Parks Associates: 42% of Security Dealers Report Offering Video Verification Services in 2018
Annual Security Dealer Study addresses wide variety of trends relevant to security dealers
DALLAS(04 Mar 2019)
New security dealer research from Parks Associates shows over 70% of U.S. security dealers offer services beyond traditional monitoring as these firms are increasingly seeking out ways to strengthen service bundles and differentiate in an increasingly competitive market. Parks Associates' annual Security Dealer Survey found 42% of security dealers report offering video verification services and 21% offer aging-in-place/independent living solutions.
Parks Associates' Security Dealer Survey analyzes key trends, including top challenges, intended product offerings, and factors related to interactive services. It quantifies the dealers' view of security market performance, with data compared across multiple years, and analyzes competitive pressures, industry conditions, and the addition of smart home and interactive technologies.
"A segment of consumers (40% of pro-monitored subscribers) are willing and likely to switch security providers for as little as a 10% savings in monthly fees," said Dina Abdelrazik, Senior Analyst, Parks Associates. "This finding indicates that once a security system is installed, monitoring services are providing little differentiation between companies."
The project asked dealers about other service offered, including home network and cybersecurity, PERS, aging-in-place/independent living, and vehicle alarm monitoring. Video verification leads in services offered, followed by home network/cybersecurity and PERS.
"Differentiation of pro-monitoring is critical to retaining subscribers in the face of downward pricing pressure," Abdelrazik said. "Dealers must consider how to strengthen their bundles in competitive environments. Differentiation strategies include offering value-added services such as cybersecurity, video verification, and aging-in-place solutions that allow expansion into adjacent markets."
Parks Associates' Security Dealer Survey notes competitive turbulence and pricing/fee pressure are both accelerating. Smart home and interactive services can offer additional competitive differentiators, so the industry as a whole will benefit as systems expand integration capabilities across smart home devices and security manufacturers invest in additional training for their security dealers.
For more information about Security Dealer Survey, contact sales@parksassociates.com. To schedule an interview with an analyst or to request specific research data, please contact Elizabeth Parks at eparks@parksassociates.com, 972-996-0202.
About Parks Associates
Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.