Smart Home Security Market

Global Smart Home Security Market Size (2024 to 2029)

The size of the global smart home security market was valued at USD 32.12 Billion in 2023. The global market is projected to grow at a CAGR of 12.5% from 2024 to 2029 and be worth USD 65.12 billion by 2029 from USD 36.14 billion in 2024.

The smart home security systems industry comprises sales of smart home security equipment and related services. Smartphones, wearables, and voice commands can all access smart home security equipment that is connected to Wi-Fi. Among the items developed are smart alarms, smart cameras, smart locks, smart detectors, and other security gadgets. This market does not cover the installation of these devices or their integration with the home setup.

MARKET DRIVERS

The rising crime rates around the world is resulting in the increasing adoption of smart home security systems and driving the global market growth.

Consumers are placing a higher emphasis on safety and security measures, particularly in residential areas, as crime rates rise. Smart home technologies such as smart alarms, smart cameras, and smart lockers are preferred by households because they are more safe and secure. As a result of the Internet of Things rise, miniaturized sensors and actuators, as well as low-power wireless communication technologies, have evolved. Product quality and automation system consistency have both increased as a result of the Internet of Things. Home security system integration with the cloud enables remote monitoring of homes or other infrastructure using mobile devices and the internet as interfaces. Recent advancements in smart sensing and actuation devices, as well as essential communication technologies such as Bluetooth Low Energy (BLE), ZigBee, and ANT, have made IoT integration in home security systems easier. Wireless connectivity to a variety of security options, such as access control and fire and gas detection systems, provides consumers with flexibility, simplicity, and assurance.

MARKET RESTRAINTS

The high cost of home security system installation and maintenance is hampering the smart home security market growth.

Customers are growing more aware of the benefits of home security systems, but they are still hesitant to spend because security system prices remain out of reach for many. The high cost of hardware and ownership, as well as the costs of advice and installation, have stifled the adoption of home security systems. The total cost of ownership includes maintenance, monitoring subscription fees, part replacement prices, and installation charges.

Impact Of COVID-19 On the Global Smart Home Security Market

The global home security systems market has already been adversely affected by the COVID-19 outbreak. Depending on how far the virus spreads, global sales are anticipated to decrease by 5–10 percent this fiscal year. COVID-19 has had a severe negative impact on major markets such as the United States and China, with supply chain disruption in China resulting in a drop in demand for home security systems. Some of the factors affecting demand in China include a drop in the number of new development projects and the closure of manufacturing operations. In comparison to other countries in the Americas region, the US market is predicted to grow faster.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Smart Home Security Market Analysis By Systems

The video surveillance segment had the greatest share of the global market in 2023 and the lead of the segment is predicted to continue throughout the forecast period. Through real-time event recognition, post-event analysis, and statistical data extraction, video analytics improves the performance of video surveillance systems while reducing human costs and boosting the effectiveness of surveillance system operations. Video analytics algorithms can be used to evaluate recorded video, which is a difficult and time-consuming operation for a human operator, especially when there is a large amount of video data to eliminate. A relevant video clip of an incident in a recorded video can be obtained through a quick analysis of the footage.

Global Smart Home Security Market Analysis By Services

During the forecast period, the demand for home security system integration services will dominate the services segment. Major factors driving the growth of the market for security integration services include increasing digitization and optimization of operational costs for security infrastructure, as well as increasing reliance on third-party service providers for the smooth and continuous operation of all security products as well as for security assurance.

REGIONAL ANALYSIS

North America is anticipated to hold a significant part of the market. According to the National Council for Home Safety and Security, 47% of millennials in the United States own smart gadgets, and 70% of those who currently have one are considering acquiring another. Because security is a key concern in the home, there is expected to be a high demand for security equipment.

During the forecast period, the Europe Smart Home Security Cameras Market is expected to develop at a CAGR of 16.1%. In recent years, the industry in the region has seen widespread adoption, particularly in nations like Germany, the United Kingdom, the Netherlands, and France. The real estate business is predicted to rise as demand for smart and connected homes grows, as well as home automation systems, which are an important aspect of smart homes.

The rapid development of Smart Cities across APAC countries is propelling the region's smart home security market. Smart home security systems are widely used in India, Australia and New Zealand, South Korea, and Japan. China is the world's leading manufacturer as a result of a conglomeration of leading companies in the city of Shenzhen.

During the forecast period, the LAMEA region's Smart Home Security Market will grow at the slowest rate. The United Arab Emirates is currently the region's largest consumer of smart home security systems, and this trend is expected to continue through 2026.

KEY PLAYERS IN THE GLOBAL SMART HOME SECURITY MARKET

Honeywell International Inc (US), Amazon Inc (US), ABB Ltd (Switzerland), LG (South Korea), Apple (US), Samsung (South Korea), Sony Corp (Japan), Siemens AG (Germany), ADT Inc (US), Johnson Controls International (Northern Ireland), Hangzhou Hikvision Digital Tech Co Ltd (China) and Adobe Systems Inc (US) are a few of the noteworthy companies in the global smart home security market.

RECENT HAPPENINGS IN THE MARKET

• Amazon unveiled a subscription service for Ring cameras called Virtual Security Guard. Ring, the smart doorbell and camera firm it bought for $1 billion in 2018, will examine a live stream from its exterior cameras with third-party professional monitoring organisations like Rapid Response. Agents can converse with visitors via the camera's two-way chat feature, as well as activate the camera's siren or dispatch emergency personnel as needed.
• Honeywell Automation India has been appointed by the Union Government to oversee the Nirbhaya Fund's 496.57-crore Bengaluru Safe City project. The Ministry of Home Affairs launched the project to provide a safe, secure, and empowering environment for women and girls in public areas, allowing them to pursue all opportunities without fear of gender-based violence or harassment.
• Sequans Communications S.A. and Qastle have released the LTE-enabled Qastle Smart AlarmTM Controller, which allows a DIY homeowner to upgrade their wired alarm system to a smart wired alarm system by simply replacing the existing alarm system control panel with the Qastle Smart Alarm Controller while keeping all of their existing wired sensors and devices. The Qastle Smart Alarm Controller incorporates Sequans' Monarch Go LTE-M/NB-IoT modem component for the cellular connection, which allows a quick connection to cellular IoT networks. Monarch Go is a Verizon-certified all-in-one connectivity solution that includes the modem, optimized antenna, and Verizon SIM.
• Hangzhou Hikvision Digital Technology, a Shenzen-based home security system provider, has been added to the Covered List of Chinese companies in the United States that have been identified as posing a security risk.

DETAILED SEGMENTATION OF THE GLOBAL SMART HOME SECURITY MARKET INCLUDED IN THIS REPORT

This research report on the global smart home security market has been segmented and sub-segmented based on the systems, services and region. 

By Systems

• Fire Protection
• Video Surveillance
• Access Control
• Entrance Control
• Intruder Alarm

By Services

• Security System Integration
• Remote Monitoring
• Fire Protection
• Video Surveillance 
• Access Control

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa