A new whitepaper from Parks Associates, Value Beyond Home Security: Expanding Product Ecosystems, finds “peace of mind” is a key driver for smart home adoption, with 31% of recent buyers citing this factor as a top benefit influencing their purchase. The whitepaper, developed in partnership with Alarm.com, finds consumers are increasingly reliant on connected devices and security services to deliver peace of mind in and around their home, driving the expansion of professional services beyond home security.
“As connected device adoption increases, device manufacturers and service providers have a tremendous opportunity to provide new and valuable experiences to consumers,” said Jennifer Kent, VP, Research, Parks Associates. “New monitoring services, including loss prevention for devices, PERS enhancements, and monitoring of vehicles, appliances, energy usage, indoor air quality, and valuable assets, will continue to grow in the coming months and years.”
As the technology used in smart homes and security systems grows in complexity, consumers opting for professionally installed and monitored systems rely on their providers’ expertise for configuration and support. Security providers can diversify their consumer base by expanding solutions to integrate new home services designed around safety and security value propositions. The whitepaper reports 23% of home security system owners want to extend their system to protect their yard and outdoor items, while 69% of home security system owners are interested in vehicle monitoring as an add-on for home security systems. This indicates that expanding beyond the home will also improve consumer engagement with their systems.
“Consumers’ expectations for their devices and household services will continue to expand in parallel with their capabilities, opening many more opportunities for specialty providers in the home,” Kent said. “The future is bright for those companies who recognize the opportunities to create additional stickiness and engagement through new services that highlight safety and security value propositions.”