Barnes Buchanan 2019: Despite 'Strange Narrative' Great Time To Be In Security

By: Dan Gelinas, Published on Feb 11, 2019

A "strange narrative" is being spun, said Michael Barnes at the 2019 Barnes Buchanan Conference. However, despite that narrative, it is a "great time" to be in the industry.

Barnes gave a 3-hour presentation on the current state of the industry during which he talked about 5 key areas (Growth, Structure, Operating Metrics, Threats, Market Values) that illuminated several themes, listed below:

  • Strange Narrative - People Feel Threatened
  • Data Shows Healthy Market
  • Most Serious Threat Is Complexity
  • Medium Threats
  • Low Threats
  • Fear Could Dry Up Investment
  • ADT & Brinks Underperforming
  • Multiples Healthy
  • Commoditization Of Hardware, But Service At A Premium
  • Incursions from Big Tech and Telcos
  • Growth Up Slightly
  • Move Toward Service
  • Regional Alarm Co Market Share Shrinking
  • Stickier Customers = Lower Attrition

IPVM attended the presentation and examines Barnes presentation and logic. 

* "******* *********" ** being ****, *********** ****** ** *** **** ****** Buchanan **********. *******, ******* that *********, ** ** a "***** ****" ** be ** *** ********.

****** **** * *-**** presentation ** *** ******* state ** *** ******** during ***** ** ****** about * *** ***** (Growth, *********, ********* *******, Threats, ****** ******) **** illuminated ******* ******, ****** below:

  • ******* ********* - ****** Feel **********
  • **** ***** ******* ******
  • **** ******* ****** ** Complexity
  • ****** *******
  • *** *******
  • **** ***** *** ** Investment
  • *** & ****** ***************
  • ********* *******
  • *************** ** ********, *** Service ** * *******
  • ********** **** *** **** and ******
  • ****** ** ********
  • **** ****** *******
  • ******** ***** ** ****** Share *********
  • ******** ********* = ***** Attrition

**** ******** *** ************ and ******** ****** ************ and *****. 

[***************]

Strange ********* - ****** **** **********

****** **** *** '******* narrative' ** **** ****** feel ********** ******* ** the ********* * *****:

  • *** ****** ** *********
  • ****** ******* **** *** ***** of *** ********* 
  • ****** ******* **** ***** companies & ****
  • *** **** *********** ****
  • **** ********* ****** *********** systems ***** *** **********
  • ********* ********** **** **** it *** ********* *** incumbents ** *******

******* ****** ******* *** characteristics ***** ******* * widening ***/*** ****** *** confusion *** ******* ** the ******* *******, ********* to ******. ** ***** is *** ****** ********* versus *** ********* ****.

Data ***** ******* ******

*******, ********* ** ******, the ******* ** **** the **** **** *** average ***** ******* ***** is ***** "****** **** they **** **********." ******* might ** *****, ** said, *** ** ***** be * ****** **** expensive ** ********* * new ********, *** **'* countered ** "***** ************ in **********" *** ******** appreciation *******. ** ** a "***** **** ** be ** *** ********," according ** ******.

****** **** *** "******* narrative" ** *****:

*********, **** ****** *** us ** **** ****, 'yeah, **’* * ***** time ** *** **** the ********.' **** ****** want ******* ** ****** this **** ** ***** for ****.

Most ******* ****** ** **********

****** **** *** * widely-believed-in ******* ****** ***** are **** ** *** "strange *********," *** ****** a "******" **********, *** little ****. *** **** serious ******, *** *** that ******** **** **** a ********* ** ********** complexity. ********* **********--**** ******/*** High ******: 

**** *** ** ****. There ** ********** ********** across *** ***** ** our ******** *****. *** rate ** ****** ** faster, *** **** ** overwhelming ** ****. ********* management ************** ********.

Medium *******

****** ****** ***** ******* he ********** ** ** at **** *** ****** in ***********. **** ******** the *********:

  • ***--*** ****** ******: "*** is *** ***. *** disruptive. ******* ******** ***** detectors **** **** ****** for ********** *** ******** attractive ********, *** *******--** ** *** ***--******** ***** **** ** well. ** *** ***** it *** ******* ****** with * ******** *** or * **** *** in ***** ****** ****." In ****, ****** ****, the ********* ** *** companies ***** ***** ********** in *** *****, ***** would ******* ********.
  • **** ***********--*** ****** ******: "Is ** ****** **** some *** **** ******* will **** *** **** a ********** *********** ******** and **** *** *** of ********? ********, *** not ******." ****** ***** the ********'* ****-*********** ********* and ************ ******** ** counters ** **** ****.

***** ** ** **** that *******-******** ***** ********* have**** ****** ***** *** 1970s, ******* ** *** they *** *** ** the **** ****** ** SimpliSafe ** *********. ********* are ******** ** ********* and ****** ** *** up, **** ** ** likely **** ********* **** continue ** **** **** and **** *********** ****** to *** ** ***** systems **********.

*** ******* ** **** existing *** ** *** unrealized **** ********* *** and **** **, ** there ******, **** ****** and **** ** ****** to *********** *** ******** demands ** *** ******. Traditional ******** ********* *** distributors ** *** ******* with *** **** ********* and ******* ** *****.

