Rising Demand for Secured Homes Is Expected To Drive the Growth of Global Connected Home Security System Market
The advent of IoT has increased the number of connected devices throughout the globe. Furthermore, the increasing use of smartphones is witnessed to drive the market. The increasing adoption of Internet of Things is expected to provide significant growth to the connected security systems market.
The key players operating in the market include Honeywell, ADT, Securitas, Panasonic, Samsung, Vivint, LifeShield, and Scout Alarm. Honey Well is a global leader. The company accounted for approximately 23% of the global market share in 2016.
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Smartphone Penetration to Boost Global Demand
The security system can be controlled at any time, anywhere with just a smart device which has lead to the huge demand for the market. The smart security monitor app enables what is going on in the home with just a click. The system makes the human work easy by adjusting the doors by opening and closing it. Moreover, the sound monitoring system takes care of informing the daily insights of the activities going on at home.
Alarm Monitoring System To Hold The Largest Segment Market Share In The Global Market
The alarm monitoring system is showing a significant growth in the connected security systems segment. This is due to the increasing use of alarm monitoring in the residential buildings. The major factors contributing to the growth are increasing crime rates, thus raising the demand for security. Moreover, easy home insurances policies and huge discounts are some of the key factors boosting the adoption of alarm monitoring systems in the residential sector.
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North America Attributed As The Largest Market For The Globally Connected Security System
North America is dominating the market and witnessed approximately 47% year-on growth. The region marked its significance with the installed base of almost 21.8 million smart homes in 2016. The region is the largest market for the connected security system globally. This is due to increasing demand for secured homes attributing digitally connected and remote controlled devices within a house. The applications include thermostats, lighting, security, and entertainment systems, witnessing the growth of the market. The U.S. is the highest contributing country in the region and is anticipated to witness a growth of 40% globally.
North America is trailed by Europe and is projected to be the second largest market in the coming years owing to the highest CAGR growth. The region had 8.5 million secured homes in 2016.
The future of the market can be broadened with developing consumer awareness in the untapped markets of the African countries, which will open new doors for the connected home security system market. Moreover, technological advancements are expected to attract a number of customers across the globe concerning the home security measures. Increasing disposable income in the developing countries such as Japan, India, China, and South Korea will witness a path for the market to grow in the coming years.
Furthermore, reducing prices around the globe will increase the customer base for the market. Increasing investments in research and development activities will drive the population interest. Ensuring the securing system regarding the privacy concerns will uptake consumers towards the market.
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