According to our latest report, the Smart Home Security Market size is expected to reach USD 7.95 billion by end of 2024, an increase of USD 2.49 billion in 2019, with a CAGR of 20.6 percent during the forecast period of 2019 – 2024.
The global market for intelligent home security, which is in the development phase, is currently experiencing critical technological advances. Technological updates extend the functionality of electronic security systems. This includes wireless integration and other intelligent security features for the home that provide more flexibility and convenience to consumers. As technology advances, smart functions become more financially accessible.
Increase or decrease the thermostat; lighting adjustment; alarm setting, and detect movement. The elements to configure and turn on the exterior lights at dusk and turn them off at dawn. Water the plants according to the program, except when it is raining. Motion detectors turn on the lights when the person enters a room and opens the door as the person approaches. All of these require little or no interaction but can make a significant difference in terms of quality of life. They also offer savings in security and energy. They have to rely on electricians or other service providers, which increases the cost.
Driving Factors of Smart Home Security Industry
The increasing demand for smart homes across the globe because of the benefits they offer is the factor that is boosting the Global Smart Home Security Market. The advancements in the technologies in the security systems and the growing number of tech-savvies are increasing the revenue of the smart home security market.
The integration of AI (Artificial Intelligence) in the security systems that can make them more secure and the amalgamation of biometrics, facial recognition & retina scanning are promoting the growth of the global smart home security market.
The factor of expensiveness for the initial setup of these smart home security systems like a security camera, burglar alarm system, and others are hindering the overall market.
Also, lack of simplicity while using these smart home security systems and the stringent maintaining rules are limiting the customers to adopt them, which is leading to be a challenge for the global smart home security market.
However, there is a lot of scope in the development of the sensors and devices to make the business more efficient and robust. This is creating an opportunity for new players with high technology in security systems that can get integrated into smart homes with ease. In addition, the number of burglaries and forced entries has spiked in rennet years, which makes it essential for a robust security solution for homes. This aspect has created an immense opportunity for the adoption of smart home security systems in different regions of the world. Moreover, in the coming years, there is a high possibility that the smart home security market will witness tremendous development in the developing regions of the Asia Pacific, Middle East and Africa and Latin America.
Control4 has announced its sponsorship of the CEDIA Design and Build conference, at ISE 2020, a one-day event, that discusses the automation, development of technology in smart homes. It is said that these companies are going to develop automation technology in smart homes that make their security systems more secure and efficient.
SECOM, a leading smart home security manufacturer, has set up a new facility in Columbia which is three times bigger than its former headquarters.
Honeywell, a US-based smart home security manufacturer, partnered with Etisalat Misr to deploy digital solutions in Egypt's new smart city. The agreement was initialized during the Intersec 2020 conference held in Dubai. It is said that this partnership is going to be an extension for the Honey-well in Egypt and is going to provide its security and surveillance systems to Egyptian administrative capital
Market Size Available
2018 – 2024
2019 - 2024
By Type, Application, Technology & Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities.
North America, Europe, APAC, Latin America, Middle East & Africa.
Market Leaders Profiled
ADT (United States), Honeywell (United States), Johnson Controls (United States), HANGZHOU HIKVISION DIGITAL TECHNOLOGY (China), ASSA ABLOY (Sweden), SECOM (Japan), Robert Bosch (Germany), United Technologies (United States) , Godrej & Boyce (India), Alarm.com (United States), Allegion (Republic of Ireland), Control4 (United States) & MorS
This Research Report Includes the Segmentation of the Global Home Security Market with Size & Evaluated Forecast for each Segment Until 2024.
Smart Home Security Market – By Type
Among all, safety & security system is expected to impact a considerable market share with technology that it offers and the wide range of available forms. Also, growing criminal activities that done manually are encouraging governments to adopt these security systems so that criminals can be caught easily.
Smart Home Security Market – By Application
Smart Home Security Market – By Technology
Smart Home Security Market – By Region
Based on the Region, the global smart home security market is segmented into Asia-Pacific, North America, Europe, Latin America, the Middle East, and Africa. The Asia-Pacific region is expected to be the largest region with the highest growth during the forecast period due to the increasing adoption of cloud-based technologies and increased awareness of security. Population growth, urbanization, the standard of living, and increased public spending on smart cities will further boost growth in this region.
The top leading companies in the Smart Home Security Industry are ADT (United States), Honeywell (United States), Johnson Controls (United States), HANGZHOU HIKVISION DIGITAL TECHNOLOGY (China), ASSA ABLOY (Sweden), SECOM (Japan), Robert Bosch (Germany), United Technologies (United States), Godrej & Boyce (India), Alarm.com (United States), Allegion (Republic of Ireland), Control4 (United States), Schneider Electric (France), Legrand (France), ABB (Switzerland)), Comcast (USA). UU.), Stanley Convergent Security Solutions (USA), Nortek Security & Control (USA), FRONTPOINT (USA) & Vivint (USA).
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Protocols and standards
5.1.5 Y-o-Y Growth Analysis, By Type
5.1.6 Market Attractiveness Analysis, By Type
5.1.7 Market Share Analysis, By Type
5.2.2 protection and security
5.2.3 Home appliances
5.2.5 Y-o-Y Growth Analysis, By Application
5.2.6 Market Attractiveness Analysis, By Application
5.2.7 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Type
188.8.131.52 By Application
184.108.40.206 By Indication
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Type
22.214.171.124 By Application
126.96.36.199 By Indication
6.1.5 Market Share Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Type
220.127.116.11 By Application
18.104.22.168 By Indication
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.4 Johnson Controls
8.5 HANGZHOU HIKVISION DIGITAL TECHNOLOGY
8.6 ASSA ABLOY
8.8 Robert Bosch
8.9 United Technologies
8.10 Godrej & Boyce
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures