Demand for Security Solutions: Devices, Systems, and Services

Description

SYNOPSIS:

This flagship study quantifies security system owners' purchase journey and assesses the different purchase and ownership experiences among Pro and DIY system owners. In addition, the study investigates purchase trends and triggers; evaluates alternative security solutions that buyers consider at purchase; assesses why consumers move to different security providers, different security solutions, or out of the security market entirely; and tests new peace-of-mind solutions such as cybersecurity, out of-home/personal emergency solutions, vehicle monitoring, smart tags, and pet monitoring.

SAMPLE VIEW

Key questions addressed:

How are the competitive dynamics shifting in the residential security market?
What are the most impactful triggers for purchasing security solutions?
How do purchase journeys differ for pro- and DIY-installed security system buyers?
How do security households build their systems? Which devices do they acquire at the time of system purchase, and which do they add later?

ANALYST INSIGHT:

"The evolution in home security technology empowers consumers with choice, control, and peace of mind, knowing that their homes and loved ones are protected by cutting-edge systems designed for rapid response and ease of use." - Jennifer Kent, VP, Research, Parks Associates.

Executive Summary

Home Security System Ownership, YoY
Installation Method Across All Home Security Systems in US Internet HHs
Installation Method for Home Security Systems Acquired within the Past 12 Months
High Likelihood of Switching to New Professional Monitoring Service Provider
Reason for Switching Professional Monitoring Providers
Devices Acquired as Part of Security System
Length of Continuous Subscription to Professional Monitoring Service 2014 vs 2023

Security Solutions: Adoption & Market Segments

Security Solution Adoption
Paid Security Device Adoption
Home Security System Ownership, YoY
Home Security System Ownership, QoQ
Interactive Systems Adoption Among All Security System Owners
Interactive Systems Adoption Among Recent Security System Buyers
Paid Service for Home Security System, YoY
Home Security System & Service Adoption
Home Security System Installation
Installation Method for All Home Security Systems
Installation Method for Home Security Systems Acquired within the Past 12 Months
Preferred Installation Methodology for Future Security System
Alternative Security Solutions Considered, Among Recent System Buyers
Demographics Breakdown of DIY Installed vs. Pro Installed

Security Age and Usage

Age of Home Security System
Frequency of Using Security System
Security System Acquired Not Currently In Use
Self-Installed System Not Currently In Use

Competitive Landscape

Security System Brand Owned
Security System Brand Owned Among All Recently Acquired System Owners
Security System Brand Owned by DIY Installed vs Pro Installed
Paid Home Security Service by Service Provider
Top Professional Monitoring Service Providers, YoY
Previous Professional Monitoring Security Service Providers
Security Service Provider Net Promoter Score (NPS)
Top 10 Brands by NPS
NPS of Top Security Service Providers, Trending

Purchase Journey

Top Desired Features For Security System
Security System Purchase Channel
Security System Purchase Method
Payment Method Used to Acquire a Home Security System
Average Upfront Fees for Home Security Systems, YoY
Devices Acquired as Part of Security System
Additional Devices Added After Initial Installation
Devices Added to Existing Security System
Acquisition Triggers of Home Security System
Installation Method for Add-On Smart Home Device
Reason for Choosing Self-Installed Security System
Difficulty in DIY Installing a Security System - July 2022
Difficulty in DIY Installing a Security System - Q2 2023
Average Hours Taken to Self-Install a Security System - July 2022
Average Hours Taken to Self-Install a Security System - Q2 2023
Security System Purchase and Intention to Buy
Purchase Intention: Smart Safety & Security Devices
Smart Video Doorbell Brand Owned
Smart Camera Brand Owned

ARPU, Churn, Retention

Average Monthly Fee for Home Security Service, YoY
Avg Monthly Fee by Top 10 Brands, Q2 2023
Length of Continuous Subscription to Professional Monitoring Service
Changes Made to Home Security System in the Past 12 Months
Reasons for Cancelling Professional Monitoring Security Service
Reason for Switching from Self to Pro Monitoring
Reason for Switching Professional Monitoring Providers
High Likelihood of Switching to New Professional Monitoring Service Provider
High Likelihood of Subscribing to Professional Monitoring Service
High Likelihood of Change to My Pro-Monitored Security System
Left Length of Contract, Among Intended Cancellers

Promotion, Incentives, and Discounts

Professional Monitoring Service Subscribing Promotion
Impact of Retention Incentive on Cancellation Plans
Impact of Service Pricing Discount as Retention Tool
Impact of Contract Terms on Cancellation Plans
Reason for Choosing Self Monitoring Service
Reason for Choosing Specific Monitoring Service Over Other Options
Attitudes toward Self-Monitored Security System

Interest in Value-Added Security Services

Interest in Security System Add-on Service
Safety Solution Adoption
People Who Used Safety Solutions in Household