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.
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Global Smart Home Security Market
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