P26-27 Home Security ESP:Layout 1 23/11/2021 10:50 Page 26 HomeSecurity
Pandemic boosts smart home market
Neil Baldwin,managing director with ESP, leading electronic security specialist, looks at what is driving growth in the smart home market sector and how the launch of the company’s new Fort Smart Security Range, is perfectly timed to provide wholesalers and installers with the means to easily tap into this lucrative revenue stream.
T
he most recent report from Mintel – UK Smart Security Market Report 2021 – provides the most
comprehensive and up-to-date information and analysis of the UK Smart Security market, including the behaviours, preferences and habits of the consumer. The overall smart security market has
continued to grow over the last year and ownership reached 13% in 2021, despite COVID-19 causing some initial financial concern. The outlook for the upcoming years is even more positive, with consumers’ confidence in their finances being the strongest since the pandemic and interest in smart security growing significantly from last year (to 48% in 2021 from 41% in 2020). According to another Mintel report – UK The
Connected Home Market Report 2021 - the overall smart home market has been boosted by
26 | electrical wholesalerDecember 2021
the lifestyle changes from COVID-19, with ownership of all connected home products increasing between March 2020 and March 2021. Older Millennials are expected to be key to the market’s long-term success as they are the most likely (66%) to say that spending time at home during COVID-19 has made them more likely to buy smart home devices. With a section of
them intending to work from home in the long- term, this should help the overall connected home market. As the pandemic recedes, we are having to
adapt to a new normal and it is highly likely that we will spend more time in our homes than we did before the pandemic, as a result of working from home more than we did pre-COVID. The perennial key drivers for smart home adoption – such as security, convenience and energy saving, will continue to exert their influence.
A comprehensive smart security range As the rise in demand for smart security products continues, there is ample opportunity for installers to tap into this burgeoning sector. Already enjoying a reputation as a market- leading supplier of electronic security products through the electrical wholesale channel, ESP decided to tackle this opportunity head on and
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