Low *******

****** ************* *** ***** 3 ** *** *******:

  • ******** (****** *** **** maybe * *% ****** share)--Higher ******, *** ***** low: "***** *** **** good ******* *****. *** two *** ****, ******* and **&* *** ** and **** *** *** because **** ****'* *** target ******* *** ********* caught ** **** ****."
  • ****** **********--*** ******: "****** say "*** ****** *** want ******** ******* **** it." *** ****. ***** are ****** ** ************ households *** **** **** technology. *** ********** ******* across *** ***** ** booming *** ****-*** *********** is **** ** *** rise."
  • ***** ********* *********--*** ******: "Bigger ** ******. ******, ADT, **** **** ***** you ******* ****’** ****** and *** ***’* *******. The ******** **** ***********. That ** ********* ** a ******, *** ** will *** ******* ******* the ******* ****** ***."

***** ** ** **** that ******* (******* **** / ****** ****) *** AT&T (******* **** / exited ****) **** *** in *** **** ***, there ** ******* ******** them **** ****** *****. And ***** *** ******* others *** **** ****** in *** *** ***** well, ********* *** **** in *** **** *****:

  • ******* (******* ** ****)
  • ********* (******* ** ****)
  • *******/**** ****** (******* ** 2011)
  • *** (******* ** ****)
  • ******* **** (******* ** 2013)

Fear ***** *** ** **********

****** ***** **** **** though ** ********* *** threats ** ****** ***-***********, the ********, ** *******, feels ********** *** **** can ****** *** **** of ******* **** *** industry:

** **** ***** ** this ********. *’* * little ********* ***** ***** existential *******.

*****, ******* ******* ** not, *** **** **** effect. ********** ***** *** less *** ** ****** in ** ******** **** feels *****.

ADT & ****** ***************

****** ************'* ***** ***** ***** is ****************** **** *******-******** ****** ** ****** Home ********. ****** **** **** given **** *******'* ***********, though, *** ******* ********** were ********:

** ******' ******, **** companies *** *** *** same advantages ***** ***** ********* had *** **** ****** exhibiting ******** ******* **** operational ******.

******* *** *** ****** Home ******** ** ******* any *** ************. ** you **** ** *** suite ** ******** ****'** offering, ****'** *** ***** with * ****** **** package. ****'** *** ** understanding ** *** ***** and * ***** **** that *** ***** *********. 

*******, ****** **** *** was ******** ******** ***** and ******** *********. ** said **** *********' ******** were ********** ** *********** issues, *** ** ******* from *** ** *** of *** ***** ******* he ***********.

******* ** *** *** brand **** ** ****** Home ******** ** ****** to **** ** *** of *** ******** ** debatable, ***** ***** *** been********* ****** *** ***** name ************* ******* ***** *** put *** *******,********************* **** ******** *******.

Multiples *******

****** **** **** ******* multiples **** ******* **** a ** ******** ** M&A. *** ***** ********** in ****, ************* ******** ** ********* **** ** ************** ** * *** of ***** ******** *****. 

********, ****** **** **** most ************ ** *** industry ***** *** ******* between *** *** *** RMR. ** **** **** while ** *** * "spooky ****" ** *** industry, ** *** * good ****, ** ****:

*** ******* ** **** the ******** ** ***** trading **** ******** ****** for *** *** ***** players. ** ***** ** that **'** ******** ** see ** ********** ****** of ************ ****** ***** down ** *** *** to *** *****.

*** ******* **** *** above **** ** **** when *** ** *** industry's ******* ******* *** performing ** ****** ********* to *** *******, ** is ****** **** ********* could **** **** ** a **** ** **** away ******* ** * lack ** *** *********, a **** ** *** innovation *** * **** of ******.

Commoditization ** ********, *** ******* ** * *******

****** **** *** ******** would *** ****** ************ as ** ***** **** and **** ****** ***** ubiquity:

***'** ***** ** **** all ***** ****** ** data ****** **** *** filter--you--at ***** ***** ***** and *** ******** ** going ** ****** *** to **** * ******** decision ** ************ ** the ********'* ****** ** protect ***** ****** ** their ******. ** **** not ****** * *********. There **** ** ***** pressure, *** ****, *** it ** * ******** service.

** * ******, *** video ************ ******** ** already ************ ********* ******* *** **** storage. *******, ******** *** still ***** ** ** able ** ** **** at * *******. *** panelists ** *** ***** Monitoring ***** ** *** 1 ***** ** ****** about *** **** ** mary ***** **** **** to ******* **** ***** to *** ******** *** realize ***** ******* *******. (Solink,*******,***** ***).

Growth ** ********

****** **** *** ******** industry ******* *** **** growth ** ***** ******* over *** **** ** years ** ~*% ****, marked ** ** *% climb **** $** ******* in **** ** $** Billion ** **** *** then * **** ** slightly **** ****** **** around ****. **** *** followed ** * *% climb **** $** ******* in **** ** $** Billion ***** ** *** in ****, ** **** in *** ******* **** the ****** *****:

**** $** ******* *** split **% / **% between ******* *** ***** Revenue, *** ********** *** Service ******* ** ****.

Move ****** *******

******** ** ******** *****, the ***** *** **** shifting **** ****** ********** and ******* (** ****, the ***** *** **% Install *** **% ********** and *******), ******* * trend **** **** ******** and ****** *******, ** seen ** *** ********* excerpt **** *** ****** report:

********** *** ******* ******** were ** *% **** 2017 ** ****. **** reflects * ****** ******* from ******** *****--*% ****** in ****, *% ****** in ****, *% ****** in ****.

********* ** *** *% Monitoring *** ******* ******* growth ********:

  • ****** **** ***** *** more ********
  • ****** ******* ***/****
  • ****** ** ********** ********* rates
  • ***** ******** ** * SECaaS *****

***** *** ************ ******* was ** *%, ****** been ******** ** ****** unit ***** *** **** services ** **** ** an ****** ** ***** commercial ********, ********* ** Barnes.

