Parks Associates data estimates that between 2022 and 2024, more than 250 million networked cameras, video doorbells, and smart speakers/smart displays will be sold in the U.S. 

The firm’s latest whitepaper, “Home Security: A Redefined Market,” finds the rise of interactive services and DIY installation are two key trends defining the home security market, accelerated by the COVID-19 pandemic, lower prices and new smart home solutions.

New research from Parks Associates finds one-third of smart device owners in US broadband households have increased usage of their devices during the COVID-19 pandemic, including 46 percent of smart door lock owners.

The report also found that 25 percent of dealers report providing fee deferments or relief to customers during COVID-19, professionally installed systems have declined by nearly 25 percent since 2017 and the sales of DIY systems have increased by nearly 60 percent since 2017.

Security research from Parks Associates finds COVID-19 is a key factor driving households with security monitoring to upgrade their system.

Data from Parks Associates shows that approximately 10 percent of US broadband households own a video doorbell in Q2 2020, up from 7 percent in 2017.

The new study, “COVID-19: Impact on Residential Security and Smart Home,” details changes to purchase or upgrade intentions regarding security systems due to the COVID-19 pandemic.

The report, “Connected Home Services: Updating Modern Lifestyles” identifies unique strategies device manufacturers are using to drive recurring revenues by maximizing the value of smart home devices for consumers.

New research from Parks Associates finds that 25 percent of U.S. broadband households plan to buy a connected health device in the next 12 months. 

Forty-four percent of U.S. broadband households who do not own or intend to purchase a smart home device perceive the devices as too expensive, so as more manufacturers deploy low-cost products with advanced features, the market could start to overcome this barrier.