State of the Market SECURITY, MONITORING & SMART HOME

According to SOM's 2021 Industry Forecast, only 19 percent of those in the intrusion alarm market considered the state of the market to be "poor" or "fair." Alice DeBiasio, vice president of global product management, security, Resideo, Austin, Texas, says that people spending more time at home, combined with social unrest, put security at the forefront for many that had hardly considered its importance before. Parks Associates research shows that COVID-19 caused about one-third of security system owners and "intenders" to avoid professional installers due to their unease around having a stranger in the home. The industry experienced supply chain issues that made it increasingly difficult to fill the rising demand for product, and homeowners were more hesitant to allow installers into the home as they kept their contact bubbles tight."