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A new report released this month is forecasting the future of the residential and commercial security markets across the world. According to the authors of the report, the next few years hold a number of positive trends as well as potential challenges to growth—all of which could have major implications for consumers, product manufacturers and service providers.
Some of the main topics covered in the report:
- Key product manufacturers and innovators
- Buying criteria for security solutions
- Top market drivers and challenges
- A look at the role of commercial security solutions by sector
- The evolution of smart homes and residential security
So what does the future of residential and commercial security look like?
1. Demand for integrated security solutions will increase
One of the most noteworthy trends highlighted in the report is the push toward integrated security solutions. This evolution signals a preference for convenient management of security system features—for homeowners as well as commercial facility managers and security staff.
But it’s also about the demand for improved functionality. Integration enables communication between components—security cameras, access control systems, intrusion detection alarms—for better coverage and a more holistic approach to security.
As mentioned in the report, homeowners and facility mangers worry about integration issues when dealing with stand-alone security solutions.
Improved compatibility between products should eliminate some technical questions. But ultimately it will be up to service providers and product manufacturers to simplify the process of finding the right security solution.
It’s expected that demand for integrated security solutions will inspire manufacturers to make compatibility an even higher priority in the product development process going forward.
2. Declines in pricing will make security solutions more accessible
As most homeowners and building owners would likely attest, cost is one of the biggest inhibitors to updating or investing in a security system. Over the next few years, though, that’s expected to change as technology improves and security solutions become more affordable.
The report cites IP security cameras as one example. By transitioning to cloud-based data storage, these cameras reduce reliance on physical storage devices such as local servers.
At the same time, researchers found that many commercial security systems are relying on third-party service providers to send alerts about suspicious activity. In addition to reducing costs and false alarms, this reduces the need for onsite security guards.
3. Uncertainty about how to choose the right security solution will be the biggest obstacle to growth
With increased choice and reliance on technology comes increased confusion for consumers. This confusion, according to the report, could pose a threat to growth in the commercial security market.
Part of the challenge is navigating through the long list of features and options offered by modern products, especially those that incorporate advanced technology.
Improved compatibility between products should eliminate some technical questions. But ultimately it will be up to service providers and product manufacturers to simplify the process of finding the right security solution.
At ABC Security that’s something we’ve been working to do for many years. By conducting detailed onsite assessments, we’re able to analyze existing conditions and future goals to customize a security solution for each commercial facility. At the end of the assessment we clearly define that perfect solution and provide a full cost breakdown.
Contact us to schedule an onsite assessment of your facility or to learn more about our expertise in integrated security solutions.
