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Parks Associates: Over Two Million US Broadband Households Will Have a Self-Monitored Security System in 2019DALLAS, Oct. 16, 2019 /PRNewswire/ -- Parks Associates research estimates new DIY solutions will cause some shifts in the residential security market, as over two million broadband households will have a self-monitored system by the end of 2019. Home Security: Market Sizing and Forecasts notes that 23% of self-monitored systems are fee-based, collecting on average $9 per month in 2019, and 22% also include home control. By 2024, average monthly fees will drop to $8.50, and 34% will also have home control add-on services Home Security: Market Sizing and Forecasts quantifies trends and explains the forces impacting the residential security market. It also outlines the assumptions, drivers, and inhibitors of the residential security market and provides a five-year forecast for multiple market segments. "While smart home features may tip the scales towards acquisition, overall market drivers and inhibitors for home security are roughly the same as they have been for many years," said Dina Abdelrazik, Senior Analyst, Parks Associates. "Parks Associates forecasts roughly 30% of US broadband households will have a security system by 2024, so the industry is in need ofbusiness models that can tap into the roughly 70% of households without a security system." Artificial intelligence is one innovation that could create new and alternative approaches to home security systems and monitoring that would attract a broader base of customers. AI and machine learning can reduce false alarms, sense anomalous activity, perform video analytics, and provide video verification and surveillance. "A complete value proposition based on AI benefits would require a full alignment of AI-enabled hardware, system software, and intelligent call center services," Abdelrazik said. "Vertically integrated or partially vertically aligned players are in the strongest position to deliver these benefits because they can optimize the whole system, assure quality control and user experience, and monetize each component." Additional research:
For information on Home Security: Market Sizing and Forecasts, contact [email protected]. To schedule an interview or request data, please contact Sherrelle Lewis at [email protected] , 972-996-0214. About Parks Associates The company's expertise includes digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security. http://www.parksassociates.com Media Contact: View original content to download multimedia:http://www.prnewswire.com/news-releases/parks-associates-over-two-million-us-broadband-households-will-have-a-self-monitored-security-system-in-2019-300939440.html SOURCE Parks Associates |