Increased functionality in the home is quickly altering people’s perceptions and adoption of security equipment in single-family dwellings, according to a recent study published by IMS Research (recently acquired by IHS Inc. (NYSE:IHS)), titled The Americas and EMEA Markets for Home Fire and Security Equipment.
"Telecommunication companies and utilities play an important role within the home with bundled offerings now becoming the industry norm. Historically, security equipment was standalone from other devices commonly found in the home requiring a separate installation and a different monthly fee,” says Blake Kozak, report author and senior analyst at IMS Research.
Increased demand for bundled home services, coupled with the further uptake of smart phones, has created a new platform for vendors of security equipment who are relishing new market opportunities and finding new ways to take the penetration of security equipment well beyond the common adage of 20 percent.
More specifically, there are simply more options available to those in single-family dwellings. “Not only are there more providers of home security and home automation systems, ranging from retailers to telecommunication companies, but there is also more flexibility in functionality, pricing and interaction with the home,” says Kozak. “This opens the door not only to single-family dwellings, but also multifamily dwellings who may have never considered installing a security system before. In other words, there is a portion of the market that has a greater demand for energy management, video monitoring and lighting control than demand for security, so with bundled services and more flexible offerings, life safety and security can be a simple add-on.
The Americas and EMEA Markets for Home Fire and Security Equipment is a first edition study and is the only report available which analyzes and quantifies the market for residential fire and security equipment.