Back in the early days, before the flood of IoT products onto the market, the closest thing most people had to an intelligent home was a security system. Even now, though, as smart home products have found their way into just about every American home in some form, security products still hold a particular sway over consumer interest.
“Products like security cameras and smart doorbells continue to capture consumer attention, and users are willing to invest in features they find valuable,” said Ben Arnold, executive director and industry analyst, Consumer Technology and Office Supplies, Circana.
This information, revealed in the latest Home Automation Ownership and Usage study from Circana, shows that security devices remain the most prevalent smart home products among consumers. That’s despite the category experiencing a decline in sales revenue over the year ending in February 2024.
Among those who own a security device (security camera, whole-home security system, or smart doorbell), 40% subscribe to a monthly premium service that offers features like 24/7 monitoring, greater access to video history and advanced AI notifications.
This, Arnold notes, highlights the opportunities the industry has to further engage device owners, as subscription-based home security services not only offer a means of stable revenue generation for the professional, but also as a means of adding greater value to the individual products for homeowners that are seeking fuller coverage of their homes.
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It all boils down to privacy and protection, with device owners stating that being able to safeguard their homes and belongings as their primary motivation for investing in these products and services. Of those who follow a subscription-based home security plan, 27% of respondents in the study said that having access to 24/7 continuous video recording provided a peace of mind, while 19% preferred having extended access to their recording history.
Among non-owners, 19% say cost, followed by a lack of perceived usefulness, is their reason for not owning smart home products. This sentiment is particularly strong among non-owners aged 55 and older, with 22% expressing skepticism about the usefulness of smart home products.
As with any other category, Arnold suggests that this presents an educational opportunity among professionals and manufacturers to better position these types of products in a way that can clearly and concisely convey their usefulness towards homeowners.
“Ownership is steadily increasing among the affluent, homeowners, and early-tech adopters, and the consistent use of security devices suggests a strong perceived value within the category,” added Arnold.
“The continued investment in smart home technologies by professionally monitored security providers equips the industry with more tools to engage a broader range of consumers.”
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