What’s the future normal for home security? According to an article from Business Insider, it’s DIY and MIY, all from Silicon Valley giants Google and Apple along with telecom big names.
What do you think?
I speak to resi dealers five days a week. They tell me that DIY is often a selling point for them and that it works very well for some of their customers—especially in helping homeowners understand their systems better—but that MIY, on the other hand, is not beneficial. What happens if you’re an MIYer and you’re 1,000 miles away from home on vacation or a business trip?
Traditional home security systems are still the mainstay, but not for long, according to the report from Citi, the primary source in the Business Insider article. Even though traditional systems/companies currently make up 93 percent of the home security market and DIY/yet professionally monitored make up 4.7 percent, Citi says in the article, that’s all going to change.
Google’s Nest and Dropcam and Apple’s HomeKit control 2.3 percent of the market.
That 2.3 percent market share will grow to 34 percent in the next five years, Citi says, with the traditional professional systems dropping to 61.6 percent.
How will this play out? Do you agree with the Citi study? I’m interested in your opinions for future articles in Security Systems News. Please let me know. Comment, email me at email@example.com or call me at 207-846-0600. Thanks!