Smart Money: 5 Areas Where Home Security Can Be Expanded
This article originally appeared in the October 2022 issue of Security Business Magazine. When sharing, don’t forget to mention Security Business Magazine on LinkedIn and @SecBusinessMag on Twitter.
The security industry uses the term “peace of mind” to emphasize one of the main emotional benefits of security services, without creating undue fear in the consumer. As adoption of connected devices increases, manufacturers and integrators have a tremendous opportunity to capitalize on similar emotional benefits, leveraging a variety of ways these product ecosystems can deliver new and valuable experiences to consumers.
In turn, professional surveillance operators leverage their strengths by always being on hand and available to communicate with end users to demonstrate the value they add beyond traditional surveillance solutions.
Here are five areas where peace of mind can be extended beyond the typical limits of a home security solution:
Smart thermostats, along with other smart energy devices such as smart meters, smart light bulbs, and various distributed energy resources, provide consumers with valuable information about their energy usage. These devices provide consumers with energy usage information and can be integrated with a monitoring or automation service to create additional efficiency and peace of mind for consumers and business owners.
For example, when a connected sensor indicates that a window has been opened, a smart thermostat can trigger an energy saving mode and then return to normal temperature control when the sensor indicates that the window is closed again. . Energy usage can be monitored and managed with smart schedules for energy devices, and consumers can see exactly how much energy their devices are using and when they are in most use.
The emergence of connected health products and tracking services opens up a new opportunity to serve consumers at home. The industry is changing as older people who have become accustomed to using new technologies expect to use them as part of their home health routines.
Service providers, security monitoring professionals and PERS monitoring companies are exploring their potential role in consumer well-being, remote patient monitoring and independent aging. Offering solutions to aging consumers and their caregivers is a natural first step.
In the same way that security providers offer home monitoring services in the event of an intrusion, it is possible to leverage this same technology to provide monitoring services to people at home in the event of a medical emergency.
Automotive safety is the second major concern after the protection of the physical home and the safety of loved ones. Research from Parks Associates reveals that 69% of home security system owners are interested in vehicle monitoring as an add-on for home security systems, up from 39% in 2018.
The most sought-after features are tracking a stolen vehicle and receiving alerts for possible break-ins. Additionally, a major concern for households with children is the safety of teenagers, especially among new drivers.
Vehicle monitoring increases parents’ peace of mind by monitoring the car itself with vehicle diagnostic alerts, as well as their children’s driving behavior, alerting them to speeding, accelerating sudden, sudden braking or collision. This is a valuable opportunity for security vendors to integrate vehicle monitoring services with the rest of their smart security offerings.
As home security companies look to extend protection beyond the home, vehicle monitoring services offer a new opportunity to build on their core capabilities and generate additional revenue.
Protect personal property
Standard home insurance policies offer limited amounts of coverage for high value personal property. Consumers note that the most important high-value personal possessions they want to monitor are electronic devices, followed by firearms, art collections (antiques and collectibles) and sports equipment.
Products like rugged battery-powered contact sensors that run on LTE can provide protection for these items throughout the property, securing outbuildings, sheds, and other structures that may not have Wi-Fi coverage or security. power supply. Growing consumer interest in smart tracking devices may also create a new opportunity for home security vendors to serve consumers and create new revenue streams.
Extension of the perimeter of a property
While consumers are more interested in preventing break-ins, trespassing, or damage to vehicles, protecting a home’s exterior (as well as the yard, extended property, outbuildings, and equipment) is a natural extension of a security system; in fact, Parks Associates reports that 23% of home security system owners want to extend their system to protect their yard and outdoor items.
Outdoor security can also achieve what smart beacons cannot: provide awareness and insight into the entire property and enable consumers to take immediate action.
Outdoor cameras and video doorbells have garnered considerable consumer interest to deal with these outdoor conditions. Homes with a security system are most likely to have network cameras and smart video doorbells, the first step towards deterrence. A further step is the proactive use of smart outdoor cameras that deliver LED and audio warnings when their scans detect unwanted activity. To further strengthen outdoor security protection, battery-powered LTE contact sensors integrate with the home security system – expanding awareness, understanding and action to access points and assets across the entire city. property.
Jennifer Kent is vice president of research for market research firm Parks Associates (www.parksassociates.com). For more information on expanding professional services beyond home security, download the company’s recent white paper, Value Beyond Home Security: Expanding Product Ecosystems (in collaboration with Alarm.com) at www.parksassociates.com/whitepapers/beyondsecurity-wp2021.