Over the last several years the use of home security has grown at a rapid pace due to many factors, most notably crime statistics and people wanting to invest in systems to protect themselves. However, as technology continues to progress, this too will undoubtedly shape how the industry changes and grows. Security is no longer about adding an extra lock on a door or installing an unmonitored camera on a doorstep. The way people protect their families and homes has long evolved. Here are three facts about the home security industry that might surprise you.
1. Residential Home Security Forecasted to Grow
Residential home security is projected to continue to expand and maintain a large share of the market through 2023. There are several major factors contributing to the growth and demand for home security:
- Crime rates
- Attractive and substantial discounts on home insurance policies
- Increased popularity of home automation and smart homes
- Tech-savvy millennials are helping to drive the market
- New technology has people upgrading to newer and better systems
Remote automation is also one of the factors driving growth in the home security market. Today’s consumers link their mobile devices to their security systems with ease, directly involving them in the protection of their homes. People like the capability to interact with their security systems and enjoy the peace of mind through the ability to receive alerts, live video feeds or other updates. They also like the confidence associated with always knowing their systems are continuously working. Consumers can expect to see interactive security expanding even more in the very near future.
2. Smart Home Market Rapidly Expanding
A recent study published by Zion Market Research found the global smart home market is expected to boom! The market revenue is anticipated to swell from 2016’s $24.10 billion to $53.45 billion by 2022. This exponential expansion will have a big impact on the home security industry as it will enable companies to bring smarter and even more personalized service to their customers in the not so distant future.
“Homeowners are enjoying more convenience and comfort from basic security monitoring and customized access to window coverings, appliances, lighting, irrigation, entertainment systems and many others.” ~ Zion Market Research
Currently, North America holds the largest share of the smart home market. According to Inc., in 2016, 70 million smart home devices were shipped in the United States and that figure is expected to jump in upcoming years. Europe isn’t too far behind the U.S., and smart home use is anticipated to grow significantly in the Asia Pacific as well. And why not? There are many advantages to investing in home automation. Security is going to heavily benefit from technological progress.
3. Integration of Cyber Security and Artificial Intelligence
As the smart technology space widens and the Internet of Things (IoT) becomes even more of a presence in residential homes, an increased number of connected devices will be added to home networks, many of them being ones consumers rarely think about as they go about their day. Many security companies are expected to focus on these “always on” devices to make certain they are secured and customers are protected from hacks and other cyber invasions.
Additionally, artificial intelligence (AI) is likely to also become more assimilated into home security as this technology is growing at an incredibly fast rate and seeing amazingly improved accuracy. A prediction noted in a January 2018 Forbes article suggests AI will be integrated into home security, even being able to distinguish a delivery person from a criminal. Consumers should expect to also potentially see an increased use of facial recognition technology in video surveillance systems as well.
While crime data can sometimes hard to quantify, the reality is whether crime statistics go up or down, the risk factors associated with crime never truly goes away. Your home, your family and your property are always at risk. A good monitored home security system can help you to protect everything you love. By installing a monitored home security system, you can enjoy the confidence that help is immediately on the way to protect yourself or your property in the event of a crime, fire, emergency or another unexpected event.
Interested in monitored home security? Call Protect America for a free quote today!