As the boundaries between physical and digital spaces blur, the traditional home security landscape is undergoing a digital shift, with smart devices playing an increasingly important role in securing the modern connected home. I am.
Against this backdrop, home security systems provider Resideo recently announced the acquisition of smart living technology retailer Snap One in a deal valued at approximately $1.4 billion. The acquisition, expected to close in late 2024, will allow Resideo to capitalize on the growing demand for integrated smart home solutions and strengthen its presence in the dynamic smart home security market.
“This acquisition combines Snap One’s capabilities for smart living integrators with (Resideo’s) complementary position in selling adjacent security products. “We will be able to significantly deepen our relationship with customers, better serve our customers, and expand our business,” the company said in an April 15 press release.
The purchase comes at a time when consumers are increasingly embracing smart home technology. According to a PYMNTS Intelligence study, the percentage of consumers using smart home devices will sharply increase in 2023, with voice assistants like Google Home, smart thermostats like Ecobee, and security systems like Ring becoming a part of users' daily lives. It has become part of the business.
While these smart home gadgets are primarily valued for their convenience and efficiency, they are also being recognized for their role in enhancing home security. In fact, this study highlights a significant increase in the number of consumers using smart home technology for security purposes. Between February 2022 and February 2023, this usage increased by 31%, with 21% of consumers using smart security systems every day.
However, the proliferation of connected devices has also raised concerns about privacy and cybersecurity. In response, the technology industry has mobilized efforts to protect consumer privacy and mitigate potential cyber threats.
One notable initiative is the recent establishment of a global cybersecurity standards and certification program for connected devices, with support from the Connectivity Standards Alliance (CSA). The consortium is comprised of approximately 200 member companies, including major industry players such as Amazon, Google, and Silicon Labs.
The initiative sets minimum requirements for IoT devices for a wide range of smart home devices, including light bulbs, thermostats, and doorbell cameras. Additionally, it streamlines the certification process and provides manufacturers with an all-in-one platform to certify their devices. This ensures compliance with multiple international regulations and standards with a single assessment, increasing consumer confidence and security in the rapidly expanding smart home market.
“As consumers embrace the convenience and value of IoT devices, the Alliance is dedicated to helping build more comprehensive protections for consumers,” said Product Security Working Group Steering Committee Chair. Steve Hanna said in a March 19 press release, adding: The Product Security Verified Mark and his IoT Device Security Specification 1.0 “make it easier for manufacturers to meet the IoT security requirements of consumers around the world.”
Essentially, the home security landscape is undergoing a significant transformation, moving from traditional methods such as physical locks and alarm systems to smart devices that provide homeowners with real-time monitoring and remote access to their property. We are transitioning to the integration of
In the future, this integration will move beyond individual homes to encompass a broader range of community-level security solutions, fostering collaboration between homeowners, law enforcement, and other stakeholders to improve overall It has the potential to enhance safety and security.
See more: Acquisitions, Connectivity Standards Alliance, Digital Shift, Digital Transformation, Home Security, News, PYMNTS News, Resideo, Security, Smart Home, Snap One, Technology
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