According to marketplace sources like Inc.com and SDM Magazine, the home alarm industry is big and growing fast. Many home security companies have reported double-digit growth over 2016 and 2017. Worldwide, the security market may pass $100 billion by 2020. When you break the numbers down, home-based security systems account for almost half of that figure. Video surveillance and integrated monitoring systems are expected to have the greatest increases in the coming year. So what’s behind the home security boom?
The FBI have released data showing that there has been a 2.6% decrease in property crimes in 2016, but customers interest in home security keeps rising. Why? In safer times any crime becomes more attention-grabbing. Homeowners may grow concerned for their safety and investigate their security options.
This is particularly true among the Millennial generation, a sharply rising part of the market. Some look for state-of-the-art monitored home security systems. Others go the opposite direction and create a DIY setup, reflecting the trend of Millennials to be more budget-conscious than Generation X.
Changes in Security Technology
One of the biggest shifts in technology over the last year was the ‘2G Sunset.’ Across the nation, 2G towers are being phased out. According to some industry experts, 3G may be next.
By 2020, we’d love to have GSM turned down, if not before.
This has impacted how many smaller home security companies do business. However, Telecom companies also help drive the security technology through competition, innovation, and customer reach.
Other important factors driving tech change include:
- Crowdfunding websites. Kickstarter and similar sites allow smaller businesses to get attention to innovative new security products.
- Lowered costs. Security system staples like motion-activated cameras are becoming cheaper than ever, putting those security features within the budget of more lower and middle-class homeowners.
- Increased smartphone usage. Smartphones continue to become a keystone in everyday life. Customers want to stay connected 24-7 to their home’s security systems. This can include accessing video feeds remotely or receiving a text when something trips an alarm.
A Wider Marketplace
Some very large companies have joined the home security industry in recent years. These include Telecom giants like AT&T and Comcast. They have the advantage of tremendous reach, able to advertise to millions of customers. However, customers dissatisfied with their phone or internet service may not perceive their Telecom providers as reliable for something like home security.
This is where smaller local security companies have an advantage. They can offer faster response times for maintenance, repairs, and of course in emergency situations. Their improved customer service experiences may also outclass that of the Telecom giants.
Home Security is the Future
With so much changing, one thing remains the same: you need a reliable security company. At ProtectAmerica, we offer multiple monitored home security packages to fit your household’s needs. To find out more, contact us or fill out a short form on our website for a free quote.