11.12.20 – SSI
A new whitepaper from Parks Associates and Rapid Response Monitoring reveals consumers are becoming more likely to pay for monitoring services for their smart devices.
Parks Associates has released a new whitepaper, “The Value of Professional Monitoring,” developed in cooperation with Rapid Response Monitoring, which finds the industry for professional monitoring grew by 5% from 2018 to 2019, a significant increase on a rate that had previously stayed flat.
The whitepaper also found that the first half of 2020 has held those gains, despite the COVID-19 pandemic and economic uncertainty, indicating a widening consumer base for monitoring services and related smart home devices.
“As more aspects of daily life get connected, professional monitoring services will see new opportunities emerge beyond security to deliver a variety of new benefits to today’s connected consumers,” says Brad Russell, research director, connected home, Parks Associates. “As adoption of smart products such as lights, locks, detectors, and thermostats increases, they will create more use cases for monitoring services. For example, 57% percent of consumers planning to purchase a smart smoke detector in the next year would pay $10 per month for a monitoring service for critical events such as fire and smoke and carbon monoxide detection. The safety, security, and peace-of-mind benefits that come with these services are powerful drivers among US households.”
Spencer Moore, Vice President of Sales & Marketing, Rapid Response Monitoring, adds, “Professional monitoring has existed for decades, and we believe it is here to stay. It’s already in more places than you probably realize, and it continues to grow. As technology companies we need to accept this reality to be successful in the future.”
The whitepaper highlights the concerns companies and consumers have — beyond the protection of their assets — that can benefit from professional monitoring services, including energy consumption, risks from flood and fire, health of aging relatives, and safety of package deliveries
The emergence of connected health products and monitoring services also gives a new opportunity to serve consumers at home. Security providers can diversify their customer base by providing security-related packages with connected health and independent living solutions designed for protecting loved ones.
“Among the 7% of US broadband households that report using personal safety or panic button technology, their top five main service features include professional monitoring,” Russell says. “The integration of connected health solutions with monitoring services creates an opportunity for a source of recurring revenue.”
You can download the whitepaper by clicking here.