****** ***** ********, ****** by **** ******* ** insurance *** ********* *******, improvements ** **********, ******** costs, *** ********* ******** sophistication *** *********.

Regional ***** ** ****** ***** *********

****** ***** *** ******** into * ******* ********, each **** ***** *** piece ** *** ****** share ***:

  • ***** ***** ********* **** nearly **** *** ******** at **%
  • ***** ****** ****** **** the ******** ********* **** include **** ******* ** ADT (**% ** *** national *****), ******** ** MSO's ** ***** ********* ("4 ** * ******* these ****") (*%), *** JCI *** ****** **** at *%.
  • ******** ***** ********* **** 12% ** *** ******* security ******** *******.

*** ******* ***** *********** the ********:

****** **** ***** **** the ********** ** ******* alarm ********* **** **** older **** ** ***** old *** ** ** 6% ***** **** **** the ****** *** **%. At *** ********* ** 2019, **** ****** *** at **%.

***** *** ********* *****, family-owned *** ******** **********, Barnes ****. ** ** 30 ***** ***, ****** noted ***** *** * swell ** ***** ********* and ***** ***** ********* are ******* ** ****** cash *** ** *** business ***'* ****** **** to ********.

****** ***** **** *** leading ** ********* ****** share *** ******* *********:

****** ***** ** *** smaller ******* ** ********* and **’* ******* ** how ******* ** ** to ******* * ******** in *****’* ******** ***********. People *** **** ******** to ******** *** *** out.

** **** **** *** reason **** ******* *** getting ******* *** *** that ****, ******, *******, and ****** **** ****** in *** "******* ***** butts."

Stickier ********* = ***** *********

****** ******* ** * small ******* ******* ** performance ** *** ********, noting **** ******** ******* as * ********** ** RMR *** ******* **** 11.6% ** **.*%

****** **** **** *** a ***** ********** **** the ******** *** ****** toward ******* **** ******* contracts. ****** **** **** services *** ** ******** customers, ***** ********** ** is * ******** ********* rate, ** *********** *****:

**** ***** ** ******* with *** ********* ***** of *** ****** ******** players:

Poll / ****

Comments (35)

*** **** *** **** probably ** ****** ***** but **** **** *** mean **** *** **** is *********.

*** ******* ** ****** may **** **** ** getting * *** *****.

*** *******, $** ******* ****** **** security ********* **** ********* * few ****** ***. ***** *****-****** **** *****(******* ** ** ** Amazon ** **** ******** or ******** **** *******) is ***** ** **** and *** ******.

*** **** ********* ***** be ***** **** *** it ***** *** ** the ***** **** ** industry **** **** ***** fine ** ******* *** a ***** ** **** a *** *****. ** $10 *** ***** ********** from **** ********* *** AI ***** ***** ********** expands, *** *** ********** like *** ***** *** their '****' ******* ********** in *** **** *** years.

**** **** *** ********* to ** ** **** event, * *** *** feeling **** ***** ********** are * *** ***** to ****'* ******. ** I ***** ** *****!

***** *** *** **** real *******, *** * predict **** **** ****** the *** ********** (**. ADT) **** **** *** local *********.

$**/***** ********** ********* **** downward ******** ** *** and * ******* **** pressure **** ****** ** higher ********* ** ***** of **** **** ********* and ****. ********* **** high ********** *********** ***** will ** **** ********** impacted ** **** ** they **** ******* ** RMR (**** ***, ****** attrition) ** ****** ***.

***** ***** ********* (*** have **% ****** *****) are (****** *************) ********* to ****** ******* ** SAC. ** ** ********* example, * ***** **** a ******* **** **** that ****** $** ******** fees ** *** ******* zero ****** *** **** enough ***** $** ** refer ******. **** ** local ********* **** ******* or *********** ********* ******* resulting ** * ********** marketing **** *** *******. In ********, **** ****** at ***** ***** ********* costs ** **** ** install. **** ***** **** a *** ** *********** to ******* **** ***** monthly ********** ******.

*** ********** (**. ** video ***** **********) ***** be **********. * ***** it **** ****** ********** alarm ********** **** **** residential. ***** ********** ** the **** ******** * real ******* *****, *** video ********** ******* *** home ***** ** * challenge. * ******* *** operators ** **** ******** shouting "*** *** *** lawn!"

*** **** ****, * think *** ******* ****** to *** ******** ** investor ***********. *** ** ASCMA ***** **********, **** uncertainty **** ** *********. ADT ***** ***** ********* tank (******* ***** *********** approach ** ******** *** and *********).

* *** ** **** laden ********* **** ******** to ********* ***** ****** facilities *** *** **** cash **** **** **** into ***** ****.

*'* ********** ** *** potential *** ***** ***** companies ** **** ******* this **********.

***** ** ** *****.

*** *** ****, *** quick **** *** ****** stop **** ** *** end.

********* **** **** ********** Acquisition ***** **** ** more ********** ******** ** this ** **** **** heavily ** *** (**** low, ****** *********) ** recoup ***.

****, ******. **** ** these *** ********* *** spending ******** ** ******* or **** *** ******** acquired (******* ** *** use ** ********* **** to **** ***** ***** people). * *** ***** companies ** **** ** technology ********* *** **** purely ****** **** * fraction ** ***** *** costs.

*** *******, *** $** monthly ********** ***** ****** work *** ********* **** high *** ***** *** fits ****** **** *** online ***** ** ******, Google, ***.

 

$** ******* ********** ***** cannot **** *** ********* with **** *** ***** but **** ****** **** the ****** ***** ** Amazon, ******, ***.

