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Smart Home Security Systems Market Analysis 2024-2033 : Market Size, Top Segments, Leading Region Forecast | Siemens AG, General Electric Company, Panasonic Corporation, Mitsubishi Electric Corporation
Smart Home Security Systems Global Market Report 2024
As per the report, the smart home security systems market size has grown rapidly in recent years. It will grow from $58.34 billion in 2023 to $63.30 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. 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%.
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Rising Crime Rates Propel Surge In Demand For The Smart Home Security Systems Market
The growing crime rates are expected to fuel the growth of the smart home security systems market going forward. Crime refers to unlawful activities or acts that violate legal norms, while crime rates indicate the frequency or incidence of these unlawful activities within a specific population or geographic area. Growing crime rates may be attributed to various factors, such as economic inequality, social unrest, and inadequate law enforcement. Smart home security systems deter crime by providing real-time monitoring, automated alerts, and remote control, enhancing overall home protection. Visible security elements, such as outdoor cameras, can actively deter criminals by signaling that the property is well protected. For instance, in October 2023, according to the Federal Bureau of Investigation, a US-based national security organization, property crime incidents in the United States increased from 671,648 to 847,522 between 2021 and 2022, representing a significant percentage increase of approximately 26.2%. Therefore, the growing crime rates are driving the growth of the smart home security systems market.
Enhancing Home Security Through Remote Management And Configuration Technologies
Major companies operating in the smart home security systems market are focused on developing advanced solutions, such as AI-powered video surveillance systems, to enhance security solutions and gain a competitive edge in the market. A video surveillance system is an electronic setup that utilizes artificial intelligence technology to enhance security measures by analyzing audio and images from video surveillance cameras. For instance, in October 2021, Backstreet Surveillance Inc., a US-based company that provides business surveillance camera systems and cloud camera solutions, introduced the Backstreet Cyber Secure Series, a cutting-edge, AI-powered video surveillance system built on advanced IP (Internet Protocol) technology. This next-generation system goes beyond conventional security measures by incorporating facial detection, instantly alerting to the presence of unauthorized individuals, vehicles, or even animals within the facility, property, or designated work areas. This takes real-time security to a new level, surpassing the limitations of traditional badges and access control cards.
The smart home security systems market covered in this report is segmented -
1) By Component: Hardware, Software, Service
2) By Device Type: Smart Alarms, Smart Locks, Smart Sensors And Detectors, Smart Camera And Monitoring System, Other Device Types
3) Types Of Homes: Independent Homes, Apartment, Condominiums
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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.
Contents of the report:
1. Executive Summary
2. Smart Home Security Systems Market Report Structure
3. Smart Home Security Systems Market Trends And Strategies
4. Smart Home Security Systems Market - Macro Economic Scenario
5. Smart Home Security Systems Market Size And Growth
…..
27. Smart Home Security Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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