Connected Security: Reasons to Buy and Factors Delaying Consumer Purchase

June 2020

Connected appliance volumes posted a 42% CAGR over 2015-2019. Connected security, an integral part of connected homes, has gained growing interest due to its technical benefits. This report examines the opportunity of connected security, as well as current challenges, and direction of future developments. The discussion is built on combined data sources including consumer appliances, population and income, digital landscape, and preliminary findings on Coronavirus (COVID-19) impacts.

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This report comes in PPT.

Key findings

  There is demand for advanced home security

Statistics on property crime and fire accidents confirm the need for advanced home security measures. Growing investment in home furnishing and appliances exposes homeowners to higher risk of cases of unfortunate incidents.

Key features of connected security

A connected security system essentially captures live updates from sensors and other monitoring devices, enabling immediate actions from users upon detection of changes or threats.

Changing lifestyles call for remote security control

As consumers are more likely to spend time at work or travelling, the ability to remotely manage and control security devices brings peace of mind. Added benefits on convenience also appeal to audiences seeking simplicity in life.

Growing appetite for connected solutions

The rapid growth of connected consumer appliances implies potential of connected security products. China, the US and South Korea lead sales of connected appliances.

Millennials and Generation Z will shape the future of family

The millennial and Gen Z cohorts are forecast to experience the biggest income growth by 2029. They will be the dominant population segments too. Their high interest in connected security represents an opportunity for manufacturers.

Address data security and cost barriers for future success

  The majority of consumers are not ready to share data. Many are also unwilling to spend more on smart products. Data security laws, price positioning and channel distribution are some aspects to consider to combat current challenges.

Key systems of connected homes
Three steps towards smart homes
Key findings
Burglary risk is difficult to ignore
Residential fires challenge home safety
Growing home investment leads to greater loss in the event of accidents
What is connected security?
Connected security brings peace of mind
Travellers need to keep their homes safe
Connected security helps to simplify lives
Growing appetite for connected products
Connectivity penetration in China set to grow amid rising income
Limited opportunity to sell smart security to baby boomers?
Millennials and Gen Z will shape the future of family
Developing economies lack high-speed home internet access
Most consumers are not ready to share data with companies
COVID-19 highlights benefits of data sharing
igloohome smart locks stay offline
Regulatory updates help to enhance data security
Consumers trust technology with their money
Half or fewer are willing to pay a premium for smart products
Smart locks for all budgets
Cost of connected security can be broken down by a modular approach
Connected security devices become more feature packed
Expansion into monitoring services and business use
Maximise benefits of integrated connected homes
Cross-category products remove boundaries between different systems
COVID-19: Slow project sales, better e-commerce opportunity
Smart homes to be shipped like LEGO bricks?
Key takeaways

Consumer Appliances

Consumer Appliances is the aggregation of major appliances and small appliances. Major appliances are an aggregate of the following categories: refrigeration appliances, home laundry appliances, dishwashers, large cooking appliances and microwaves. Small appliances are an aggregation of the following categories: food preparation appliances, small cooking appliances, vacuum cleaners, irons, personal care appliances, heating appliances and air treatment appliances.

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