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Smart Home Security Systems Market Poised for 9.2 % Growth, Set to Hit $18.49 Billion by 2029
Smart Home Security Systems Market
The escalation in the rate of crimes is projected to stimulate the expansion of the market for smart home security systems. Crime, which is identified as any act breaching legal regulations, has its rate determined by the regularity or occurrence of these unlawful deeds within a specific population or geographical expanse. Varied factors, including economic disparity, social turbulence, and insufficient law enforcement, can be credited for this surge in crime rates. With real-time surveillance, automated notifications, and remote command, smart home security systems serve to prevent crime thereby increasing overall home security. Obvious security components, like exterior cameras, can effectively dissuade criminals by indicating that the premises are securely guarded. For instance, the Federal Bureau of Investigation, a national security organization based in the US, reported that incidents of property crime in the United States saw a rise from 671,648 to 847,522 between 2021 and 2022, which is an notable increase of nearly 26.2%. Thus, escalating crime rates are propelling the expansion of the market for smart home security systems.
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What growth opportunities are expected to drive the smart home security systems market's CAGR through 2034?
The market for smart home security systems has seen a robust growth in the past few years. The market size is projected to increase from $63.3 billion in 2024 to $69.25 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.4%. The growth witnessed in the historic period is due to factors such as the surge in smartphone usage, the integration of Internet of Things (IoT), the rise of cloud computing and machine learning in video analytics, as well as consumer awareness and acceptance.
The market size of smart home security systems is predicted to experience robust expansion in the coming years, anticipated to rise to $98.35 billion in 2029, boasting a Compound Annual Growth Rate (CAGR) of 9.2%. Factors contributing to this projected growth during the forecast period are the incorporation of artificial intelligence and deep learning, synchronization with voice assistants, biometric verification, and emphasis on cybersecurity. Foreseen trends in the forecast duration encompass the integration of artificial intelligence (AI), conformity and standardization, edge computing, biometric verification, and environmental sensors concentrating on health and safety.
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What are the emerging trends shaping the future of the smart home security systems market?
Key players in the smart home security systems market are prioritizing the development of innovative solutions like wireless home automation systems. These advancements aim to increase user accessibility, optimize system integration, and provide immediate monitoring and control characteristics, providing increased security and safety for homeowners. Wireless home automation systems denote systems and technologies which enable property owners to remotely control and monitor different devices and functions within their homes through wireless connections. For example, in September 2024, ABB Ltd., a company based in Switzerland and known for offering automation services, introduced ABB-free@home, a ground-breaking wireless home automation system designed to augment residential users' comfort, security, and energy efficiency. This system is built on the Matter standard, an open-source connectivity protocol facilitating effective communication among different smart devices within the home's network. This function boosts the personalization and growth of smart home configurations.
Which growth-oriented segments of the smart home security systems market are leading the industry's development?
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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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 companies are at the forefront of innovation in 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.
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What Is Covered In The Smart Home Security Systems Global Market Report?
•Market Size Forecast: Examine the smart home security systems market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart home security systems market for a structured understanding.
•Key Players Overview: Analyze major players in the smart home security systems market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart home security systems market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart home security systems market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart home security systems market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart home security systems market.
•Competitive Landscape: Review strategic developments in the smart home security systems market, including expansions, agreements, and new product launches.
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