The boundaries between the smart home market and security market at large are narrowing. Amidst a wave of expansion, suddenly everything is becoming digital. Home automation has been around for close to 30 years but hasn’t really hit it big because integration hasn’t been that simple. Now that the Internet of Things has stepped into the market, home automation is really taking off. As technology in the smart home market advances, the gap between the residential and professional security markets is growing smaller.
Additional revenue for security industry
There will continue to be more opportunity for interoperability, and home automation will continue to grow and eventually become a norm. Growth in the residential security market and its position as the channel for smart home solutions, have attracted numerous new entrants. Telecoms, cable operators, and CE (consumer electronics) manufacturers are joining traditional security players as they compete to fulfill consumer demand for safety and security.
Connected products also provide a layer of competition as consumers must decide whether having category devices such as doorbell video cameras, networked cameras and other products suffice for their security. Smart home services can provide additional revenue streams for the security industry. In Parks Associates’ 2017 survey of U.S. security dealers, 58% report that smart home service capabilities enable extra monthly revenue. Almost half of dealers also note they have to offer smart home devices and services in order to keep up with their competition.