The Internet of Things (IoT) has transformed the way we live our daily lives, requiring slow-moving industries, such as insurance and home security, to kick into overdrive when it comes to innovation; we have reached a critical time when companies are being challenged to innovate new product offerings that meet the needs of the consumer.
Take traditional TV, for example. The television industry was turned on its head when over-the-top (OTT) TV providers like Hulu Live, DirecTV Now (DirecTV), and Sling TV (Dish Network) entered the market. Customers quickly were canceling their expensive, long-term cable contracts and switching to a cheaper, contract-free option that also gave them the ability to watch live TV from anywhere. As OTT TV and streaming services like Netflix gained traction, it not only changed the way people consume content, it altered the development and distribution of content. Similar to the trend traditional pay TV saw, the old school home security model now is facing consumer demands for more value and flexibility at a much lower cost.
When considering these consumer demands and the continued reliance on technology, it is easy to see why traditional home security quickly is becoming obsolete--a transition that began with the introduction of smart home devices and, eventually, smart home security. According to Statista, the amount of homes using smart home security devices is expected to increase 88.8% from 29,900,000 devices in 2017 to 46,500,000 by the beginning of this year. By 2023, an estimated 104,100,000 devices will be in homes across the country.
Just like how we monitor our homes is changing, so is the need for what we monitor. Traditional home security often is associated with keeping intruders out and that is it. Now, with what smart home security systems can do, home security goes beyond just keeping would-be burglars at bay. According to the FBI's 2017 Uniform Crime Report for property crime, burglary--which only made up 18.2% of estimated property crimes--declined 7.6% compared to 2016. A downward trend in burglaries does not mean protecting against intruders is not vital in home security...