Omdia Cuts Home Security Monitoring Market Growth Estimate on COVID-19

The residential alarm-monitoring market is being pinched during the pandemic. Omdia scaled back 2020 growth projections Tuesday from 3.8% in 2020 to 0.8%. The market is historically less susceptible to economic downturns than other industries but is “feeling the pain” during the pandemic, said Blake Kozak. “The COVID-19 crisis is on a completely different scale than previous recessions,” said Kozak. Employees entering consumers’ homes must wear personal protective equipment, said the analyst. Cable operators and telcos are taking similar steps, and some of those companies and tech platforms also have home security products (see 2004100038).