Overview and Scope
Smart home security is a group of physical and technological components that work together to allow users to remotely monitor and manage their houses in real-time, alerting homeowners to strange behavior or unwanted attempts to enter doors or windows.
Sizing and Forecast
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 growth in the historic period can be attributed to security and safety concerns, consumer awareness and education, remote monitoring and control, integration with smart home ecosystems, insurance incentives.
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 growth in the forecast period can be attributed to artificial intelligence and machine learning integration, privacy and data security concerns, customization and personalization, rise of diy installations, smart city initiatives and collaboration. Major trends in the forecast period include behavioral analytics for threat detection, cybersecurity training and education, integration with smart home ecosystems, rise of diy (do-it-yourself) security solutions, collaboration with law enforcement.
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Segmentation & Regional Insights
The smart home security market covered in this report is segmented –
1) By Product: Smart Alarms, Smart Camera And Monitoring System, Smart Locks And Sensors, Smart Detectors
2) By Component: Hardware, Software, Service
3) By Application: Independent Homes, Apartments, Condominiums
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.
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Major Driver Impacting Market Growth
The smart home security market is driven by increasing crime rates across the globe. With the increasing crime rates, the consumers are increasingly focusing on safety and security systems especially in residential areas. Smart home devices such as smart alarms, smart cameras, and smart lockers are being preferred by the households to be more safe and secure. According to home burglary statistics, 88% of all burglaries are residential in nature and there is 300% possibility of theft in homes without security systems. Moreover, according to an article published by Federal Bureau of Investigation Crime Data Explorer, a US-based provider of statistics in law enforcement, the FBI estimated crime statistics for the country in 2021 based on data received from 11,794 of the country’s 18,806 law enforcement agencies that year. There were 694,050 violent crime incidents and 817,020 offences reported in the United States in 2021 by 11,794 law enforcement agencies that submitted National Incident-Based Reporting System (NIBRS) data, accounting for 64% of the total population. Therefore, the increasing crime rates across the globe are driving the smart home security market growth.
Key Industry Players
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 smart home security market report table of contents includes:
1. Executive Summary
2. Smart Home Security Market Characteristics
3. Smart Home Security Market Trends And Strategies
4. Smart Home Security Market – Macro Economic Scenario
5. Global Smart Home Security Market Size and Growth
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32. Global Smart Home Security Market Competitive Benchmarking
33. Global Smart Home Security Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Home Security Market
35. Smart Home Security Market Future Outlook and Potential Analysis
36. Appendix
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