***'** ***** ***** ****! But *** ******* ********** works *** ***** ***** companies ***. ********** **** have ****** ** ****** and ****** *********** ********* central ********** ********. ** the ******** ******** ** RMR ***** ***** ******, national *********** *** ****** to "**** ********** ****" and ******* *** ********** structures ** ***** ******* door ** **** ***** programs, ***** ***** ********* will **** *** ****** market *****. 

* ******* *** ********* at **** ******** ******** "Get *** *** ****!"

******** **** ************“**** *** *** ******!” ;)

...*** ******* ***** ******* today ** ***** "****** than **** **** **********." Margins ***** ** *****...

***** ****** **** ***** margins?

** ** * **** time ** ** ** security, * ** **** tired ** ** ***. Security *** ***** ******* that ********* ** ******, when * *** ** so **** ****. ** is **** ** **** away *** ****** ** this ***, **********, ************, Design, ***********, ********** *** Installation. **** **** *** of **.

**** *** *** **** readers, ****** ***********, **** contacts, *** *********, ****** boxes, ******** ***** *** machine ******. *** ** it ****, ********* *** "enterprise" ****** ***, *** that ******* ***** **** a ********** ********.

*************, * **** *** some **** ** *****, for ***. * **** start **** ***** **** having * ****** ********* both *****, *** **** the **** ** *** unit, ********. *** ****** is ******* ** *** 5 ****. ** **** circle **** ** ****.

******* ** **** ****** social ******** ********, **** you *** ********** *** all ***** *********, ***** recognition, ******** *** ****** (much **** **** * cell *****). ***** ************* data **** *** **** digital *** ****** *** each ***** ** *****. Eye, *********** *** **** Terrestrial *** ** *** part ** *** ***** on ******.

**** ** *** **** you **** ****** ** register (*** ******** ***), however ******** **** ** born **** **** **********. Now ***'* ***** ** ripping *** *** **** security ************** *******, ********, lenel, *********. *** ** all *** *** ****** recycle. **** **** *** and ***** ***** ***** that ********** **** ****** use * ******* *****-***** to ******* ***** *** resistors *****. ***'* **** that ***** ******* *** back ** ****** ** find ******* ***** ** feed *** ****** ***** than ******* ********** *** technology ******** *******. *** can *** ********** ******** systems ** *** ****. Fire **** ******** ********, what ** ** *****? marking ** * ***** chart *** *** ******** labels? ******** *** *** camera ******** *** **** vague ***? *** *** go, ****** *** **** to ***********. *****-********, **** it **...*** ***** ******* to **** *** **** up **** **** ***** spliced ********. ******* ** is **** *** *** to ****** ** * food *****. ******* ********, you're **** ** ***** is ****** **** ********* hole ** * *******, could ** ********! **** you *** ** ****** in ** ******.

***** *******.... **** ***** of *** *****? ***** door? ***. ***'* ** to **** *** *** yourself **** ** *** see? **** *** ***** become? ** ********* ** longer ** *****? ***** AI ** *****, ** longer * **** **** you **** ** * camera *****(***). ********** ** tied ********(********). **** ******** is * ******** **, it ***** *** *** are *** *** *** ability ** ******* **** every ****.

**** **** ****** ** unlocked *** *** ***** and ***** ******* ** authenticate **** ****, *****, cell ***** *** **** biometrics. ********** ** ******** and **** *** ***** one ** ******** *** building ********* **** (***-*** coin ***** *******). *** door ****** *** *** audible *** *** **** you *** ****** ** cannot ****** *** ****. Again, ** **** ** build * ******* ******* device ** **** ** the ****, ** ******, feed **** ******...**** ** guys **** ** ******* the *-*** ******** ***** guy ** **** ** abolish.

** ** ** ** let **** **** ****** and ***** ***** **** rights, ****** **** *** say ** **** ***** happen, *** ** ****. Smart ***** **** ** make ***** ******* ** kill *** *** *** legacy ************* *** ********** needs ** ***** *** life **** *** ******.

**** ** **** **** esoteric *** ********. ***'* say *** ******** **** somewhere *** ** *** belong. ** ***** ** no ***** ***** ** dispatch, **** * ***** will **** *** ****** you **** *** ****. The ***** ***** *** you ***, *** **** you *** *** **** comply. **** ***** ** an ****, **'* **** simple. **** ***** ****** in *****, ** *** want ** ***** **** that ***** *** **** all **** ********** ***** you **** ** **** with ** ******* (*****, Alexa). ****** ********* ** to ****, **** **** stop * *** *** tough *** ********* **** want ********** *** ****** abide ** **. **** homeless ****** *** ****** a **** ******, **** service *** ****** ** charge ** *** ********. 

**** **** **** **** you *** **** *** it **** ******** *** go ********, **** ***** it ******* ***** *** you *** *** *** to **** **** ***** for *** ******** ****. Hotels, ********* *** *** just *** ** *** in *** *** *** reservations *** ****. ********, every **** **** **** a ******, ******* ** biometrics, ** ***** *** audio **** ** *** standard.

** ******, *** **** technology **** ********, **** likely ** **** **** tooth ******* **** ** the **** ******. ********* that **** ** ** charged ***** **** ** the ***** ******* ******* can ******* *** ********* as ******. 

*** *** *** **********, your *** ***** **** AI ********** ** ******* unique *** ** **** for **********. * **** all *** ***-******* *** going ** **** ***** hacking, *** * *** say ** ****: *** cryptology **** ** ****** will ******* ******* **** AI ** **** ***** about ***********. ******* **** be **** ********** **** a ******** *** ****** OS ***** ****.

