Competitive PressureThe proliferation of 'plug-and-play' or DIY safety solutions, including offerings from Amazon and Google, creates less demand for service provider–installed solutions.
Market DynamicsHeavy competition limits pricing power and margin upside for Alarm.com.
Revenue ImpactADT, Alarm.com's largest customer, is beginning to bring customers onto its proprietary platform, rather than Alarm.com's as it had done historically.