The future of remote monitoring services
The biggest topic of conversation at the ESX show was around how much people are expecting the industry to change over the next couple of years. Vivint were identified as being an example of where the industry is headed, with alarm monitoring being only a portion of the services that customers could be paying their alarm companies for.
This week I attended the ESX show in Charlotte, North Carolina. Another great event bringing members of the security industry together for educational sessions, seminars, meetings and networking, specifically focussed on the alarm monitoring market.
The biggest topic of conversation at the show was around how much people are expecting the industry to change over the next couple of years. Vivint, formally APX Alarm, were identified as being an example of where the industry is headed, with alarm monitoring being only a portion of the services that customers could be paying their alarm companies for.
Alarm monitoring companies adding new services to their portfolio seems to be the best way to increase growth with both the remote video monitoring and PERS (personal emergency response systems) markets forecast for growth above 15% per year for the next five years.
On top of that there is the whole range of home automation services that recent advancements in technology have brought to the market. It is now possible to lock up your house whilst sitting in bed, let the plumber into your house whilst you are at work, or turn your heating on at your holiday home before you get there.
Having a full-service portfolio, rather than being limited to just alarms, has a number of benefits: it acts as a differentiator between service providers; provides customers with greater functionality from their alarm system; increases customer interaction with the system and increases RMR for the dealer. On top of that, upselling to an existing customer must be easier than finding new customers?
In summary, this industry has all the tools it needs to expand at an incredible rate, but potential doesn’t always equate to deliverables. The talk of change and the buzz around video monitoring and home automation is all making one thing certain: it is an interesting time to be involved in the remote monitoring services market.
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In a year when manufacturing continued to lead the economic rebound, it makes sense that plant manager bonuses rebounded. Plant Engineering’s annual Salary Survey shows both wages and bonuses rose in 2012 after a retreat the year before.
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