*****, ****, *******, ****** and ** ****** *** the *** **** ******* priests ** *** ***** Way **********. **** ** know ***** **** **** are **? **** ***. Need ** **** ** they *** **** ** class, ******* ** ********? just ***. ** *** want *** ****** **** hikvision ******? *** ******. Enough **** *** ****, click, ****** *** **** UI. *****, *** **** access ********** **** ***** been ***** ** *** London ******? *****, ***** me * ****'* ******. 

*** *** *** ***** think *** ******** *** a *** *****, ** was **** *** *********. Robots *** *** ****** and **** ********** ***** into *** ****, ********, car, ******** ****, ***** theater *** **** **** will ******* ********** *** not ********. ** *** started **** *** *********, digital ***** ***** *** Sony *******. ******* **** as ***** ****** ** in ***** **** **** just **** ** ** improved *** ******* ** march **** *** **** 2050.

***, **** ** * good **** ** ** in ********, *** ***** is ****** *** *** those ****** ****** *************, vmsaurs *** **-***************. * good **** ******.

 

** ** * **** time ** ** ** security, * ** **** ***** of ** ***.

*****, * *** ************ in *** ******* ****** crystal ****. *******, ** is ******* **** ** remember ** ** * promoter, ****** **** * prognosticator. ** *** **** silence ** *** * good *****.
***, * **** **** labeled “*** *******-****” *** to ** ********** ******** about *** ** *** biggest ******* ** *** traditional ***** ******** **** nobody ***** ** **** about. *** **** ** NO ****** ******** ** calls *** **** **** remote ********** *****, *** to ********** ***********… *** a ****** ** *** core ********* ** *** industry. ** ******** **** the ******** ** *** remote-monitored ********* **** ********* in *** **, **** 15 *******, *** ******* that **** **** **** quietly ********** **** * “police ****” ** “******** call” **** ***** ********* alarm ****** ** “*********”. Several ****** **** ******* legislated / ****** ********** firms **** ******* *** police *****. **** **** your ******** ***** **** like **** **** **********?
***, ** * ****** company, ***** ** ***** by *** *** **** delayed **** **********. ****, maybe ****** *** *** stock @ ****** ******.
******: *** *****; ******* Services *****

*****, * *** ************ in *** ******* ****** crystal ****. *******, ** is ******* **** ** remember ** ** * promoter, ****** **** * prognosticator.

** ********, ****** ** collecting *** ********* **** on **** ***********. *** key ******** ** *** much *** **** (*** recent **** ****) ********** the ******. ****** *** prove ***** **** *** data ****** ** * stable ****** *** ********** but ********** *********** ***** make ****** **** **** irrelevant ** *********** ******* come **.

*** *** *******, ** did * **** *** of ********** **** *** lots ** ********** ****. And ** ******* **** of *** *********** *** financial ******. ** ***** the ******* ****** ****** than ****. *** ***** he ******** * ***** that ***** ********** **** of *** ******* *** the ******. ****** ******** is *** **** ********* of ******** ****** ** interest ** *** ********.

************** *** ***** ** point *** ****** ** alarm ********* *** ***** alarms, *** ****'* **** a **** **** ******** their ************* ******* ********* alarm *******. ****'* **** to **** ** ******* on ***** ****** ** keep ** *** *** for *****.

*** ******* **** ****** response ** *** **** component ** *** ******** model. *'* ***** *** core ********* ** ********* and ************-- *** ***. Today, **** ***** ********* settle **** ****** ******** because **'* *********. *** the ****** **** ********** altogether. ****** **** *****, alarm ********* **** ******* better, ****** ***** ******** or ******** **** ***** services ** *******. ****'** already ***** ** ** some *****. **** ***** to ******* *** "****** on ****** *********" ****** fast.

** *** **** ****? That's *** ***** ** budget ****! **** ***** as ******* ******** ******* from ********* *** ******** that ****** ******** **** to ******* ***** ******.

*** ** ******* ********** and ****** *********** **********? Of ******. *** ***'* be ******. ****** **** ** the ***** ********, *** the ***** *** ******.

 

****** **** ** *** alarm ********, *** *** other *** ******.

*’* **** **** ***** like **. *** ** the ***** ** **********, it’s *******-**********.

**** ***** ***** ***** running ***** ** **%, it’s *** ***** “***** to ***** *** ******”; obviously *****’* **** *** improvement.

**********, **** ********** ** dramatically ********** ********** *****************.  **** *** ***** of *** ********** ** false ****** **** *********** directly ** *** ***** industry, **** ***** **** the ********* ** *** it.

***********, ***. *****************? * don't ***** **.

*** ******* **** "***** alarm" ******* ** **** they ******* *** ********** where ****** **** ** evidence ** * ***** in.

***** ***** ***** ** sound **** *** ***** system *********** ******* * person ** **** ******/****. It's *** * ***** alarm, *** *******, ** you ***** *** ***** without ********* **** ***** system. ****'* * **** alarm ********* ****** ** user *****. ***********, **** a ******** ***** ** counted ** * ***** alarm.

*****, * ***** ******* improving ********** ** ****** unnecessary ********** *** *'* hesitant ** *** *** term ***** ******.

*** **** ** *********** police ********** ** ************** detected ***** ********** ********** costs *** ***** ******** as ****/** ******** ******** the ********* ***** ** alarm **********.

*** **** ** *********** police ********** ** ************** detected ***** ********** ********** costs *** ***** ******** as ****/** ******** ******** the ********* ***** ** alarm **********.

****’* ***** ****.  *** the **** ** ****** across *** ******** ** a *****, **** *** better ********* ******* ****** for *** ************ ** the ******.  ** **’* indirectly *** ******** *******.

