According to a new report from IMS Research, an increased demand for bundled services in the home technology market could pay dividends for security equipment vendors as consumers’ views on home security change.
With the entrance of telecommunications companies and utilities into the market, the report found that more people now realize that security can simply be add-on service, rather than a standalone offering.
"Telecommunication companies and utilities play an important role within the home with bundled offerings now becoming the industry norm. Historically, security equipment was standalone from other devices commonly found in the home requiring a separate installation and a different monthly fee," said report author and IMS Research Senior Analyst Blake Kozak in a statement.
IMS said that this trend holds the potential to drive the market penetration of home security systems beyond the traditionally bandied about figure of 20 percent.
"Not only are there more providers of home security and home automation systems, ranging from retailers to telecommunication companies, but there is also more flexibility in functionality, pricing and interaction with the home," added Kozak. "This opens the door not only to single-family dwellings, but also multifamily dwellings who may have never considered installing a security system before. In other words, there is a portion of the market that has a greater demand for energy management, video monitoring and lighting control than demand for security, so with bundled services and more flexible offerings, life safety and security can be a simple add-on."
For more information about "The Americas and EMEA Market for Home Fire and Security Equipment" report, visit www.imsresearch.com.