How IoT is changing the definition of home security

As the way we monitor our homes changes, so do the dangers we are able to monitor for remotely. (Photo: Shutterstock)

The Internet of Things (IoT) has transformed the way we live our daily lives, requiring slow-moving industries, such as insurance and home security, to kick into overdrive when it comes to innovation; we’ve reached a critical time when companies are being challenged to innovate new product offerings that meet the needs of the consumer.

Take traditional TV for example. The television industry was turned on its head when over-the-top (OTT) providers like Hulu Live, DirecTV Now (DirecTV), and Sling TV (Dish Network) entered the market. Customers were quickly canceling their expensive, long-term cable contracts to opt-in to a cheaper, contract-free option that also gave them the ability to watch live TV from anywhere. As OTT TV and streaming services, like Netflix, gained traction, it not only changed the way people consumed content, it also changed the development and distribution of content. Similar to the trend traditional pay-TV saw, the old school home security model is now facing consumers’ demands for more value and flexibility at a much lower cost.