****’* *** **** ********** policing ********** ***** ****** things.  **** * ******* is ******* *** **** for ***** *** ***** alarms, ************ ***, **** ***** a ***** *** ********* incentive ** ******* ***** own *******.   

****, **** ***** **** for **** ****** **** law ***********. **** ***** absolutely ******** **** **** of **** ***********.

***** **** ******* *** millions ** *******, ** now **** **** ********* deterrent ***** ******* (******** of *** ********* *******)… (1) ** *** ***** the *** ****; (*) helps *** *** **** identify *** ****** *******; (3) ***** ** ****** the **/*** ****** *** successful *********; (*) ****** the ***** ******** ** other ***** ** *** community; (*) ******* ***** demographic **************; (*) ******* sovereign ********; (*) ********** of *********; (*) **** little, ** ****, ** reduce *****; (*) **** upon *******. ************* *** the **** ******** ** the ******/******* ***********. ** why ****** (**** *******) the “…****** **** ** the ***** ********, *** the ***** *** ******”?.

*** *** ******* ***** industry ********** *** *** solutions, *** ****** ** accept **************. *** ****** point ** **-******* ******** wherein *** ********** ***** pay *** **-****** ****** response ** ******* *** customers. ** ***** ***** fees, **** ******* ******** for *** ** ****** services *** ******* ********. Unnecessary ****** ******** ******** quickly.
******: *** *****; ******* Services *****

***** **** ******* *** millions ** *******, ** now **** **** ********* deterrent ***** ******* (******** of *** ********* *******)… (1) ** *** ***** the *** ****; (*) helps *** *** **** identify *** ****** *******; (3) ***** ** ****** the **/*** ****** *** successful *********; (*) ****** the ***** ******** ** other ***** ** *** community; (*) ******* ***** demographic **************; (*) ******* sovereign ********; (*) ********** of *********; (*) **** little, ** ****, ** reduce *****;

** ****** **** *** that?  ***, ** * feel ******...

*’** **** * **** on ********** ****** *-*. Would **** ** *** some ***** ** ******* them.

*** ***’* **** “**.” Charging *** ****** ******** based ** ****** **** of ********** *********** ** a ******** *****. ***** are *** ****** ******** that *** ******* ******** across ************. *** **’** stay ** ***** ** police *********. ****** *** police ****** ****** *** call *-*-* ** ****** suspicious ********? ****** **** neighborhoods **** ****** ***** pay **** ***** *** extra *******?

* ** ******* ********* of ***** ************ ** minimize *********** **********. *** paying ****** ** ******* response ****’* ****** ******* to * ******** *** thought ** ***** ******** next **** ** ************.

 

***** **** ******* *** millions ** *******, ** now **** **** ********* deterrent ***** ******* (******** of *** ********* *******)… (1) ** *** ***** the *** ****; (*) helps *** *** **** identify *** ****** *******; (3) ***** ** ****** the **/*** ****** *** successful *********; (*) ****** the ***** ******** ** other ***** ** *** community; (*) ******* ***** demographic **************; (*) ******* sovereign ********; (*) ********** of *********; (*) **** little, ** ****, ** reduce *****; (*) **** upon *******

**** ** * **** go **** ***** *** dummy *******, ** *** the ********** ****** ******* the ***** ****** *** at *** **** **** bolster ********* ********?

 

**: *********** #*: **** alternative *** “**********”, *** you **** **** ** money. ******* *********** ** to ******* ** * “defensive” ******, ***** ******** remote-witness, ***** ** *****, by *** ********** ******. Thus ******** ****** *** false ******. **** ******-******* verification ******* *** **** high ******** ********, *** across *** *******, **** in ****** **** **** legislated/banned ***** **** ********* systems; *** **** ******* all ** *** * reasons ****** ****** **** deterrent ******, ** ********* earlier.
*****, *** *** ******* Barnes ********** ******** ***** critical ****-********** ******** ********** issues ****** *** ************.

...*** **** ******* *** of *** * ******* police ****** **** ********* alarms, ** ********* *******.

**** **** “***** *********** discrimination?”

***** ***, ***, *** your ************ ** *** discussion.

** ********, ****** ** collecting *** ********* **** on **** ***********...

** *** ********, **** Barnes **** * **** in *** ****?

**** ********...*** ***...* **.  Generally, ** **** ***** money **** ******* ***** into *** ******** *** M&A ********.  ********** ******** as ** ***** *** money ** ****** **** or ***** **, ** who ** ****** ****.  My ******** *** ****** bad **** ******* *** decisions.

*** ******* *** * great *** *********** ** presentation, *** *********** * few ******, *** ****** a ****** ** ******. I ** *** ***** as ****** ***** *** risks ** *** ******** as *********.

**** ********'* ******* ***** the ********* ** ********** data ** * ***** one!!

* ***'* ******* ** have * ******* ****.  Heck, * *** **** ADT *** ******...***.  **** trying ** ***** ** the ********* ** **** facts ** ********, *** suggest *********** *****/************...***, ****, of ******, *** **** I *****.

***** ***, ****. * appreciate *** ********. ** for ******* * ****** points, * ***'* ***** that ** ******** ** exhaustive. ***'** ****** *****'* no ******** ** *** 1, *** *******. * tried ** **** **** I ******* **** *** main ****** *** ****** of ****** *** *** readers. ****** **** ****, there *** * ***** lot ** *********** *** I **** ******* ** engaging **** ** **** the ********* ****** ****.

