Smart Home Security Systems Global Market Report 2024

The smart home security systems market size has grown rapidly in recent years. It will grow from $58.34 billion in 2023 to $63.3 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed during the historical period can be attributed to several factors, including the rise of smartphones, integration of Internet of Things (IoT) technology, advancements in cloud computing infrastructure, the utilization of machine learning in video analytics, and increasing consumer awareness and adoption of smart home security systems.

The smart home security systems market size is expected to see rapid growth in the next few years. It will grow to $89.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period can be attributed to several factors, including advancements in artificial intelligence and deep learning technologies, integration with voice assistants for seamless control, the incorporation of biometric authentication methods for enhanced security, and a heightened focus on cybersecurity measures.

The escalating crime rates are anticipated to drive the expansion of the smart home security systems market. Crime, encompassing unlawful activities that contravene legal norms, and crime rates, indicating the frequency or incidence of such activities within specific populations or geographic areas, are on the rise, owing to factors such as economic disparity, social unrest, and deficient law enforcement. Smart home security systems act as a deterrent to crime by furnishing real-time monitoring, automated alerts, and remote control functionalities, thereby fortifying overall home security. Prominent security features such as outdoor cameras serve as active deterrents to criminals, signaling robust property protection. For example, in October 2023, the Federal Bureau of Investigation reported a notable surge in property crime incidents in the United States, soaring from 671,648 to 847,522 between 2021 and 2022, marking a substantial percentage increase of approximately 26.2%, underscoring the catalyst behind the smart home security systems market's growth trajectory.

Key players in the smart home security systems market are concentrating their efforts on developing advanced solutions, such as AI-powered video surveillance systems, to augment security offerings and gain competitive advantage. A video surveillance system leverages artificial intelligence technology to enhance security measures by analyzing audio and images captured by video surveillance cameras. For instance, in October 2021, Backstreet Surveillance Inc. introduced the Backstreet Cyber Secure Series, an innovative, AI-powered video surveillance system harnessing advanced IP (Internet Protocol) technology. This state-of-the-art system transcends conventional security measures by incorporating facial detection, promptly alerting to the presence of unauthorized individuals, vehicles, or even animals within designated areas. This real-time security enhancement surpasses the limitations of traditional access control cards and badges, elevating security standards to new heights.

In August 2022, Snap One finalized the acquisition of Clare Controls, positioning ClareOne as an integral component of integrators' toolkits and reaffirming its value in delivering adaptable, integrated solutions for users in the smart home and security sector. Clare Controls, specializing in smart home automation solutions, including smart home security systems, aligns seamlessly with Snap One's strategic objectives, reinforcing its position in the smart home security systems market and enhancing its product portfolio.

Major companies operating in the smart home security systems market are Siemens AG, General Electric Company, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Daikin Industries Ltd., Toshiba Corporation, Johnson Controls International plc, Carrier Global Corporation, Koninklijke Philips N.V., Trane Technologies plc, Emerson Electric Co., Legrand S.A., Osram GmbH, Acuity Brands Inc., Itron Inc., Vivint Inc., Cree Inc., Canary Connect Inc., Frontpoint Security Solutions LLC, Pacific Controls Inc., Abode Systems Inc., SimpliSafe Inc.

North America was the largest region in the smart home security systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart home security systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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

Smart home security systems are integrated technologies designed to bolster the security of a residence against unauthorized access, intrusions, and various security threats. These systems offer remote monitoring and control capabilities through smartphone apps or web interfaces, empowering homeowners with real-time information and control over their home security measures.

The primary components of smart home security systems include hardware, software, and services. Hardware comprises physical devices such as cameras, sensors, and control panels, enabling monitoring, detection, and control for enhanced security through automation and remote management. Various types of devices, including smart alarms, smart locks, smart sensors and detectors, smart cameras and monitoring systems, among others, are utilized across different types of residences such as independent homes, apartments, and condominiums.

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

The smart home security systems market consists of revenues earned by entities by providing services such as Integration with smart devices, video surveillance, professional monitoring, and motion detection. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart home security systems market also includes sales of glass break detectors, smart lighting, environmental sensors, and control panels. 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.

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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