We are in the midst of the fourth industrial revolution — at a point where we have logged more data in the past two years than in the entire history of mankind. Opportunities are all around to prosper, but also to fail if the following major global trends are not seen, understood clearly, and integrated into mid- to long-term strategic planning:
1. IoT: Technology advancements are driving cost-effective connected solutions into the hands of everyday consumers, while opening the doors to outside competition and innovation from legacy fire and burglar monitoring companies. These new consumer-focused companies, such as NEST and SimpliSafe, are changing the game when it comes to residential alarms and monitoring. Today they compete with organizations that have been in this space for decades. At a recent industry event in New York, Jeffery Gardner, President and CEO of MONI stated that only 23.8 percent of homes contain life safety alarm solutions, leaving more than 75 percent of the market ready for a life-altering solution.