30% of All US Households with Security Will Be Self-monitored by 2027
BOSTON–(BUSINESS WIRE)–Consumers’ price sensitivity and a wide range of offerings from well-known security brands such as ADT and Brinks as well as Amazon’s Ring, widely marketed SimpliSafe and new entrants such as Wyze are driving adoption of low-cost, self-monitored security solutions in the US according to Strategy Analytics’ report “DIY Security Market Forecast – US and Western Europe – May 2022.”
Households with professionally monitored (“pro-monitored”) security systems will continue to far outnumber those with self-monitored systems, but self-monitored systems will grow at 15% CAGR from 2022 to 2027. By the end of 2027 18 million households in the US will have a self-monitored security system according to Strategy Analytics’ analysis. Spending on pro-monitored security is four times that of spending on self-monitored security, but pro-monitored revenues are growing less than 5% CAGR from 2022 to 2027 whereas self-monitored revenues are growing more than twice as fast (10% CAGR).
Strategy Analytics’ analysis of the robust self-monitored security trend points to the fact that many consumers find DIY solutions to be adequate for their security needs. New cameras, doorbells and door locks are among the favorite device’s consumers install to set up their security solutions and these devices are increasing in capabilities and decreasing in cost.
Bill Ablondi, Director of Strategy Analytics’ Smart Home Strategies research and advisory service, pointed out, “Self-monitored security solutions are expanding the whole idea of what a security system is. We see the trend expanding the overall security market including the pro-monitored segment. Consumers will seek out more complete systems that include automation as well as security and that’s where professionally installed solutions have an advantage. Self-monitored security solutions are changing the dynamics of the security market.”
Jack Narcotta, Principal Industry Analyst in Strategy Analytics’ Smart Home Strategies research and advisory service, added, “Consumers have a growing array of device options to select from when configuring a DIY security solution. Outdoor cameras with sophisticated detection capabilities are among the most popular devices along with stylish door locks offering keyless convenience. But without a doubt the video doorbell has become the centerpiece of the DIY security system.”
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