The home security business is estimated to grow by leaps and bounds in the coming years. Many small start ups are using the power of internet to create DIY systems. As per the latest reports, the self installable systems will be priced as low as $300 and that too without a contract.
The giants in security providers like ADT who have done well over the past few decades catering to the roughly 1 in 5 US households that pay for monitored home security services will have to bring their home security costs down to be competitive in the market.
Many start-ups entered the market following these giant company’s model with small gadgets and are making their name on a considerable scale by utilizing the internet along with their home security models . Their products are easy to manage, less tangible and needless to say offer smart home technology for the security of the owners at a much conservative pricing.
However, the traditional service providers of the home security solutions reasonably argue that the newer models are in no comparison to the professionally installed systems. The high technology security devices offer great control to its consumers by giving them the remote access of their secure locations. While, the low priced models may not be a suitable alternative to the high priced security systems, however, they have definitely opened up a niche for themselves by providing security options to those people who did not have that choice in the first place.
These low cost DIY home security models are tapping into the market that has so far been left untapped by the big home security businesses that cater to the middle to upper class households. As per the latest reports, the DIY security providers are focusing on one third of households that are renters of the other properties and need home security solutions, albeit at affordable rates. Some start-ups are considering those customers that belong to the lower income groups and may require home security more than anybody else. These families live in places with high crime ratio and it makes business sense to take their security into account as well.
The DIY home security market is expected to grow up to $1.5 billion and capture huge market share by 2020. What gives these Do-It-Yourself home security solutions the impetus to expand is that there are large numbers of families that do not fall into the customer profiling of high technology home security systems. The low income group along with renting families will now have an option to protect themselves and their homes when there was no security at all. Some start-up companies have included more sophisticated monitoring in their newer solutions. However, there are also smaller companies that only provide basic security to the home owners at a very low price.
DIY security naturally offers a sigh of relief to many families who live in crime stricken areas and are yet incapable of securing their homes from any potential transgression. This is only a beginning of an era that will transform into a much more sophisticated market that offers customer friendly solutions. They will be reasonably priced and offer maximum security and that too in their budget. As the basic ones hit the market, the sophisticated ones will only be a few more innovations away!
Edited by Alisen Downey
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