Consumers can suffer a world of worry over the safety and security of their homes, their loved ones, and their belongings. Today, advances in home security and safety devices offer consumers an increasing array of solutions to help them trade in worry for peace of mind. Companies invested in Internet of Things (IoT) technologies are producing smart, connected products and services that promise to make the smart home a safer home. 

The DIY smart home movement is challenging traditional, pro-installed, and monitored security systems. Some consumers are deciding that self-monitoring is adequate for their needs and pocketbook, putting pressure on pro-monitored services to more vigorously substantiate their value. This primary research 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.

Parks Associates new research, “Safe Enough: Consumer Attitudes towards 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.

In addition to being complementary adjacencies to security systems and a means to expand security system offerings’ functions and benefits, smart home devices, subsystems, and controllers constitute competition to traditional security solutions. Particularly viable substitute devices include networked cameras, smart door locks, outdoor light fixtures, smart video doorbells, or a combination of these devices. Today, 29% of U.S. broadband households report owning a smart home device of some kind; more than half of all security system households report ownership of some smart home device. Consumer concern for security is the most influential market driver for purchase of smart home devices to date.

Additional Parks Associates Data:

• 69%-78% of smart home devices are reported self-installed.
• 57% of video doorbell owners report keeping the home safe/secure as a purchase influencer, while 42% of smart door lock owners reported the same.

As smart home security devices grow in familiarity, value, and affordability, these alternatives will close the divide from traditional security systems. Increasing integration of robust analytics, AI, and intelligence will make these devices “safe enough” for consumers to monitor and protect their homes.

COVID-19 is creating a challenge for traditional security system providers as these offerings are generally more expensive than smart home devices. As discretionary incomes disappear, the need to keep the “the eyes on the castle” will not, forcing consumer to look for low-cost alternatives.

More information on this project is available on Parks Associates website.