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Opportunities in the UK Residential Security Market
Frost & Sullivan, Sep 2010, Pages: 32
This Frost & Sullivan research service titled Opportunities in the UK Residential Security Market offers an in-depth examination of key market drivers, restraints and industry challenges. Market revenues and growth forecasts are included along with a discussion on key success factors. In this research, Frost & Sullivan's expert analysts thoroughly examine the following product sectors: intrusion detection, smoke detection, video surveillance and services.
The Opportunities in the UK Residential Security Market study provides a comprehensive overview on regulation, technology, competition and distribution trend analysis for the market. Revenue forecast for the total UK market have been provided. Various drivers and restraints impacting the growth of the market have been analysed to identify opportunities and threats in the marketplace. Technology evolution of the market including the increasing importance of IP and video surveillance have also been discussed.
Market Overview
Demand from High Income Households Coupled with Rising Security Fears to Boost Adoption of Residential Security Products
The global economic recession, which resulted in a decline in construction output and rising unemployment, affected the UK residential security market. The overall market declined in 2009 with a modest recovery expected for 2010 and a more sustained one starting in 2012. The installed base of professionally monitored systems is expected to be relatively untouched by the economic recession. Many service providers in the market identify high-income households as their target.
“Fear of crime and a ‘security culture’, coupled with large portion of high income households as the target market, will counterbalance the economic downturn,” notes the analyst of this research. “Although crime rates, in terms of burglaries and thefts, have been steadily declining over the past years, media are focusing on an expected strong rise in crime rate, mainly associated with rising unemployment, thus leading to fear of crime.” At the same time, proactive marketing/sales and flexible pricing are set to boost consumer awareness and acceptance of residential security products. Smaller companies are intensifying their marketing and sales efforts to obtain market share from larger participants. They are also targeting the market with a competitive and flexible pricing structure.
Flexible Pricing and Clear Focus on Residential Sector to Help Companies Gain Competitive Edge
Perceived high prices of monitored systems and services paralleled by the poor performances of legacy systems loom as a major challenge to market prospects. “Even though security is gaining importance among large home owners, it is still very low on the priority scale for smaller home owners,” explains the analyst. “This is due to the perception of electronics security systems as a grudge purchase, often associated with high false alarms rates, therefore delivering poor value for money.”
To succeed competitively, companies need to focus on customer care. They also need to deliver clear, simple and transparent service offerings. Targeting the residential sector with a strategic focus on sales and marketing is also enabling many companies to outperform the market. In addition, designing flexible bundle pricing offers another strategy for success. “Business models similar to the telecommunication industry, with extremely flexible bundle pricing are set to become the norm in the residential security market,” concludes the analyst.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
Intrusion detection
Smoke detection
Video surveillance
Services
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