Press release
Smart Home Security Market Comprehensive Study: Forecasted Market Size And Growth Rate
Smart Home Security
The Business Research Company offers in-depth market insights through Smart Home Security Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Elevated Crime Rates Fueling Growth In The Smart Home Security Market
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.
Competitive Landscape:
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.
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Top Trend - The Integration Of Ai-Powered Visual Recognition Technologies
Smart home security systems manufacturers are increasingly integrating technologies with visual recognition based on AI (Artificial Intelligence) in security devices. AI is developing to a new stage where the security confirmation and authentication will be processed from face and visual recognition. Home security systems such as consumer video cameras are integrated with AI technology with a new security validation framework to enhance safety and security through facial recognition, fingerprints and voice recognition. AI is proposed to be applied in smart alarms to create databases of all incoming alerts, which then could be analyzed to predict false alarms. For instance, in June 2022, Infineon Technologies AG, a Germany-based manufacturer of semiconductors, launched its battery-operated Smart Alarm System (SAS). The technology platform uses sensor fusion based on artificial intelligence/machine learning (AI/ML) to achieve high precision and extremely low-power operation. Performance is astounding when this technique is used in conjunction with low-power wake-on acoustic event detection. The compact design achieves equal to or greater battery life compared to less sophisticated solutions while outperforming the detection accuracy of acoustic-only alarm systems currently used in smart homes and buildings and other IoT applications.
The Table Of Content For The Market Report Include:
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. Smart Home Security Market Size And Growth
…..
27. Smart Home Security Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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