Parks Associates: 63% of Security System Owners Plan to Purchase a Smart Home Device in the Next 12 Months
Parks Associates New research studies highlight the impact of COVID-19 on intentions to purchase or upgrade security systems
New Parks Associates research finds 63% of security system owners plan to purchase a smart home device over the next 12 months, compared to 40% of all US broadband households. The research firm identifies this segment of security households as a prime target for new device purchases based on their higher affinity to new technologies and greater likelihood of starting a home improvement project due to the COVID-19 pandemic. The new study COVID-19: Impact on Residential Security and Smart Home details changes to purchase or upgrade intentions regarding security systems due to the COVID-19 pandemic, as well as related factors such the impact on professional monitoring and installation preferences.
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“Security system owners and intenders show greater appreciation for technology solutions due to the COVID-19 pandemic,” said Jennifer Kent, Senior Director, Parks Associates. “They are also more likely to have a home improvement project planned now, and while COVID-19 has caused some households to avoid projects that bring installers into the home, 23% of security system owners scheduled a project with a contractor or service provider at their house. Companies with the flexibility to offer DIY and professional installation options will have an advantage in this market.”
The installation method for newly acquired security systems and smart home devices has trended towards self-installation for several years. Fourteen percent of US broadband households plan to purchase a security system in the next 12 months, but only 39% of these intenders report that they will choose professional installation. Traditional security providers and installers must stress the actions they are taking to minimize risks to their prospects and clients as well as promote the benefits that come with professional monitoring.
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“Security providers that can offer reduced pricing during this extraordinary time will benefit in sales and reputation among both new and current customers,” Kent said. “Currently 32% of professional monitoring subscribers report getting some payment relief from their provider.”
COVID-19: Impact on Residential Security and Smart Home provides a mid-2020 update on smart home adoption, purchase intentions, and app and control platform preferences and explores how COVID-19 has influenced consumer interest in smart home solutions.