Tenth annual Security Dealer Study addresses competitive pressures, industry conditions, and new trends for security market
DALLAS, Feb. 9, 2023 /PRNewswire/ — Parks Associates’ 10th annual Security Dealer Perspectives: Views from the Front Line presents and analyzes the results of a nationwide survey of installers/dealers who install security systems, including both owners and those employed by security firms. The survey, conducted at the end of 2022, reveals that one-third of owners of a security dealer firm have considered selling their business, although 42% have no succession plan.
The research quantifies the dealers’ view of the security market, with data compared across multiple surveys, and analyzes competitive pressures, industry conditions, and new trends, including the addition of smart home and interactive technologies.
“2022 was a difficult year for home sales after several boom years, and the years to come will be challenging for the housing market,” said Elizabeth Parks, President and CMO, Parks Associates. “Between inflation, increased home prices, rising mortgage rates, and general uncertainty over the health and direction of the economy, consumers are pulling back on spending and buying homes.”
Parks Associates’ research of 10,000 internet households shows that 23% of home security system owners acquired their system by moving into a home where it was already present. Moving is among the highest triggers to purchase, alongside heads of household who are starting a family.
“A decline in the housing market is bad news for security providers. In response, many security dealers focus on reviving or increasing their sales to commercial environments, or they are looking to set the business up for sale,” Parks said. “To thrive, dealers must avoid high attrition, increase fees as possible, and seek additional revenue sources.”
Parks Associates will address the growth of the home security industry and integration with energy management solutions at its upcoming Smart Energy Summit, February 13-15 in Austin, Texas. The executive conference addresses the growth of the energy management industry, including the intersection between the smart home and security industry. Sponsors for Smart Energy Summit are CSA – Connectivity Standards Alliance, Rapid Response Monitoring, Calix, Schneider Electric, Austin Energy, Questline Digital, Copper Labs, Resideo, and Google.
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About Parks Associates
Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.
The company’s expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.
Each year, Parks Associates hosts industry webcasts, Smart Spaces: Apartments, Hospitality, and Community Living, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com
SOURCE Parks Associates