The home security market has not been left unaffected by the corona virus pandemic. The upheaval was sudden and reactive, but is not expected to affect the marketnegatively in the long run.

In fact, some consumers spend more money on home improvement projects – including smart home and home security – during a pandemic. Blake Kozak, senior chief analyst at Smart Home and Security Technology at Omdia, explained that this is due to the fact that consumers do not spend money on travelling, restaurants or other forms of entertainment, which leaves more income available for household projects.


Positive long-term impact on home security

So far, the importance of home security as a core service seems to have been validated by COVID-19. This is especially true for interactive systems that can offer the added value of comfort and convenience at home.

“As the home experience becomes even more valuable thanks to COVID-19, consumers will invest more deeply in the protection and equipment of their homes,” said Brad Russell, Director of Research for Connected Home at Parks Associates.

Kozak also explained how the long-term impact could be positive if service providers take advantage of the new gaps in coverage.

“For example, aging in the field (elderly care) was mainly based on personal emergency response systems (PERS). “However, this is the right time to start pushing and offering connected home systems that can monitor the behavior and patterns of the elderly in a passive, non-invasive way.” This is particularly important as older people are more vulnerable, making social alienation and the ability to monitor and provide care at a critical distance.

For home security systems, the long-term impact depends a lot on the appearance of the new normal. “If employees continue to work from home and school children rely on distance learning, then the use and implementation of smart home and home security will have to change,” Kozak said.

Independently, security companies should seek to extend the ecosystem beyond security applications. “If consumers are at home more often, the need for energy management, circadian lighting and air quality will become more important, so that providers who can offer an end-to-end solution that covers many uses will find greater success. “after COVID”, Kozak added.

Development for home security equipment after COVID-19

Regarding the adoption of home security devices from February 2020 to July 2020, Omdia noted that device manufacturers have not seen significant changes. Interest in devices such as routers, gates, indoor air quality sensors and thermostats has grown, with some manufacturers seeing less camera sales as consumers are more likely to be at home.

However, the research company expects that COVID-19 could create an increase in new demand for cameras and other security devices, as families appear to reduce uncertainty. It was also suggested during interviews that many consumers may avoid canceling services or even facilities due to additional charges that could apply after a contract is signed, according to Kozak. This could be particularly the case when consumers benefit from home equity financing.