Smart Home Security Market Is Anticipated To Project Robust Growth With A CAGR Of 13.72% By 2028

"Remote Monitoring and Alerts and Technological Advancements are the factors propelling the market growth."

According to TechSci Research report, "Global Smart Home Security Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028". Global Smart Home Security is anticipated to project robust growth in the forecast period with a CAGR of 13.72% through 2028. The introduction of IoT and favorable policies created a solid basis for the country's smart home security market. By 2025, the GSMA predicts that China will likely account for around 4.1 billion IoT connections or about one-third of all IoT connections worldwide. In addition, programs like the Made in China 2025 strategy, the National New-type Urbanization Plan, and the Smart Cities Projects are anticipated to drive the growth of China's smart home security market.

Most companies and vendors in China compete against each other to stay dominant in the market as the overall demand for the installation of AI-powered security cameras in homes is growing massively, offering homeowners greater security features, such as timely intruder alarms or notifications when their loved ones arrive home.

According to Bunning's study, a prominent home improvement retailer and outdoor living products in Australia and New Zealand, smart home technology is growing in Australia, with around 49% of the population now having some form of this technology. The company's study also uncovered that 1 in 2 Australians use their smart home technology daily, with general security (61%) and protection against intruders (44%) the most significant drivers for uptake. Security camera systems are the biggest mover in the space, with Bunning's study predicting that most Australians would install some security device in their home in the next five years.

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Based on End User Industry, Smart Camera and Monitoring is expected to hold the largest share of Smart Home Security market for during the forecast period, Surveillance systems are gaining considerable market traction in the recent past. The residential societies and different homeowners use these systems to check on various activities for safety and security purposes. Advanced intelligent surveillance systems (AISS) are replacing traditional surveillance systems. The latter is used to identify abnormal behavior and patterns via artificial intelligence technologies, pattern recognition, and computer vision.

This, in turn, enables high-accuracy monitoring of multiple scenarios by a few observers. Over the past few years, the video surveillance market has significantly transformed into third-generation video surveillance systems, moving to IP video from traditional analog video causing better processing power and improved compression algorithm. Further, smart home monitoring solutions are designed and implemented using emerging technologies, such as the Internet of Things (IoT). The growing use of IoT offers functions like electric control, environmental monitoring, indoor monitoring, abnormal alarm, historical information query, and many more.

Over the last few years, the adoption of IP cameras has increased owing to the growing demand for crisp image resolution and perimeter surveillance. The critical technologies adopted worldwide include CCTVs, command & control, private LTE communications, data storage, ANPR (automatic number plate recognition), video analytics, and supporting ICT equipment. These technologies have promoted the adoption of smart cameras and monitoring systems.

Based on Region, North America will dominate the market, The United States is the prominent market in the North American region, owing to the growing adoption of smart home technology and products. According to the National Council For Home Safety and Security (Alarms.org) study, more than 3 in five Americans claim security is the top benefit of owning a smart home. Also, 57% of Americans stated that smart home technology products could save an average of 30 minutes daily.

Owing to the growing need for households to purchase smart locks as part of home security or home control system, companies in the market are developing partnerships. For instance, ADT, a security, automation, and smart home solutions provider, announced a collaboration with Intrado, a global technology company. The partnership will allow ADT to offer additional data to 911 centers and first responders using Intrado's Emergency Data Broker throughout the alarm response process.

Moreover, according to New-Gen Apps, "The United States of America was able to conserve energy and reduce household consumption by 20% just by the introduction of smart homes and sensors." Furthermore, According to Thales Group, 63 million U.S. households will have a home security system by 2024. Such trends would drive the market's growth in the country.

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Key market players in the Global Smart Home Security Market are following: -

• ADT Inc.
• Honeywell International Inc.
• Johnson Controls International PLC
• Hangzhou Hikvision Digital Technology Co. Ltd
• Abode Systems Inc.
• Frontpoint Security Solutions LLC
• Vivint Smart Home Inc.
• Simplisafe Inc.
• Zmodo Technology Corporation Ltd
• Ring LLC (Amazon.com Inc.)

"The global Smart Home Security market is driven by several key factors. Rising concerns about home security due to increasing crime rates, coupled with advancements in technology, have made smart security systems more accessible and attractive to consumers. Enhanced connectivity, convenience, and remote monitoring, alongside cost savings, have boosted adoption. Moreover, government initiatives, insurance incentives, and environmental awareness further propel the market. As awareness grows and technological innovation continues, the Smart Home Security market is positioned for continued expansion." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Smart Home Security Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented Component (Hardware, Software, Services), Device Type (Smart Alarms, Smart Locks, Smart Sensors and Detectors, Smart Camera and Monitoring Systems), Communication Module (Professional Monitored, Self-Monitored), By Region, By Competition 2018-2028 has evaluated the future growth potential of Global Smart Home Security Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Smart Home Security Market.

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Table of Contents:

1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.3. Markets Covered
1.4. Years Considered for Study
1.5. Key Market Segmentations

2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

4. Voice of Customers

5. Global Smart Home Security Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Component (Hardware, Software, Services)
5.2.2. By Device Type (Smart Alarms, Smart Locks, Smart Sensors and Detectors, Smart Camera and Monitoring Systems)
5.2.3. By Communication Module (Professional Monitored, Self-Monitored)
5.2.4. By Region
5.3. By Company (2022)
5.4. Market Map ….Conti…

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