A smart home is no longer restricted to science fiction! Recent market trends suggest that the market is in constant change and this is not just a passing fad. Pervasive home automation via Internet of Things (IoT), Software as a Service (SaaS) and Machine to Machine (M2M) is the future.
In the last five years, the electronic security industry witnessed a growth of 25% and is expected to grow at 18% in the coming years, doubling its size by 2020. In Indian market overview, electronic security for personal and commercial spaces is now a norm, rather than an exception.
The electronic security industry is in the midst of a paradigm shift and technology is playing a key role in the industry’s development. With technology like Internet of Things and SaaS, the home security sector is creating a demand, justifying the need of secured homes and offices.
Moreover, a rise in trend of securing homes and commercial properties is witnessed as we move forward in 2018. Millennial consumer preferences, especially, are spurring across industries and Electronic security is no exception. This also reflects in their behavior of buying homes and work spaces.
Change in consumer trends
Millennials are dominating the consumer markets. Their consumer preferences are spurring across industries. For a generation who wakes up to smartphone notifications, technology is inevitable. Millennials are also the consumers who are most excited about new things and technology has an array of things to offer to this on-the-go generation. While millennial preferences are influencing the consumer markets to create newer and better products and services, vice-versa technological developments are luring these consumers into adapting to innovations which will make their life easier and faster.
In terms of electronic home security millennials are willing to invest extra to secure a home or rental property equipped with a smart technology. They are curating living and work spaces equipped with uber modern facilities, which enable them to control their homes and surroundings.
Better Home Control
One of the biggest changes that technology like internet of things has brought to home security market is the ability to control your home while you are away. This has enabled people to change the temperature, lock the doors, control electronics at home, control surveillance cameras through smartphones, while being away. This assistance of technology to the security systems allow consumers to look after their property and prompt the police in case of a break-in or burglary. For instance, you are on a vacation and your phone alerts you about an open door or a missing electronic connection, you can see through your surveillance systems and sound the alarm.
Ease of watching business
Technology is meant to make things easier and flexible for the users. However, it has more to offer than we can even imagine. With technological innovations in Electronic Security Industry, an independent entrepreneur can easily watch over his business and work spaces without physically being there. Video surveillance, Video Communication are some technologically innovative aspects which lead these entrepreneurs to oversee work while they are networking or travelling for business. These technological developments and their ability to create a demand is inevitable.
Along with the mentioned benefits, innovations in electronic security industry is helping solo, urban dwellers and solo travelers to live and travel without worrying about their belongings back home. There are gadgets which are equipped to look after the whole home or office premise or personal belongings like cars and electronic equipment at the premises with the support of IoT and SaaS platforms. The electronic security market comes with a variety of technological innovations, which are capable of sufficing all the possible needs of home security, be it home surveillance or emergency gadgets for vehicles and other belongings.
Rise of Customised services
In the Indian scenario, the Tier-1 and Tier-2 cities are expected to create a demand for electronic security, as the real-estate markets flourish and government initiatives towards smart homes/cities are implemented. This will also trickle down to Tier-3 cities and create newer demands for the home and workspace security.
The Electronic Security service providers have taken a que from these developments and are providing the customers with unique products combining off-the-shelf security products, like surveillance cameras with internet, and enabling live feed for the customers. Suppliers are also focusing on end-to-end offerings ranging from evaluating geography, installing security systems and softwares, as well as monitoring support. Thus, transforming security and surveillance products to security solutions. This upgrade in electronic security system is also capable of providing business intelligence with perpetual use of internet and e-SaaS platforms making the electronic security industry a powerful force towards secure and safe cities.
As we move ahead in time, it’s evident that technology and consumer demand/needs will impact each other equally. Rising security requirements will lead innovators to create solutions to suffice the need of safe environments in the country. Similarly, technological innovations in products and services, like IoT, SaaS and Machine-to-Machine will impact consumer choices creating greater demand in the electronic security, in India.
Disclaimer: The views expressed in the article above are those of the authors’ and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.