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The home security market is changing. And companies like Alarm.com (ALRM) are getting left behind.

With nimble, DIY services of products like Amazon Ring, Arlo and SimpliSafe taking share of the market, the contract-based services of Alarm.com, ADT and others are becoming less attractive to consumers.

According to Hedgeye Technology analyst Ami Joseph, we may be just starting to scratch the surface of the negative impact these new services will have on ALRM.

“Alarm’s revenue growth has still been pretty good even with the recent entrants of all of these new competitors,” Joseph says in the clip above.

“Although, I would argue we are in the very, very early days of this. It’s inning one – the top of the inning, even. And when you look at organic growth for Alarm [subscribers], you can already see a little bit of deterioration in the terms of pace of growth.”

Watch the full clip above for more.

Home Security Paradigm Shift Will Hurt ALRM - real time alerts