****, * *** **** ADT *** ******.

******* ***’** ******* ** hedging?

 

****/***:

***** *** *** ********* the **********.  ** ********** your ******* *** ********!!

**** ******

*** ******* * ** bullish *** ** * hedge...Brinks ** * ****-**** bet, *** ****.

****** ** * ****-**** bet, *** ****.

*** *** **** ** you’re ***** ;)

**...******!!  ********, * ** in *** *****, *** still *******.  ***** **, thought *** ******** ****** program ******* (*** *** Brinks *** **% ** the ******* *******, *** had **** ******** ****** and *****), * ****** position ** *** **** LiveWatch, *** **** *********, and *** ********** ** Brinks **** *** ****** moves. **** ****, *** much **** ** *** much ****...** **** ** maneuver.

****... *** *** ******* to *** ***** ******* about ****** ********.

**** ** * ******* topic, **** ** ** it ******* ** **** type ** *****.  **** year *** *** **** annual **********.  ** ***** one ** **** ** debated ***** ******* ** highlight *** ***** ***** issue.  **** **, ********* as * ********* *********** threat ** *** ******** and/or *** *************/*****.  ** each ** ***** *** of ***** ** *****, we **** ********* **, but *** *********** ** such.  ****, ** **** of ***** ***** ***** sales **** ********* (********* during *** ***** *********) and *** ******/******* ********* hasn't ****** ****.  *** industry ***** ** ****** 3 ***** *** **** it *** **** ** first **** *** **********. Not ** *** **** isn't ** *****.  *** I **** **** ** view ** *** ** a ****, *** * feature.

*** ***** ****** ** devices, ********** ********* ******* and ***** ********* ** pixels ** ****, *** generating * ******* ********** flow ** ***********, *** of ***** ** *********** helpful/useful/valuable.  ***** ********** (*** others) **** **** ***********, this **** ***** ******.  But, ******* ********* *********, there ** ** ******** need ** ******...*** ****** sector ******* ********** **** for **** ** ******, as **** ** ********, before ** ******* ****.  Pushing *** ******* ****** to ** *** *********, with *** ********** ****** driven ****** ******* ********** and ********** ***** *****, and ** **** ****** to *** ******.  ******** out *** ****** ********** of **************** *** ******* is * ******* ******** point, *** ***** ***** is ******* ****** ***** this (*.*. **** ***** sectors **** ** ****** care, *** ********* **** similar ******/********).

*******, ** *** **** 24 *****, *** ***** of ******* **** ********, the ********** *** *********, the ****** ***** **** has ********* (~**). ** is **** ********** **** ever, *** *** ******** (voting *** *********) **** involves * **** ****** demographic **** ****, **** penetration ********** (*****, ********** means ******* **** *** socio-economic ********).  ************, ****** half ** *** ****** are ********** *** ************, who **** **** ********* on ****** ****** ******. [NOTE: *** ****** **** only *** **** **** them ** *** ****** them ** ** ****** true]

*** ****** **** ******* don't **** ** *****.  They **, **************.  ***** not ** ***** ** they ******, *** ***** with *** **** ***** positives. *** ******* ** use ***** ******, ********* the **** *** ************ monitoring ** **** ************ is * **** * testament ** *** ****** and ********* **********, *** also **** ********* ********* will ** ****** ********* to *********** *** *** of ********** *** ********* to ****** ****** ****, have ** *********** ********* and ********, *** **** have ****** ****** ********.  Advances ** ******* **********, imaging/video, *** ***** ********* are ****, **** ***** declining.  ***** ** ******, and **** *******, *** one *** *** * bright ****** *** *** ability ** ************* **** through *** "**** ****" volume ** **** *** hand *** ** *** public ****** **** **** which ** **** ****** to ***** ******* ******.  BUT, **** ** *** industry ***** ******* ******* a **% ******* **** (which ** ***** ****), the ****** ****** *****, and ******** ******, ******** to ****** ************.  **** are, *****-***, *** ********** agent *** *** ********** data, ******** *** ********** tax *******.  * ** happy **** *** ******* a **** *******.

******, *** ******** *** huge ***********.  ********* ** many ******** (**** ******* certain ********** ************) ******** is *******, **** *** fire.  **** ********* ** system **********, ******** *********, and ***** ******, **** an ******* ***** ***** of *********...**** *** ***** increasing.  * ***'* *** a ******* ***** **** applies ** * **** segment (** ***) ** the ********, ***/** ** inherent ********** ******* **** results ** * ********.  At *** ***** ****, there **** ** ******* where *** ******** ********* some ****, *** ***.  But, ******* *********** * systemic, *********** ****** ** the ********.  **** ** vantage, ** **** ** the **** ** ******** (NOTE: *** ******** ****** in *** ***** **** systems ********** ****, ** choice, **** ** ***** homes *** ** ****), the ****** ****** ** wanting ** ******* *** mandate ****** ** **** by ********* ** ***** and *******, *** ****** of **** ********* ***** filtering, *** *** ***-**** is ******* ** *** for **** ** *** of *** ********* *****...*** current *********, *** *** associated ******** ********.  ** is * ******.  **** like ** ****** *** been.

**** ** ** ***** as * *** **** my **** ** *** specific *****.  *** ****** that *** **** ** this ***, * ***** like ** **** *** more ******.  *****, *** narrative * ***** **** connected ** **** *****, which * ***** ** most *********** *** ********* is **** *** ******* structural *********** *** *** alarm ******** ****** ***** using ****** ****** ********* in **** ******* ** unfair ***.  *** ****.  I ***** ****** ***** be **** ******* ** point ** * ****** sector ******* **** ***** taxpayer ******** **** *******, or ** ********** ** their ***** ****, ** [insert ********].  *** ******* is **** *** ********* that *** ***** ******** is ***** ** * house ** ***** ****** capital ***/** ***** ** more *********, ** *** detriment ** *** ******** (and, ***, ** ** as ****).  *** ****** around **** ********** *********** is **** *** *******, but * ********* **** implies ** *** **** settled ** *********.

