Parks Associates research shows slow and steady adoption of home security systems. As of Q2 2020 adoption was at 30% of U.S. broadband households, with the majority of those having professional monitoring service attached to it. Despite attrition, the average growth rate stands around 12% a year for home security systems.
The top trigger why consumers have a home security system is moving into a residence that already has a system, followed by the concerns for safety and security. This emphasizes the role that professional monitoring plays, with the majority of home security system owners having professional monitoring attached to them.
“We anticipate continued slow growth of monitoring along with the slow and steady growth of home security systems. There’s still about 65% to 70% of the market that has no security system in place. And certainly that’s an area where a lot of the major players and service providers are looking to tap into,” Parks said.