Smart home security begins to have an impact on traditional systems

New research from Parks Associates finds 60% percent of US broadband households feel safe enough with only a professionally monitored home security system, while 55% report feeling “safe enough” with only a self-monitored home security system. The firm’s DIY Home Security Tracker and Quantified Consumer: “Safe Enough: Consumer Attitudes toward Alternative Security Solutions” share insights and track the industry and consumer trends in the residential security market.

“While more consumers feel ‘safe enough’ only with a home security system, security-focused smart home devices deliver this same baseline feeling of security for a majority of households,” said Brad Russell, Research Director, Connected Home, Parks Associates. “A significant portion of households associate these products with a sense of security, which increases as more devices are added to the bundle. This creates a serious challenge to the traditional home security industry as cost is a major barrier that weighs down the overall appeal of their solutions.”

Consumers identify security systems as providing the strongest sense of “safe enough” security, but these systems are the least appealing when price is considered. Smart home security devices are a key alternative for cost-conscious consumers when purchasing equipment to secure their home, with a bundle including an all-in-one camera and an outdoor light fixture with a camera as the most appealing.

“As more players from the CE industry enter the DIY security space, they bring an expertise in product design that improves ease-of-use and attractiveness in smart home products,” Russell said. “This emphasis on user experience puts pressure on legacy security manufacturers and service providers to deliver solutions and systems that meet or exceed this higher bar, while still keeping costs low.”

DIY Home Security Tracker assesses the impact of DIY security solutions and includes an analysis of industry trends, market strategies of key players, and competitive analysis on leading products in all key product categories.

Safe Enough: Consumer Attitudes toward Alternative Security Solutions quantifies consumers’ perceptions of the value of traditional and non-traditional security products and services, what features are most important to make consumers feel safe enough, business model concept testing, and purchase channel preferences.