Smart Home Security Global Market Report 2024

The smart home security market size has grown exponentially in recent years. It will grow from $3.96 billion in 2023 to $4.79 billion in 2024 at a compound annual growth rate (CAGR) of 20.7%. The expansion witnessed in the historical period can be ascribed to factors such as concerns related to security and safety, increased consumer awareness and education, the demand for remote monitoring and control, integration with smart home ecosystems, and incentives provided by insurance.

The smart home security market size is expected to see exponential growth in the next few years. It will grow to $10.4 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The anticipated expansion in the forecast period can be credited to the integration of artificial intelligence and machine learning, concerns regarding privacy and data security, emphasis on customization and personalization, the surge in do-it-yourself (DIY) installations, the implementation of smart city initiatives, and collaborative efforts. Key trends expected in the forecast period involve the use of behavioral analytics for threat detection, increased focus on cybersecurity training and education, integration with smart home ecosystems, the growing popularity of DIY security solutions, and enhanced collaboration with law enforcement.

The growth of the smart home security market is fueled by the rising global crime rates, leading consumers to prioritize safety and security, particularly in residential areas. Household preferences are shifting towards smart home devices such as smart alarms, cameras, and lockers to enhance safety measures. Home burglary statistics reveal that 88% of all burglaries occur in residential settings, with homes lacking security systems facing a 300% higher risk of theft. The Federal Bureau of Investigation Crime Data Explorer reported that in 2021, there were 694,050 violent crime incidents and 817,020 offenses in the United States, emphasizing the need for enhanced security measures. Consequently, the increasing global crime rates are a significant driver for the growth of the smart home security market.

The expanding number of internet users is expected to contribute to the growth of the smart home security market. Internet users play a pivotal role in enabling remote monitoring and control of smart home security systems, facilitating real-time alerts and device integration for enhanced security and convenience. For instance, as per the Canadian Internet Use Survey 2022 by Statistics Canada, internet usage among Canadians aged 15 and older increased from 92% in 2020 to 95% in 2022. This trend is particularly notable among individuals aged 75 and older, with an increase from 62% in 2020 to 72% in 2022. Hence, the growing number of internet users is driving the expansion of the smart home security market.

The high installation costs of smart home security devices act as a constraint on market growth. As a relatively new technology, the setup costs and associated expenses for smart home security, including utilities, maintenance, and repairs, are considerable. The cost varies based on the installation plan and property size, with alarm systems and security camera installations being more expensive. A basic smart home security system, including a burglar alarm, thermostat, outdoor lighting, and a backdoor lock controlled remotely, may cost $2,500. Advanced security and home automation systems can cost up to $1.8 million. Monitoring costs typically range from $5 to $65 per month, averaging $32 per month, according to Safewise. Installation costs range from $0 to $200, and basic equipment costs range from $350 to $400 per individual device.

Manufacturers of smart home security systems are increasingly incorporating AI (Artificial Intelligence) technologies with visual recognition capabilities into their security devices. AI is advancing to a stage where security confirmation and authentication processes are conducted through facial and visual recognition. Home security systems, including consumer video cameras, are integrating AI technology with a novel security validation framework, enhancing safety and security through features such as facial recognition, fingerprints, and voice recognition. AI is also proposed for use in smart alarms, creating databases of incoming alerts to predict and analyze false alarms. For example, in June 2022, Infineon Technologies AG, a Germany-based semiconductor manufacturer, introduced its battery-operated Smart Alarm System (SAS). This technology platform employs sensor fusion based on artificial intelligence/machine learning (AI/ML) for high precision and extremely low-power operation. When used with low-power wake-on acoustic event detection, this technique achieves outstanding performance, offering battery life equal to or greater than less sophisticated solutions. It surpasses the detection accuracy of acoustic-only alarm systems used in smart homes, buildings, and other IoT applications.

Major players in the smart home security market are intensifying their focus on introducing convenient and efficient home security solutions to maintain a competitive advantage. These solutions emphasize ease of use, time-saving features, and effective protection for homeowners and their properties. In September 2023, Yale, a US-based door company, launched a new line of home security products tailored for the European market. This product line includes a video doorbell, the next generation of its smart alarm system, and the Smart Indoor Camera. The Smart Indoor Camera offers 1080p footage, a 110-degree field of view with night vision, motion-triggered event recording, customizable coverage zones, AI-powered human detection, motion scheduling, and a privacy mode that deactivates recording when the door is unlocked. The Smart Alarm system secures both the inside and outside of the home, integrating with the Yale Home app for remote arm/disarm functionality and real-time notifications.

In September 2021, Security Alarm Corporation (SAC), a systems integration company for commercial and residential applications, acquired Alert Alarm Systems Plus, Inc. (AASP) of Sarasota, FL, with the goal of expanding their markets in the Gulf Coast and AASP regions. Alert Alarm Systems Plus, Inc. offers security control equipment and monitoring services.

Major companies operating in the smart home security market report are Amazon.com Inc., Apple Inc., Google LLC, Alphabet Inc., Comcast Corporation, AT&T Inc., Robert Bosch GmbH, United Technologies Corporation, Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., G4S PLC, Assa Abloy AB, ADT Inc., Ingersoll Rand Inc., Vivint Smart Home Inc., NETGEAR Inc., Alarm.com Holdings Inc., Legrand North America LLC, SimpliSafe Inc., Ring LLC, Samsung Electronics Co. Ltd., Tyco Security Products, Protect America Inc., August Home Inc., SkyBell Technologies Inc., Canary Connect Inc., Frontpoint Security Solutions LLC, Butterfleye Inc., LiveWatch Security LLC, Cocoon Labs Limited, Allegion PLC, Control4 Corporation, Godrej & Boyce Manufacturing Company Limited, Nortek Security & Control LLC, Johnson Controls International PLC, Abode Systems Inc., Zmodo Technology Corporation Ltd. The Asia-Pacific was the largest region in the smart home security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global smart home security market report during the forecast period. The regions covered in the smart home security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The key components of smart home security include smart alarms, smart cameras and monitoring systems, smart locks and sensors, and smart detectors. A smart alarm utilizes wireless technology, home networks, and mobile phones to seamlessly integrate security measures into daily life. The essential elements of smart home security encompass hardware, software, and services. These applications find relevance in various settings such as independent homes, apartments, and condominiums.

The smart home security market research report is one of a series of new reports that provides smart home security market statistics, including smart home security industry global market size, regional shares, competitors with a smart home security market share, detailed smart home security market segments, market trends and opportunities, and any further data you may need to thrive in the smart home security industry. This smart home security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the smart home security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The smart home security market consists of sales of security devices for household use that can be connected to Wi-Fi and accessed from anywhere using smartphones, smartwatches or voice. The security devices produced include devices such as smart alarms, smart cameras, smart locks, smart detectors, and others. This market does not include the installation of these devices and/or integration with the home set-up. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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