request data, contact Mindi Sue Sternblitz-Rubenstein at mindi.sue@parksassociates.com or 972-490-1113.
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.
The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
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