The Smart Home Security Market is valued at USD 1598.1 Million in 2021 and is expected to reach USD 5861.2 Million by 2028 with a CAGR of 20.4% over the forecast.
Global Smart Home Security Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028. The smart home security market is driven by rising crime rates around the world. With rising crime rates, consumers are increasingly focusing on safety and security arrangements in residential areas.
Home security systems are basically made up of different sensors or cameras that are connected to a central hub for home security. The home security system includes controllers to control the entire home security system, door and window sensors, motion sensors, and security cameras, as well as yard signs, alarms, and window stickers. These integrated electronic devices are used to protect against burglary and uninvited intruders. The Internet of Things (IoT) has a huge impact on home security today. Many companies are launching systems with enhanced security features for monitoring with the help of IoT integration in home security systems. IoT integration makes the home more securely connected and remotely controllable. This technological advancement will make the Mac or home cloud solution/system market widely accepted. The integration of IoT and cloud computing makes it easier to access systems from different locations, providing grader storage and functionality in data exchange thus contributing to more efficient systems in the market. Cloud-based home security systems reduce the complexity of software making it easier for residential users to use.
The Covid-19 pandemic had a serious impact on the growth of the global home security systems market in 2020. Global sales fell sharply in 2019-2020 due to production disruptions and temporary shutdowns of essential transportation. The impact of Covid-19 on key markets such as the US and China, Germany, and India was significantly adverse, as the supply chain disruption in China led to a sharp decline in demand for home security systems. The decline in the number of new construction projects and the closure of production facilities are some of the factors affecting demand in China. However, as the market recovers in 2021, it is expected that the US and China will re-emerge as major countries in the home security systems market.
The global smart home security market is segmented based on product type, component type, technology type, application, and geography. Based on product type, the market is segmented into alarm system and safety & security system. Based on component type, the market is segmented into hardware, software, and services. Based on technology, the market is segmented into bluetooth, Wi-Fi, NFC, and Zigbee. Based on application, the market is segmented into independent homes, apartments and condominiums.
The major players in the market of smart home security market report are
On May 9th, 2022; Smart home company Vivint announced that it had launched an updated range of new home security devices, as well as enhanced the intelligence of its home security systems with an upgraded computer vision chip (CVC). Four new Vivint products are set to hit the market, including a new device called Doorbell Camera Pro, Outdoor Camera Pro, Indoor Camera Pro, and Spotlight Pro. All four can be integrated into the Vivint setup to make the home ""smarter and more secure,"" according to Jim Nye, Vivint's chief production officer.
On June 28th, 2021; Security-systems provider ADT Inc. announced that it was betting on a partnership with Google's smart-home business to increase revenue while struggling to make a profit three years after it went public. The company, known for its home alarm system, announced an agreement last summer with Google, whose Nest business makes thermostats and smoke detectors that customers can monitor from their phones. As per the agreement, Alphabet Inc. Google invested 6. 450 million in Fla.-Based firm Boca Raton, taking a 6.6% stake.
The smart home security market is driven by rising crime rates around the world. With rising crime rates, consumers are increasingly focusing on security and safety systems, especially in residential areas. Smart home appliances like smart cameras, smart lockers, and smart alarms are being preferred to make homes safer and more secure. According to burglary statistics, 88% of all burglary cases are residential in nature, and homes without security systems have a 300% chance of burglary. According to NCRB's 2019 crime statistics, 1,833 violent crimes were reported in Himachal in 2019. According to BrandEssence market research analysis, the increasing burglary rate in Germany is also declining due to increasing reliance on smart home security. The burglary rate in Germany slumped by 11.12% from 442.7 cases per 100,000 population in 2017 to 393.9 cases per 100,000 population in 2018. According to annual figures from the United States Department of Justice, there are 2.5 million burglary cases in the United States each year, more than half of which are home invasions. Furthermore, the crime analysis reveals that there are four primary types of burglary: completed burglary, forced entry, unlawful entry without forced entry, and attempted forced entry. While this number may seem alarming, across the United States, the rate of property crime has dropped. And, as security systems become more and more affordable and accessible, their adoption has grown exponentially, making it easier than ever to protect a home from external attacks.
Smart home security system manufacturers are developing technologies in security devices with visual recognition based on AI (artificial intelligence). AI is evolving into a new phase where security verification and authentication will be done through face and visual recognition. Home security systems, such as consumer video cameras, have been integrated with the new security authentication framework, which includes AI technology to enhance security, security through face recognition and fingerprint and voice recognition. It is proposed to enable AI in Smart Alarm to create a database of all incoming notifications, which can then be analyzed to predict false alarms. For example; in 2019, home security and automation system provider, SimCam Lab introduced the SimCam Home Security and Home Automation Camera which uses AI ""SimCam Alloy"" for face recognition and monitoring of pets, and objects and others.
In addition, increasing number of product launches by key plyers is also supplementing the market growth. For example; Vivint has recently announced the launch of an updated range of new home security devices, as well as enhancing the intelligence of its home security system with upgraded computer vision chips. . (CVC). Four new Vivint products are set to hit the market, including Doorbell, Outdoor Camera Pro, Camera Pro, Spotlight Pro, and Indoor Camera Pro. Also, the latest generation of IP villa door stations (DS-KV8X13 / DS-KV61X3 series) was announced in December 2019 by Hangzhou Hikvision Digital Technology, offering simple video intercom solutions for home and small building applications, as well as improved comfort. Surface mounting and other options for flexible installation are available for the DS-KV8X13 series.
However, the complexity of these systems and the confidentiality of highly confidential information are potential barriers to the overall growth of the global smart home security market. Nevertheless, the integration of technology with visual identification based on AI (artificial intelligence) and unused potential in emerging markets may offer favorable growth opportunities.
North America is the largest contributor to the global smart home security market owing to early adoption technologically advanced solutions in this region. According to BrandEssence research, the North American smart home market reported 172.6 million smart home systems in 43.1 million smart homes in 2019. This accounts for 30.2% of all households, making North America one of the most advanced smart home markets in the world. This puts North America at the top of the market.
The Asia Pacific is considered to be the fastest-growing region in the global smart home security market. Countries in the Asia Pacific are widely surveyed, and China is one of the most prestigious countries. Globally, there are already 770 million cameras in use, 54% of which are in China. According to Comparatist’s survey, 16 of the top 20 cities surveyed (based on the number of cameras per 1,000 people) are in China. This is the kind of home security system that, spontaneously, is followed by North America and Asia Pacific.
Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2020:||USD 1598.1 Million|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 5861.2 Million|
|Tables, Charts & Figures:||175|
|Key Players/Companies||ADT, Amazon, Honeywell International, Hangzhou Hikvision Digital Technology, Frontpoint Security Solutions, Ring, Samsung, Vivint Smart Home Security, Simpli Safe, Robert Bosch, Protect America, Alphabet, Apple, Comcast, Netgear, Skybell Technologies, Alarm.com, Canary Connect, AT&T, August Home, Google, Butterfleye, Tyco security products, Livewatch security, G4S, Cocoon labs, Legrand, Ingersoll Rand, and others.|
|Segments Covered||By Product Type, By Component Type, By Application, By Technology Type|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|