For centuries before that of the 21st, people have relied on simple lock systems or wooden latch systems to secure their homes. However, despite the steady decrease in crime nationwide in America and many others developed countries, average consumers, especially in residential areas, are more than ever concerned with their home security.
With the growth of practical integrated technology, the home security industry has shifted towards smart-home solutions that appeal to the millions of homeowners in America, and the billions across the world. The security industry, in general, is projected to surpass $100 billion by 2020, $47 billion of that being in home security.
Preference for Smart Home Devices
The increase of prominence in upgraded home security across the world has majorly been due to the rise of technology, specifically that of integrated with appliances and advanced security features. These features are both flexible and convenient, allowing a customer to set their own preferences while maintaining a high standard of security.
The growth in consumer preference for smart home security devices is reflected in the 70 million smart home devices shipped across the U.S. in 2016, a number which vastly increases each year. Smart home devices also receive grassroots funding through crowdfunding platforms such as Kickstarter, as companies find more and more methods to increase the ease of everyday life for consumers while offering even better security.
Factors towards Growth in Smart Home Security Industry
Various factors contribute to the changes in the relationship between the home security industry and its consumers.
As the consumer market moves towards the younger, millennial generation, products that are more technology advanced are more easily understood and functional to a larger percentage of the home security market. Smart home devices that play a role in DIY home security solutions are also found to be most appealing to those under 45, and the growing participation of that specific demographic is a large factor in the success of smart home security applications.
Many insurance companies have begun offering discounts as high as 30% for homeowners who own a smart home security system. These discounts offer a large incentive to purchase these smart home devices.
Participation of Major Brands
Large, global corporations such as AT&T, Comcast, Time Warner Cable, and more are also launching smart home security devices, both validating and pushing further investments in the industry. These companies also often bundles their home security offerings with cable and telephone packages, creating greater incentive for current customers to add security to their current bundle.
Scalco, Dan. “Why Home Security Systems Are on Track to Be a Multi-Billion-Dollar Market.”Inc.com, Inc., 26 Jan. 2017
Wolf, Michael. “Here’s Why DIY Home Security Will Soon Be A Billion Dollar Market.” Forbes, Forbes Magazine, 23 May 2014