Security Business

JUN 2019

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14 Security Business / www.SecurityInfoWatch.com / June 2019 SECURITY WATCH by Joel Griffin, Editor, Securityinfowatch.com Residential Security Smart Home Tech Poised for Growth in Multi-Family Dwellings More than seven percent of U.S. MDUs expected to have at least one device by 2024 Until now, adoption of smart-home technology has been dominated by single-family, detached homes; however, with consumers becoming more educated and smart home platforms improving their reliability, other sectors now are poised for rapid adoption, such as multi-family dwelling units (MDUs), research firm IHS Markit reports. According to the U.S. Census Bureau, nearly 34 percent of all occupied housing units in the United States in 2017 were rented. Of those housing units, about 15 million were single-family and 23 million were structures incorporating three or more apartment units. In terms of U.S. structures with three or more units, IHS Markit estimates that just 1.5 percent had one or more smart home device installed in 2018. In 2024, about 7.3 percent of MDUs in the United States will have at least one smart home device installed in their units – meaning that nearly 3.1 million smart home devices will be shipped into MDUs in the United States in 2024, representing about 1 percent of all smart home device shipments. Despite this growth, penetration of smart-home technology in MDUs is expected to remain negligible during the next five years. That said, the future growth opportunity remains robust because the market is still in the evaluation phase, leaving plenty of room for expansion. Property managers are currently testing smart home platforms, and many properties are in the pilot stage. Similar to the insurance industry’s attempt to deploy smart home technology, many years of pilot programs, data collection and analysis are required to pave the way for mass-market adoption. One of the primary motivations for installing smart home technology in MDUs is to increase efficiency for property management teams. For example, smart home systems can combine a view of all of the day-to-day requirements of property managers into a single dashboard. That means features such as combining common-area access control with door locks for each unit; integrating the leasing software and maintenance; as well as options for unaccompanied showings. Keeping up with neighboring communities is also a motivation to install smart-home technology. Consequently, a single apartment installing smart home technology could influence others in the community and create a boom in demand for a neighborhood, or even an entire city. In order to take full advantage of this nascent market opportunity, smart home platform and service providers should first focus on saving the property manager time and money – and second on smart home technology hardware. ■ Smart Home Providers SnapAV and Control4 Merge SnapAV, a manufacturer of A/V, surveillance, networking and remote management products for professional integrators, and Control4 Corp., a global provider of smart home solutions, have announced a merger, creating a complementary combination that will provide integrators with a true one-stop shop for smart home, control and automation solutions. The combined company is poised to provide integrators with better opportunities to serve customers in the connected home and business markets. “SnapAV and Control4 will combine the talent of their collective 1,200+ employees, market-leading solutions, exceptional interoperability and channel platform, dealer-first programs, global distribution and financial resources to deliver value – enabling integrators to serve their customers better and grow their businesses,” a press release reads. ■

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