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Rising Crime Rates Propel Surge In Demand For The Smart Home Security Systems Market Driver: Leading Transformation in the Smart Home Security Systems Market in 2025
Smart Home Security Systems Market Size
The smart home security systems market has experienced significant growth in recent years. It will rise from $63.3 billion in 2024 to $69.25 billion in 2025, at a compound annual growth rate (CAGR) of 9.4%. The historical growth is attributed to the rise of smartphones, IoT integration, advancements in cloud computing, the use of machine learning in video analytics, and increased consumer awareness and adoption.
The smart home security systems market is expected to experience strong growth in the coming years, reaching $98.35 billion by 2029, with a compound annual growth rate (CAGR) of 9.2%. Factors driving this growth include artificial intelligence and deep learning advancements, integration with voice assistants, biometric authentication, and a heightened focus on cybersecurity. Key trends include AI integration, interoperability, edge computing, biometric security features, and the use of environmental sensors for health and safety.
What Is Driving the Growth Trajectory of the Smart Home Security Systems Market?
The increasing crime rates are projected to drive the expansion of the smart home security systems market. Crime involves unlawful activities, while crime rates measure the frequency of these incidents within a specific area or population. Various factors contribute to rising crime rates, including economic inequality, social unrest, and insufficient law enforcement measures. Smart home security systems help deter crime by providing real-time monitoring, automated alerts, and remote access for enhanced protection. Features such as visible security cameras can act as deterrents by signaling that a property is well-monitored. For example, in October 2023, the Federal Bureau of Investigation (FBI), a U.S.-based national security organization, reported that property crime incidents in the U.S. increased from 671,648 in 2021 to 847,522 in 2022, marking a 26.2% rise. Therefore, the rising crime rates are boosting the growth of the smart home security systems market.
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Which Leading Companies Are Shaping the Growth of the Smart Home Security Systems Market?
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.
What Are the Major Trends Shaping the Smart Home Security Systems Market?
Major companies in the smart home security systems market are introducing wireless home automation solutions to improve user convenience, system integration, and real-time monitoring. These systems enable homeowners to control smart devices remotely. For example, in September 2024, ABB Ltd., a Switzerland-based automation services company, launched ABB-free@home, a wireless home automation system that enhances residential security and energy efficiency. This system utilizes the Matter standard, an open-source connectivity protocol, ensuring seamless communication between different smart home devices.
What Are the Key Segments of the Smart Home Security Systems Market?
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) By Types Of Homes: Independent Homes, Apartment, Condominiums
Subsegments:
1) By Hardware: Cameras, Sensors, Control Panels, Smart Locks, Alarms, Other Devices (Emotion Detectors, Door Or Window Sensors)
2) By Software: Security Management Software, Monitoring Software, Analytics Software, Mobile Applications
3) By Service: Professional Monitoring, Installation And Integration Services, Maintenance And Support Services, Cloud Services
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Which Region Dominates the Smart Home Security Systems Market?
North America was the largest region in the smart home security systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart home security systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Smart Home Security Systems Global Market Report?
- Market Size Analysis: Analyze the Smart Home Security Systems Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Home Security Systems Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Home Security Systems Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Home Security Systems Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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