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
A matchup of the titans of tech and TV would mark a watershed moment for the media and Silicon Valley, whose leading companies are flush with cash and hungry for premium content to attract more eyebal...
The release of the new kit represents an opportunity for Intel to get its foot in the door in the burgeoning smart home market. According to Parks Associates, smart speakers in particular are driving...
Amid IoT ecosystem platforms, Nest from Nest Labs (subsidiary of Alphabet Inc.) is a mature and well known brand. It was acquired by Google (now Alphabet) in 2014 for $3.2 billion and has expanding it...
You might think the generation that regards traditional television with something approaching open disdain would be unwavering in their loyal to the SVODs and OTTs that stream their beloved content an...
