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Annual Revenue for Residential Monitored Security to Exceed $14B by 2020

New research by Parks Associates also shows that 20% of U.S. broadband households plan to purchase a network camera in the next 12 months.

DALLAS — New research by Parks Associates reveals that more than 26 million U.S. broadband households will have professionally monitored security by 2021, and that total annual revenue for professionally monitored security in U.S. households will exceed $14 billion by 2020.

“The residential security industry is changing along many dimensions,” says Tom Kerber, director of IoT Strategy, Parks Associates. “The addition of interactive services and home control products has expanded the market and changed the value chain and competitive landscape. Cable and telecom operators have entered the market with security services. New approaches to selling professional monitoring including self-installed solutions and on-demand monitoring services, and service providers are working to expand the market by connecting smart products to monitoring services.”

Another report titled, Smart Home Devices: User Experience, shows that security is the strongest driver for smart home adoption.

Among U.S. smart home device owners, 37% made the purchase to keep their home safe, while 29% wanted to monitor their home while away.

One-fifth of U.S. broadband households plan to purchase a smart all-in-one security product in the next 12 months, and another 20% plan to purchase a networked camera, according to the report.

“The residential security market has experienced continued growth, and the introduction of smart devices and services has opened new opportunities to bring more U.S. homes into the security market,” says Kerber. “Security providers must adapt to this trend and embrace the new IoT reality, which will expand the market for monitoring services and ultimately bring provider higher revenues.”

Earlier today, Kerber spoke at the Monitoring Association’s annual meeting in a session titled, “Home Security Market Dynamics, Disruption, and Opportunity.”

SSI Senior Editor Rodney Bosch attended the session and tweeted some highlights below:

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