Showing posts with label Smart Home Security Market. Show all posts
Showing posts with label Smart Home Security Market. Show all posts

Friday, July 28, 2023

Future Outlook of Global Smart Home Security Industry: Ken Research

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What Is The Size Of Global Smart Home Security Industry?

Global Smart Home Security market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027.

The Global Smart Home Security Market is largely driven by rising number of burglaries, need for more secure and sound system by the home owners.

Smart home security devices can be connected to Wi-Fi and accessed from anywhere using smart devices, such as smartphones and smartwatches, or by voice. The smart home security market is driven by the increasing crime rates worldwide, forcing people to focus on security and safety systems, especially in residential areas. expatriates also increases the inflow of remittance to other countries, thus fueling the Global Smart Home Security market.

he latest FBI statistics show that more than 70% of property crimes were committed through theft and larceny. Most people are not at home when a break-in occurs. Therefore, home security systems are essential. The Department of Justice reported that just 27.6% of burglaries occurred when someone was home, and 65.1% of criminals knew the victim. Research by the Rutgers University School of Criminal Justice indicated that an increase in security alarm installation led to a drop in burglaries over five years.

The growing DIY security systems trends and new developments by newer player offerings are analyzed to contribute to the market growth rate significantly.

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Global Smart Home Security Market In By Component

The software segment occupied the largest market share of major share in 2022, and the services segment is expected to witness the highest CAGR over the forecast period.

Global Smart Home Security Market By Device Type

The Smart Camera and Monitoring Systems segment occupied the largest market share of in 2022. The Smart Sensors & Detectors segment is expected to witness the highest CAGR over the forecast period.

Global Smart Home Security Market By Communication Module

The Self-Monitored segment occupied the largest market share in 2022. The Professional Monitored segment is expected to witness the highest CAGR over the forecast period

Global Smart Home Security Market By Geography

The Asia-Pacific segment occupied the largest market share in 2022 and is expected to witness the highest CAGR over the forecast period.

Competition Scenario In Global Smart Home Security Market

The smart home security market is highly fragmented due to low entry barriers. The major players in the market are ADT Inc., Honeywell International Inc., Johnson Controls International PLC, Hangzhou Hikvision Digital Technology Co. Ltd, and Abode Systems Inc., among others. Further strategic partnerships and innovations are the driving force for the industry, and the market is evolving faster in terms of technology and features.

What Is The Expected Future Outlook For The Overall Global Smart Home Security Market Across The Globe?

The Global Smart Home Security market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

Many companies are offering professional home security services to monitor the security of the users’ houses, which homeowners are adopting at an increasing rate because of their reliability. The users' home security system in this specialized service alerts the service providers' monitoring center. The team confirms the same by contacting neighbors or other individuals to avoid false alarms. After confirmation, the team notifies the proper authorities to act.

An integrated security, protection, and smart home solution that monitors, detects, prevents, and optimizes against homeownership risks and empowers customers to protect and connect what matters most, delivering increased peace of mind to the users.

Many companies are expanding their business in smart home security solutions worldwide, including smart locks, due to the future market growth of the products. For instance, in January 2023, a company of smart lock systems in China, Kaadas Group, announced that it has been expanding into North America.

Smart home security system, which helps protect against damage from water, fire, and intrusion threats, reduces insurance claim frequency, which enables the house owner to get additional discounts on home insurance premiums by including smart security solutions in their houses, which continues to drive the market adoption in the future.

The integrated solutions of smart home security solutions with smart home appliances and professional monitoring services for complete house protection would fuel the market growth in the future.

For More Insights On Market Intelligence, Refer To The Link Below: –

Global Smart Home Security Market

Related Reports by Ken Research

South Korea Digital Locks Market Outlook to 2027

China Cyber Security Market Outlook to 2027F

Monday, July 17, 2023

The global smart home security systems market was valued at USD 25 Bn in 2022. Will Global smart home security systems continue this growth trajectory? Ken Research

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1. Increasing burglaries and house breaks in are making it more crucial for homes to adopt smart home security

Global Smart Home Security Market

Checkout: Trends and Developments in Global Smart Home Security Market

The US Department of Justice estimated that 2.5 Mn burglaries occur yearly, with more than half of incidents being home invasions. As stated by security.org, fewer than 30% of homes are equipped with a reliable security system. Hence, this necessitates implementing home security systems. Also, increasing awareness about home security is leading to the adoption of IP cameras in security systems. According to the FBI, a burglar strikes every 25.7 seconds in the United States, adding up to two burglaries every minute and over 3,300 burglaries daily. Further, only 24% of Americans have a home security system to protect their property from burglary. Most people are not at home when a break-in occurs. Therefore, home security systems are essential. The Department of Justice reported that just 27.6% of burglaries occurred when someone was home, and 65.1% of criminals knew the victim. Research by the Rutgers University School of Criminal Justice indicated that an increase in security alarm installation led to a drop in burglaries over five years.

2. Adoption of video doorbells is significantly rising for the market for smart cameras and monitoring systems.

Global Smart Home Security Market

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With the increasing growth of the smart home market, the adoption of video doorbells is significantly rising for the market for smart cameras and monitoring systems. The majority of smart video doorbell cameras possess the capability to send alerts on sensing motion. In addition, they tend to send a live video feed to the desired device platform. Recently, these features have witnessed functional uplifts in the new trend of integrating security systems through platforms like Amazon's Alexa or Google Assistant for voice-based functioning.

  • However, the distinction is that the new Eufy home security devices are compatible with Amazon Alexa and Google Assistant smart home platforms.
  • Eufy launched a battery-operated video doorbell to be sold along with its wire-powered version.

3. New Market Entrants providing state of the art features

The new market entrants are trying to add features like monitoring houses via smart devices, such as smartphones or smart speakers. For instance, most competitors in the smart thermostat space, including Nest and Hive, have security cameras as their portfolio. Recently, Ecobee shared plans to keep pace with the competition too.

Google launched a DIY security system under its Nest brand, and Amazon acquired Ring. After establishing a solid base by adding voice and security to their portfolio, both brands have continued adding connectivity to their security portfolio.

Major Players Mentioned in the Report:

  • ADT Inc.
  • Honeywell International Inc.
  • Johnson Controls International PLC
  • Hangzhou Hikvision Digital Technology Co. Ltd
  • Abode Systems
  • Samsung Electronics Co., Ltd.
  • Whirlpool Corporation
  • Haier Corporation
  • Com Inc.
  • Google Inc.
  • Philips
  • LG Electronics Inc

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:

  • IT Companies
  • Tech Giants
  • Government Bodies
  • Home Décor Brands
  • Retail Chains
  • Smart Device Wholesalers
  • Investors

Time Period Captured in the Report:

  • Historical Year: 2017-2022
  • Base Year: 2022
  • Forecast Period: 2022– 2027

For More Insights On Market Intelligence, Refer To The Link Below: –

Global Smart Home Security Market

Related Report by Ken Research

South Korea Digital Locks Market Outlook to 2027

China Cyber Security Market Outlook to 2027F