In a new report this week, Citi Research analyst Jason Bazinet looks at the increasing complexity in the home security market. As homes become more and more connected, a new segment of “smart home” security solutions has been born.

Competition Heating Up

In recent years, traditional home security service providers, such as ADT Corp ADT 2.94%, have faced a wave of new competition in the market. First, telco companies AT&T Inc. T 0.03% and Comcast Corporation CMCSA 2.13% began entering the home security space. However, the most recent threat to traditional security providers has come from tech companies such as Google Inc GOOG 0.12%GOOGL 0.21% and Apple Inc. AAPL 0.5% that are looking to incorporate security technology into their “smart home” platforms.

3 Business Models

Bazinet sees…

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