**** ***** ** ** my ****** *****.  *** Jones *** ** ***** mentor/role ***** *** *** continuously ****** ** ********** the ******** *** **** 30 *****.  * ***** and ******* *** ****, and ***** ******* **** readers ** *** ****.  On *** **** ******** of ******** ****** ** agree. ** **** *** we ***'*.

***** *** *** **** thorough ********.

 "***, **** ** *** industry ***** ******* ******* a **% ******* **** (which ** ***** ****), the ****** ****** *****, and ******** ******, ******** to ****** ************"

**** ** ** ********* point. *** * ***** that *** ******* ** healthy. ** ****** ****** sector ********* ** ** efficiently ******** *** *** private ****** ** ******* technology.

****, * ************** ***** with *** *********...

"(****: *** ******** ****** in *** ***** **** systems ********** ****, ** choice, **** ** ***** homes *** ** ****)"

*'* *** **** * have ******* **** ** home *** ** ****. You *** **** **** own ***********! ***

 

***** ***, *******, *** taking *** **** ** compose **** * ******** and ********** ********. * appreciate *** ******* ********** happening ****.

**** **** **** **** !

Login to read this IPVM report.
Why do I need to log in?
IPVM conducts unique testing and research funded by member's payments enabling us to offer the most independent, accurate and in-depth information.

Related Reports

Alarm Veteran "Demands A Criminal Investigation" Of UL on Oct 18, 2019
The Interceptor's Project pressure against UL continues to rise. Following Keith Jentoft's allegation that "UL Has Blood On Their Hands", Jentoft...
Altronix Claims Tango 'Eliminates Electricians' on Oct 15, 2019
Power supply provider Altronix claims its new Tango power supply 'eliminates the need for an electrician, dedicated conduit and wire runs'. In...
Network Optix NxWitness 4.0 Tested on Oct 10, 2019
Network Optix released Nx Witness 4.0, proclaiming new features like a deep learning analytics metadata SDK, increased H.265 support, and UX...
Knightscope Sells Just 1 Net New Robot In 6 Months on Oct 04, 2019
For the first half of 2019, US government records show that Knightscope has sold just 1 net new robots ('machines-in-network'), inching up from 52...
Milestone Has Problems on Oct 01, 2019
Milestone has problems. While the company previously excelled in the shift to IP cameras, as IP has matured and competitive differentiation has...
China Enforces Barriers Against Foreign AI and VSaaS Providers on Sep 30, 2019
While AI and VSaaS is the future of video surveillance, these are obstructed to foreign firms in China (the PRC), where authorities are tightening...
Critiquing Carnegie's AI Surveillance Paper on Sep 25, 2019
The Carnegie Endowment has issued an ambitious paper on the Global Expansion of AI Surveillance. While its aim is applaudable, the paper has...
RealNetworks SAFR Facial Recognition Profile on Sep 25, 2019
RealNetworks entered the surveillance market by giving away their analytics to schools for free, and is now targeting large commercial users with...
Hikvision Acusense Analytics Tested on Sep 23, 2019
Hikvision touts "The Magic Behind It All" in their new Acusense line are 'deep learning algorithms' inside these cameras and recorders. But how...
Interlogix Shutting Down on Sep 20, 2019
Interlogix is shutting down, as UTC has confirmed to IPVM in a statement about their "plans to wind down" the once leading brand. Inside this...

Most Recent Industry Reports

Alarm Veteran "Demands A Criminal Investigation" Of UL on Oct 18, 2019
The Interceptor's Project pressure against UL continues to rise. Following Keith Jentoft's allegation that "UL Has Blood On Their Hands", Jentoft...
Camect "Worlds Smartest Camera Hub" Tested on Oct 18, 2019
Camect is a Silicon Valley startup that claims the "Smartest AI Object Detection On The Market", detecting not only people and vehicles, but...
Hikvision Global News Reports Directory on Oct 17, 2019
Hikvision has received the most global news reporting of any video surveillance company, ever, ranging from the WSJ, the Financial Times, Reuters,...
Camera Calculator V3.1 Release Improves User Experience on Oct 17, 2019
IPVM has released a new version of our Camera Calculator, V3.1, with significant user experience improvements, a new development plan, and an...
Securing Access Control Installations Tutorial on Oct 17, 2019
The physical security of access control components is critical to ensuring that a facility is truly secure. Otherwise, the entire system can be...
Access Control Course Fall 2019 - Last Chance on Oct 17, 2019
Register Now - Fall 2019 Access Control Course. Thursday, October 17th is the last day to register. IPVM offers the most comprehensive access...
US DoD Comments on Huawei, Hikvision, Dahua Cyber Security Concerns on Oct 16, 2019
A senior DoD official said the US is "concerned" with the cybersecurity of Hikvision, Dahua, and Huawei due to "CCP" (China Communist Party)...
Pelco Sarix Pro3 Camera Tested on Oct 16, 2019
Pelco has released their Sarix Professional Series 3 cameras, claiming "more security detail in challenging scenes with excellent low light and...
IPVM Camera Calculator User Manual / Guide on Oct 16, 2019
Learn how to use the IPVM Camera Calculator. The guide below includes instructions, images, gifs, and videos demonstrating and explaining the...
Altronix Claims Tango 'Eliminates Electricians' on Oct 15, 2019
Power supply provider Altronix claims its new Tango power supply 'eliminates the need for an electrician, dedicated conduit and wire runs'. In...