Home Security & Monitoring: Subscriber Churn and Retention

Report
December 2024
Region: Global
Parks Associates
ID: 6034540

The security market has evolved to meet consumer demand for choice in systems, devices, installation methods, purchase methods, and monitoring services. Professional monitoring, video storage, and other recurring sources of revenue are critical to the sustainability of a security system or device business. Security providers must attract and retain subscribers, while maximizing ARPU through the delivery of new feature and services that provide real value.

This Q4 2024 study assesses security subscription models, features, and pricing as well as strategies that can aid in subscriber retention.

Executive Summary

Security Service Market Segments: Monitoring, Systems, and Devices
Residential Security Solution Market
Security Market Customer Profiles
Security System Market Segments
Paid Security System Services among Pro-Installed Security System HHs
Paid Security System Services among Self-Installed Security System HHs
Security System Service Provider NPS
High Intention of Subscribing to Professional Monitoring for Security System in the Next 6 Months
Security System-attached Devices
Opportunities to Expand Security Offerings
Competitors Vie for Leadership Across Key Industry Metrics

Security Solutions: Adoption & Market Segments

Security Solution Adoption
Paid Security Service Adoption
Home Security System Ownership
Home Security Systems Acquired in the Past Year
Interactive Systems Adoption among all Security System Owners
Interactive Systems Adoption among Recent Security System Buyers
Smart Safety & Security Device Ownership
Home Security System & Service Adoption
Home Security System Installation
Installation Method

Security System Purchase Journey

Security System Purchase and Intention to Buy
Smart Camera & Smart Video Doorbell Purchase and Intention to Buy
Alternative Security Solutions Considered, Among Recent System Buyers
Security System Acquired Not Currently In Use
Self-Installed System Not Currently In Use
Security System Purchase Channel
Security System Purchase Method
Purchase Method for Security Systems Owners
Average Upfront Fees for Home Security Systems, YoY
Payment Method Used to Acquire a Home Security System among All System Owners Who Purchased Their Systems
Payment Method Used to Acquire a Home Security System by Install Method
Devices Acquired as Part of Security System
Devices Acquired as Part of System, by Installation Method
Devices Added to Security System After Initial Installation among all Security System Owners
Devices Added to Security System After Initial Installation by Installation Method
Devices Added to Existing Security System
Triggers for Security System Acquisition
Triggers of Security System Acquisition by DIY vs. Pro Installation
Reason for Choosing Self-Installed Security System
Difficulty with DIY System Install

Competitive Landscape

Security System Brand Owned among all System Owners
Security System Brand Owned among Owners of Systems Acquired in the Past Year
Security System Brand Owned by DIY Installed vs Pro Installed
Video Doorbell Brand Purchased
Smart Camera Brand Purchased
Paid Home Security Service by Security System Brand
Top Professional Monitoring Service Providers for Security Systems
Security Service Provider Net Promoter Score (NPS)
NPS of Top Security System Service Providers, Trending

Security Service Segments: Pro, Self, and Device-based Monitoring

Security Service Market Segments: Monitoring, Systems, and Devices
Households with Paid Service Attached to Home Security System, YoY
Adoption of Security System Services
Security Monitoring Service by Installation Method
Paid Security Services among Pro-Installed Security System HHs
Paid Security Services among Self-Installed Security System HHs
Security System Service Provider NPS by Monitoring & Installation Segments
NPS of Video Doorbell and Smart Camera among All Smart Video Device Owning Households
Paid Services for Video Doorbells
Paid Services for Smart Cameras
Smart Camera: Area of Installation
Paid Service Attach Rate by Camera Location - Q2 2024
Security System Ownership Among Smart Smoke/CO Detector Owners
Paid Detector Service with Security System Subscription
Stand-Alone Detector Plan
Smart Smoke/CO Detector Subscription Plan Monthly Cost
Features of Smoke/CO Detector Service

System Services Deep Dive: ARPU, Churn, Retention

Home Security System & Service Adoption
Average Monthly Service Fees for Home Security Systems
Avg Monthly Fee by Top Brands, Q2 2024
Length of Continuous Subscription to Professional Monitoring Service
Changes Made to Security System Service in Past 12 Months
% of Pro Monitoring Systems HHs that Switched Pro Monitoring Providers
% of Pro Monitoring Systems HHs that Switched from Self-Monitoring to Pro
Reasons for Security Systems Owners Cancelling Professional Monitoring Security Service
Previous Professional Monitoring Service Providers for Security Systems, Among Cancellers/Switchers
Reason for Switching Between Professional Monitoring Providers of Security System
High Likelihood of Making Changes to Pro-monitored Security System
Pro-Monitored System Service Contract Length Remaining, Among Intended Cancellers
Impact of Contract Terms on Cancellation Plans
Impact of Retention Incentive on Pro-Monitoring System Service Cancellation Plans
Impact of Service Pricing Discount as Retention Tool for Pro-Monitored System Services

System Services Deep Dive: Self-Monitoring

Reason Security System Households Choose Self over Pro Monitoring Service
Attitudes toward Self-Monitored Security Systems
Attitudes towards Neighborhood, First Responders, False Alarms by Type of Service
Promotion to Boost Professional Monitoring Service Subscription
Reason for Switching from Self to Pro Monitoring of a Security System
High Intention of Subscribing to Professional Monitoring for Security System

Next Wave of Services

Top Three Desired Features Beyond Intrusion Protection
Adoption of Personal, Vehicle, and Wearable Safety Solutions
% Using at Least One Tested Safety Solution
Householders Using Personal, Vehicle, and Wearables Safety Solutions
Interest in Security System Add-on Service
Appeal of Event Verification Methods: Video, AI, Private Guard among All System Owners
Appeal of Event Verification Methods: Video, AI, Private Guard by Security Service Use

Security Buyer Profiles

Service Subscriber Profile: Demographics
Service Subscriber Profile: Housing Characteristics
Service Subscriber Profile: Employment, Race/Ethnicity
Demographics by System Installation
Housing Factors by System Installation
Employment, Race/Ethnicity by System Installation

Appendix

Table of Contents

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