According to Parks Associates’ consumer study “360 View: Residential Security,” remote monitoring and no long-term commitment are key factors to attract new security customers.
2017 represented a boom year for the smart speaker category with household adoption reaching 15 percent in the fourth quarter of 2017. This is just the beginning of a period of rapid growth for the category, as Parks Associates, Dallas, estimates household penetration of smart speakers to reach 50 percent to 55 percent by 2021.
Dallas-based Parks Associates revealed new research recently, which shows that nearly three-fourths of smart home device owners installed their devices without professional help, either on their own or with help from a friend or family member.
Design innovation has always been a central element in differentiating, positioning and selling any home-based technology. Most people don’t want to bring the latest technological gadget into their home if it’s going to detract from the home’s décor. The world of home automation products is no exception; we see the makers of devices from thermostats to video cameras to motion sensors focusing with increasing intensity on making their “smart” products as smart looking as they are innovative.
In the North American region, the smart home market continues to disrupt major service providers and tech giants. If 2017 taught the industry anything, it was that having a smart home offering isn’t enough. Strategy, services and risk are essential to be successful in the smart home market.
The name of the game is RMR, which of course stands for recurring monthly revenue. With this dependable revenue stream, many companies have weathered tough economic times and flourished when times were good again. The security industry knows this best of all.
Until recently interactive services may have seemed like a novelty or a fad, but that is all changing, as the market trends toward remote services and interaction.
What is really driving this boom is the way these products and networks are starting to play together, allowing people to add what they want with whatever system they already have and control everything with one app.
Technology changes, major shifts in the market and evolving customer expectations bring a wealth of opportunity the commercial and residential security markets.