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Residential security providers push the envelope on product innovation to stay ahead of a rapidly commoditizing market.
The uncertainty and anxiety of the pandemic circumstances have fueled consumer demand for peace-of-mind products, and companies that positioned themselves to deliver security how consumers wanted to receive it – largely DIY and via services – have seen dramatic growth. New entrants are offering products and services at rock-bottom prices, and all competitors are introducing innovative features and value-added services to differentiate and drive up ARPU. Innovations include facial recognition to disarm security system and unlock doors, Wi-Fi sensing for in-home monitoring without internal cameras, cellular products that expand monitoring to the perimeter of the property, and products that aim to prevent or disrupt intrusions before they happen.
Jennifer Kent VP, Research Parks Associates
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