Security dealers are looking to new areas to bolster their revenues, and that includes DIY systems, according to consumer technology and smart home research firm Parks Associates.
According to Jason Paris, vice president of business development at Parks Associates, economic factors and the housing market is giving rise to the DIY security system, which is typically less expensive than more professional-grade systems and costly installation labor rates.
“High interest rates and low home sales meant fewer consumers were moving into resales, a critical time for acquiring a new security system and monitoring services,” Paris says. “Inflation continues to temper consumer spending while DIY products competed with security systems for consumers’ wallets.”
Parks research released in October 2023 found that 10% of U.S. internet households own a DIY security system, and 28% pay for a security service attached to a security system or smart device. This is making it difficult for local security dealers to keep up with national tech-first, online players with a presence in multiple markets.
“Brands must compete on their hardware, price-value equation, ease of purchase, and new features,” says Elizabeth Parks, the research firm’s president and marketing chief. “All major players retained or gained share year-over-year, indicating that the smaller players, including local traditional security dealers, are seeing their share of the market dwindle.”
From the article, "DIY Security Systems are on the Rise, According to Parks Associates Research" by Zachary Comeau
This survey was conducted by Parks Associates on behalf of the Coldwell Banker brand within the United State, June 6 to 9, 2016 through a third party via an online omnibus product. The survey was cond...
In a world where selling a home is already hindered by the economy and a generation that is hesitant to buy, smart home technology is making things even harder. According to Coldwell Banker Real Es...
Most house hunters apparently don't want to bargain hunt the old-fashioned way. Fixer-uppers may be out of fashion. A survey of 1,250 U.S. adults this summer from Coldwell Banker Real Estate and Pa...
US healthcare starts transforming–what are the opportunities? A ‘ripple’ of a Tunstall partnership, NHS CCGs forcing disabled into care homes, and tenders posted in Scotland and Wales. From the art...
