Global market grows.
The popularity of do-it-yourself (DIY) security systems is on the rise owing to their low cost, easy installation and smartphone-enabled operation. And the entry of new players is resulting in increased competition and pricing pressures. DIY is also posing a threat to professionally installed systems, according to the latest data from IHS Markit.
In 2016, the global market for DIY security equipment reached $60 million, with the greatest majority of the gear, 85%, sold in the US. The US market is expected to grow at a compound annual growth rate (CAGR) of more than 20% over the next five years.
Because DIY equipment usually comes pre-configured, it often only requires a basic understanding of wireless technology. And end users are becoming more tech savvy thanks to the increasing availability of how-to video tutorials on intruder alarm system installation.
DIY systems are most likely to be chosen by young apartment renters, where there is no previous history of security equipment and the likelihood of annual moves is common. However, many senior citizens are not tech savvy enough to install a DIY system and tend to rely on professionally installed systems that are usually managed by a family member. In many cases these systems include personal emergency monitors.
Many professional security installers are mitigating the DIY threat by releasing their own DIY systems that come with the quality assurance of a leading provider and security grading while offering similar benefits as DIY systems currently on the US market, IHS Markit said. These include Honeywell, Bosch’s Smart Home and Nortek’s partnership with Samsung.