AI Will Increase Sales of Home Security Systems: Report
Thu, April 22, 2021

AI Will Increase Sales of Home Security Systems: Report

23% of all American households with broadband internet have a professionally monitored home security system. / Photo by: Andriy Popov via 123rf

 

Artificial intelligence, fuelled by large amounts of data, has become a game-changer for many industries. IBEF, the largest resource center providing accurate information in India, reported that AI has proven its worth in specific areas such as voice recognition, medical diagnosis, search engines, route optimization, personal assistants, and many more. A 2017 PwC study projected that AI adoption will provide an additional rise of 14 percent to the technology on a global scale by 2030 worth $15.7 trillion.

AI is also becoming popular in the home security and monitoring sector. Its basic goal is to spot potential intruders and scare them away before they can do any damage. It can record video clips on a remote server or a local hard drive through sensors, fire alarms, and smart home devices. These systems are usually controlled by a central hub and/or smartphone app. In the past years, many smart homeowners have been seen investing in these devices for protection and peace of mind. 

Dina Abdelrazik, a senior analyst at the market research and consulting company Parks Associates, reported that 23 percent of all American households with broadband internet have a professionally monitored home security system. At the same time, an additional 2.5 percent have a self-monitored system. Reports showed that both of these figures are expected to increase in the coming years due to greater availability of broadband internet to control the equipment, cheaper equipment, and the option to install many systems without professional help.

Increased Sales Due to AI

Earlier this year, home security company Deep Sentinel announced that they are developing security cameras powered by machine learning to evaluate threats on a property in real-time. The company aims for a proactive rather than reactive approach to home security, which will improve police response times by 70 percent. At the same time, the police will classify the report/alarm as a high priority.

“Our LiveSentinel surveillance team has eyes on intruders from the second they step on your front yard, making Deep Sentinel the only home security solution that includes active security guards whose job it is to shout criminals off your property. Equipped with cutting-edge AI technology, LiveSentinel guards jump into action to confront intruders and alert authorities when suspicious activity is detected,” the company’s press release said. 

Deep Sentinel is just one of the many companies that are using AI to improve home security systems. The demand for AI in this sector is fuelled by an increasing need for security among independent homeowners and the increasing cases of thievery, burglary, and terrorist attacks in recent years. Abdelrazik stated that the technology plays a crucial role in boosting innovation in the home security and monitoring market, which could attract a broader base of customers. 

AI News, a global publishing business with headquarters in Bristol, UK, reported that AI and machine learning could lead to a better video verification and surveillance, better detection of anomalous activity and performance of video analytics, and a reduction in false alarms. These could potentially make current users buy new systems, thus increasing the sales of security systems.

“Vertically integrated or partially vertically aligned players are in the strongest position to deliver these benefits because they can optimize the whole system, assure quality control and user experience, and monetize each component,” Abdelrazik said. 

Reports also showed video surveillance security systems are currently holding the largest share in the home security market. It is projected that its sales will grow faster than the developed markets mainly due to lower penetration and to improve the cost of living in this region.

Home Security System Applications

The market is flooded with many types of security systems for households and businesses. Usually, consumers would find major components such as a control panel, alarm, sensors, and detectors in a security system. Each of these devices plays an integral role in securing your house. The good news is that the costs of many of these products have been reduced as more and more companies are jumping into the home security market. Here are some applications that you may opt to use: 

1. Local Alarms

Finextra, the leading independent newswire and information source for the worldwide financial technology community, reported that consumers prefer to be notified when something goes wrong in their houses. Local alarms with sensors can do the job. Think Protection, an alarm company, is popular for its cost-effective home alarm system with several features including 24-hour battery backup, wireless technology, and home monitoring capabilities. 

2. Video Surveillance Security Systems

The growth of video surveillance is not only seen in public areas and commercial establishments but also in private homes. These devices allow homeowners to stay connected with their homes so that they can monitor their properties remotely and even call the police if needed.

3. Fire Detection Alarms

Today, more and more homeowners are installing smoke detectors to protect their families against fire. Fire detection alarms can alert homeowners if they are away.

 

Today, more and more homeowners are installing smoke detectors to protect their families against fire. / Photo by: Marco Rodrigues via 123rf

 

AI will not only help home security systems deliver high levels of security and comfort in the house but also lead to the creation of a truly smart home. It has the potential to learn the ways, habits, and preferences of the occupants of a home, automatically adjusting the settings in various systems. According to Peak Home Security, an exclusive online portal into the world of home security, AI-powered home security systems of the future can also independently perform without the user’s involvement.

Indeed, AI has a lot of potential for improving home security systems to give more protection to homeowners inside and outside their houses.