Parks Associates at ISC West: Among Recent Buyers Of Security Systems, Only 7% Of Purchases Are Coming From Local Home Security Companies

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Apr 10, 2024, 08:41 ET

Competing in a market increasingly dominated by national chains and tech giants presents significant challenges

DALLAS, April 10, 2024 /PRNewswire/ -- Parks Associates' new primary consumer research, announced today at ISC West, reports only 7% of US internet households that bought a security system in the past 12 months purchased through a local home security company, a significant drop from 22% in Q4 2021. The study Residential Security Dashboard highlights adoption of security systems and the challenges facing small, local security businesses, including limited marketing budgets, lesser brand recognition, and the complexities of offering cutting-edge technology at competitive prices.

Parks Associates at ISC West: Among Recent Buyers Of Security Systems, Only 7% Of Purchases Are Coming From Local Home Security Companies

The research shows more and more households are buying from national security providers and big-box retailers since 2021. Hardware companies need to help support the smaller players by offering scalable solutions, preferential pricing strategies, and technical support that can help level the playing field.

"Consumers are buying more from national providers and significantly less from the local dealers," said Elizabeth Parks, President & CEO, Parks Associates. "The hardware companies need to better support the local dealer market. For small, local companies, competing in a market increasingly dominated by national chains and tech giants presents significant challenges."

Hardware manufacturers can empower local security companies by providing access to the latest security technologies, training for installation and maintenance, and partnership opportunities for co-branded marketing initiatives. These efforts would allow smaller companies to differentiate themselves through personalized service and local expertise.

"This support not only aids in the survival of small businesses in the face of industry consolidation," Parks said, "but also ensures that customers continue to have access to diverse security solutions tailored to their specific needs."

Consumer Insights Dashboards present survey-based consumer research that tracks adoption, purchases, and demand in the residential security market. It visualizes the most important metrics informing the strategic decision making of companies across the residential security market.

At its upcoming CONNECTIONS™ Conference, Parks Associates invites local dealers to attend Dealer Day at CONNECTIONS™ on May 8 in Dallas, Texas, at the Hilton Granite Park Dallas/Plano. Dealers are also invited to the VIP Dealer Reception, hosted by Nice, at the Union Bear Brewing Co.

To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at [email protected] or 972-490-1113.

About Parks Associates

Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com

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SOURCE Parks Associates