Security Sales & Integration November 2022 - 57

solutions that come with smart home automations.
By offering these subscriptions, dealers
can benefit from a higher monthly fee and/or
having a customer for a longer period of time.
The Challenges That Remain
While the demand for better systems integration
amid the COVID-19 pandemic saw
growth in various markets for smart
home devices, not all markets experienced
this increase, as some markets also
saw a slump in sales brought on by various
challenges.
One case in point is the demand for indoor
air quality monitoring products that
took a huge hit during the COVID-19
pandemic, with the market experiencing
a slump in 2020 due to supply chain disruptions
caused by government-mandated
lockdowns. Nevertheless, the industry
is still being forecasted to grow from
$4.86 billion in 2020 to $8.33 billion in
2028 at a CAGR of 7.5%, according to
Fortune Business Insights, as manufacturing
catches up to demand during the
post-pandemic period.
Challenges for the systems integration
market also remain during the
post-pandemic era. The high cost of
some smart home devices make it a luxury
that only the middle to upper-class
income groups can afford. With inflation
and rising costs of raw materials,
it could impact the purchasing power
of these income groups and threaten to
restrict market growth.
The increasing sophistication of cyberattacks
also pose a threat to the security
and privacy of smart home devices and
could potentially affect sales. Additionally,
the slow pace of adoption of interoperability
for some manufacturers of smart
home devices hinders inter-brand system
integration and could dampen sales and
growth for the industry.
Amid these challenges, smart home
devices and systems integration have nowhere
to go but up. At this point in time,
there is very little left within or around
the home that cannot be detected or
measured. Combine that with a system
that can either take action - like turning
on an air cleaner or turning off a water
main - as well as the ability to notify
securitysales.com
the homeowner, you really start to move from
just a connected home to a truly smart home.
Now is the time to offer these solutions to give
your customers a domestic life that's not just
intertwined, but also intuitive. SSI
QUINTO PETRUCCI is Security Vice
President of Product Management for 2GIG.
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Security Sales & Integration November 2022

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