Smart Home Security Market

Smart Home Security Market Size, Trends & Growth (2022 - 2027)

The Smart Home Security Market is expected to develop at a 10.45% compound annual growth rate (CAGR) from 2022 - 2027.

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.

Recent Developments of Smart Home Security 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, optimised 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.

Smart Home Security Market Drivers

The smart home security business is being driven by rising crime rates around the world. 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, miniaturised 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.

Smart Home Security Market Restraints

The high cost of home security system installation and maintenance is expected to be a major stumbling hurdle to the market's 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.

REPORT COVERAGE:

Smart Home Security Market Segmentation

Systems: The market is segmented into Fire Protection, Video Surveillance, Access Control, Entrance Control, and Intruder Alarm.

The market for video surveillance systems had the greatest share of the market. 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.

Services: The market is segmented into Security System Integration, Remote Monitoring, Fire Protection, Video Surveillance and Access Control.

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 of Smart Home Security Market

North America is anticipated to hold a significant part of the market. According to the National Council for Home Safety and Security, smart gadgets are owned by 47 per cent of millennials in the United States, with 70 per cent of those who currently have one 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%. (2020-2026). 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 study 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.

Smart Home Security Market Leader

Google LLC, a subsidiary of Alphabet, is one of the pioneers of Smart Home Security Systems and is currently the market leader with services provided in more than fifty countries across the globe.

Smart Home Security Market Key Players

1. Honeywell International Inc (US)
2. Amazon Inc (US)
3. ABB Ltd (Switzerland)
4. LG (South Korea)
5. Apple (US)
6. Samsung (South Korea)
7. Sony Corp (Japan)
8. Siemens AG (Germany)
9. ADT Inc (US)
10. Johnson Controls International (Northern Ireland)
11. Hangzhou Hikvision Digital Tech Co Ltd (China)
12. Adobe Systems Inc (US)

Impact of COVID-19 for 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 per cent 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.