Commercial Integrator + Security Sales Nov/Dec 2023 - 73

EXPECTED CHANGES IN RESIDENTIAL REVENUE
Change in 2013 vs. 2012
No more than
Change in 2013 vs.
2012
10% change from
last year
11%
12%
No more
than 10%
change
from last
year
Higher by at least 10%
77%
50%
Change in 2013 vs.
2012
Change in 2013 vs.
2012
Lower by at
least 10%
Change in 2018 vs. 2017
Lower by
at least
10%
5%
Higher by
at least
10%
46%
Change in 2018 vs. 2017
Change in 2018 vs. 2017
Change in 2018 vs. 2017
Change in 2023 vs. 2022
Change in 2023 vs. 2022
Lower by at
least 10%
2%
Change in 2023 vs. 2022
Change in 2023 vs. 2022
No more
than 10%
change
Higher by
at least
10%
33%
from last
year
65%
AMONG ALL SECURITY DEALERS SURVEYED | " TQ112. WHAT ARE YOUR REVENUE EXPECTATIONS FOR YOUR BUSINESS IN CURRENT YEAR VERSUS LAST YEAR? "
SOURCE: MULTIPLE SURVEYS: SECURITY DEALER SURVEY.
Our survey, Security Dealer Perspectives:
Views from the Front Line, was
fielded between Aug. 30 and Sept. 22,
2023. A total of 130 dealers responded to
the survey.
For all completed surveys, SSI and
Familiarity with
Matter Initiative
Familiarity with
Matter Initiative
Familiarity with
Matter Initiative
Parks Associates provided a $25 thank
you. In addition, two dealers who completed
the survey were randomly selected
to receive one of two $500 prizes.
The entire respondent pool was composed
of residential security dealers in
the U.S. or Canada, although many also
conduct commercial business.
This year's study sought to assess the
most important business drivers for
dealers' residential business and the
challenges that dealers face today. It
quantifies shifting demand for smarthome
devices during the initial sale and
as an aftermarket upgrade.
Moreover, it highlights dealer perspectives
on how artificial intelligence (AI)
and the Matter standard will affect their
businesses.
Dealers Struggle with Staffing
Security dealers are noticeably less
enthusiastic about their growth prospects
in 2023. Nearly two-thirds of dealers
expect to end the year about the same as
AI as Selling Point for
Smart-Home Device Solution
last year, judging in terms of residential
revenues.
Although few expect to see lower reveAI
as Selling Point for
Smart-Home Device Solution
AI as Selling Point for
Smart-Home Device Solution
nues, just one-third expect growth. Compare
that with the incredible optimism for
growth that we saw a decade ago, when
77% of all dealers expected to see yearover-year
growth.
Macroeconomic factors are certainly
an important headwind, as are staffing
difficulties. Nearly half (47%) of dealers
now report that they are unable to hire
the necessary employees to support their
business.
The most common approaches to
overcoming staffing challenges include
increasing salaries, offering on-thejob
training programs and improving
benefits.
As in other industries, employees are
attracted by new work arrangements
after many experienced the flexibility and
reduced commutes afforded by remote
work during the COVID-19 pandemic. To
attract and retain staff, 35% of dealers are
now offering flexible work arrangements.
Of course, competition from DIY systems
remains a significant challenge for
TOP FIVE BUSINESS INHIBITORS FOR SECURITY DEALERS
47% Inability to Hire Necessary Employees
43%
42%
40%
38%
Constrained Consumer Spending
Economic Anxiety
DIY Systems as Competition to Installed Pro-Monitored Systems
Supply-Chain Issues Limiting Ability to Obtain Products
AMONG ALL SECURITY DEALERS SURVEYED, N = 117, ±9.06% | " TQ112-C. WHICH OF THESE CONDITIONS INHIBIT THE
GROWTH OF YOUR BUSINESS? " | SOURCE: SECURITY DEALER SURVEY 2023
Nov/Dec 2023 | Commercial Integrator+Security Sales & Integration
73

Commercial Integrator + Security Sales Nov/Dec 2023

Table of Contents for the Digital Edition of Commercial Integrator + Security Sales Nov/Dec 2023

Commercial Integrator + Security Sales Nov/Dec 2023 - Bellyband1
Commercial Integrator + Security Sales Nov/Dec 2023 - Bellyband2
Commercial Integrator + Security Sales Nov/Dec 2023 - Cover1
Commercial Integrator + Security Sales Nov/Dec 2023 - Cover2
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Commercial Integrator + Security Sales Nov/Dec 2023 - Cover3
Commercial Integrator + Security Sales Nov/Dec 2023 - Cover4
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