2020 will bring new challenges and opportunities as consumers reduce spending and economy struggles with stay-at-home restrictions 

New research Residential Security: Consumer Insights 2020 from Parks Associates finds security system adoption, after holding steady at 25-28% for over five years, jumped up to 33% of US broadband households at the end of 2019. This growth comes as consumers have more options, including DIY and ad hoc monitoring through smart home devices. Parks Associates research emphasizes that 2020 will bring new challenges to the security industry as the COVID-19 pandemic is rapidly impacting the economy and consumer attitudes and behaviors.

“Year-end 2019 represented a big win for the residential security industry, but in 2020, the industry has to contend with the COVID-19 pandemic and its economic implications,” said Dina Abdelrazik, Senior Analyst, Parks Associates. “Consumer demand for safety and security has long been considered a persistent driver through any market conditions, but the Great Recession showed home security is not recession-proof. Security firms need to continue to innovate and to pivot messaging to emphasize DIY options and family safety to ensure consumers see the essential value in their solutions.”

Residential Security: Consumer Insights 2020 presents the consumer perspective on the residential security market, with a nationwide survey of 10,000 US broadband households fielded in 4Q 2019 and trending data from 2014. This research quantifies major trends in the market, including analysis of competition, self-installation, the adoption of interactive services and home controls, and the impact of standalone smart products.

Parks Associates’ latest research COVID-19: Impact on Consumer Spending and Behavior finds three out of four consumers say they are “cost conscious” as a result of COVID-19, so many households are already reassessing household services to reduce expenses.

“At the end of 2019, 16% of US broadband households were planning to purchase a security-related solution in the next 12 months,” Abdelrazik said. “Current conditions will impact purchase behavior, but safety and security remain top-of-mind for households—whether it be through a professionally monitored solution or a networked camera, consumers want to feel that sense of security.”

Additional Parks Associates security data:

• 52% of security system owners who acquired their security system in the past 12 months self-installed their system
• Self-installers are more likely to be satisfied with their security system than are households that used professional installers.
• 76% of security system intenders want interactive services.

Parks Associates is launching multiple surveys in 2020 to quantify the impact of the COVID-19 outbreak on consumer behaviors, purchasing, and usage of connected devices and services. For more information, contact [email protected].

To request data or an interview, please contact Rosey Ulpino at [email protected], 972.996.0233.

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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