The home security system market continues to grow despite concerns about false alarms, according to a new report from Parks Associates.
Security system ownership is at an all-time high in several sectors, the report found, with more than a third of U.S. broadband households (36%) having home security systems and 41% of multi-family building managers installing systems in their common areas and parking garages.
“The market has been stagnant and floating for decades at around 20% penetration,” noted Yaniv Amir, President of Essence USA, part of Essence Group, a global technology company.
“In the last five to seven years, we’ve seen a significant increase because security has become part of home automation,” he told TechNewsWorld. “The penetration jumped to the mid-thirties.”
The past few years have been good for selling systems in the small and medium-sized business market, the report added. Along with the Covid-19 pandemic, it declared that spring and…