Things are changing quickly in the security industry. A horde of low-priced manufacturers have invaded the marketplace, dragging down prices while increasing consumer options. Not every vendor will prosper in this new landscape, but those that can anticipate and react to those changes have the chance to experience record sales.
TimePayment is here to give you the lowdown on the security industry trends will shape the industry over the next few years. You can find our easy-to-read breakdown of those trends here. Read on for some highlights from our report.
Commercial Office Space Is a High-Rise Opportunity
While 57% of security sales involves residential security alarm systems, it’s the non-residential markets that are exhibiting the most exciting growth. Security sales to schools and colleges grew 11% in 2016 and 18% to date this year. And security sales to the commercial office space segment have grown a blistering 22% this year on top of 15% growth last year. Put your profits on the express elevator by taking advantage of these opportunities.
Smart Homes Are a Smart Sell
Just a sliver of the security market two short years ago, Smart Home security sales are busting out. This year will see 200,000 units sold, and that number will is projected to keep jumping up until it hits almost 800,000 in 2021. By then, households with interactive security will edge past those with traditional security systems. In four years the Smart Homes segment will bring in $1.4 billion dollars in sales. Only a dummy would ignore the potential of the Smart Home market.
The Cloud’s the Limit
“I see our future with more of a focus on cloud-based solutions,” says John Campau, President and CEO of Comtronics, talking about Video Surveillance as a Service (also known as VSaaS). VSaaS systems are cloud-based wireless security systems that allow users to remotely store, manage, record, play, and monitor surveillance footage. Many in the industry, it seems, are in agreement with Campau on the promise of VSaaS, as the segment is projected to grow at a compounded annual growth rate of 18%, reaching a value of $15 billion by 2020. That kind of growth would put any vendor on Cloud 9.
That’s just a taste of the industry information TimePayment has collected and boiled down on our handy Security Industry Trends handout. We’ve broken the data down into simple charts and graphs that get you the information you need in a glance. Download it today.
Click the image below to download our 2017 Security Industry Trends Infographic: