24/7 Recording, Video History Boost Security Subs: NPD

Four in 10 consumers who bought security cameras or systems or smart doorbells at retail chose to pay for a subscription to access premium features, said a Monday NPD report based on a survey of 5,000 U.S. adults fielded March 17-31. Of the consumers who subscribe to these services, 29% reported that 24/7 continuous video recording is the most compelling feature; 16% cited access to an extended history of video clips. “Monetizing beyond hardware sales is important for manufacturers, especially as smaller tier brands gain traction in the marketplace and pressure leading brands to rethink their product and pricing strategies,” said analyst Jill Aldort. Consumers who buy service plans after buying the devices in stores are more likely to be younger than 35 with household income over $100,000, have young children and live in multiunit dwellings or townhomes; 41% owned five or more different types of smart home devices, it said. Unit sales of these security products are expected to grow about 20% through 2023, it said.