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Elevated Crime Rates Fueling Growth In The Smart Home Security Market: Key Factor Driving The Growth In The Smart Home Security Market
Smart Home Security
What Is the Smart Home Security Market Size and Projected Growth Rate?
In the past few years, the smart home security market has expanded significantly. Its growth rate is projected to rise from $33.32 billion in 2024 to $38.07 billion in 2025, representing a compound annual growth rate (CAGR) of 14.3%. The notable growth over the historical period is correlated with security and safety considerations, increased consumer enlightenment and education, the ability for remote supervision and control, interactions with smart home systems, and insurance inducements.
In the coming years, a swift expansion is anticipated in the smart home security market. Its size is projected to increase to $71.17 billion by 2029, with a compound annual growth rate (CAGR) of 16.9%. The factors contributing to this growth throughout the projected timespan include the incorporation of artificial intelligence and machine learning, the demand for privacy and data security, personalization and customization options, DIY installations, smart city projects, and cooperative initiatives. Notable trends for this estimated period encompass behavioral analytics used for threat assessment, education and training in cybersecurity, integration with smart home networks, the popularity of DIY security methods, and partnerships with law enforcement agencies.
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What Are the Major Segments in the Smart Home Security Market?
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
Subsegments:
1) By Smart Alarms: Motion Sensors, Door Or Window Sensors, Smart Sirens, Smart Alert Systems
2) By Smart Camera And Monitoring System: Indoor Security Cameras, Outdoor Security Cameras, Video Doorbells, Smart Surveillance Systems
3) By Smart Locks And Sensors: Smart Deadbolts, Keyless Entry Systems, Smart Door Sensors, Smart Padlocks
4) By Smart Detectors: Smoke Detectors, Carbon Monoxide Detectors, Water Leak Detectors, Glass Break Sensors
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What Are The Driving Smart Home Security Market Evolution?
The rise in global crime rates is propelling the smart home security market forward. As crimes increase, consumers are paying more attention to safety and security systems, particularly in residential areas. There is a heightened preference for smart home security devices such as smart alarms, smart cameras, and smart lockers, as households aim to enhance their safety and security. For example, the United States Department of Justice, a US government agency, reported an increase of 794 hate crime incidents in 2022, resulting in a total of 11,634 cases, a significant increase from the 10,840 cases reported in 2021. Consequently, the surge in global crime rates is facilitating the growth of the smart home security market.
Which Firms Dominate The Smart Home Security Market Segments?
Major companies operating in the smart home security market include Amazon.com Inc., Google LLC, 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., Vivint Smart Home Inc., NETGEAR Inc., Alarm.com Holdings Inc., Legrand North America LLC, SimpliSafe Inc., Ring LLC, Samsung Electronics Co. Ltd., Protect America Inc., August Home Inc., SkyBell Technologies Inc., Canary Connect Inc., Frontpoint Security Solutions LLC, LiveWatch Security LLC, Allegion plc, Control4 Corporation, Godrej & Boyce Manufacturing Company Limited, Nortek Security & Control LLC, Johnson Controls International plc, Abode Systems Inc., Zmodo Technology Corporation Ltd.
What Are the Major Trends Shaping the Smart Home Security Market?
Manufacturers of smart home security systems are progressively incorporating AI (Artificial Intelligence)-based visual recognition technologies within their security appliances. The AI technology is evolving to a stage where security validation is processed via facial and visual recognition. Consumer video cameras are among the home security systems that are integrating AI technology into a novel security validation framework to enhance safety via facial recognition, fingerprints, and voice recognition. The application of AI in smart alarms to create databases for all the incoming alarms is also being proposed, which could help anticipate false alarms. For example, in June 2022, Infineon Technologies AG, a semiconductor-manufacturing firm from Germany, unveiled its battery-operated Smart Alarm System (SAS). This technology uses sensor fusion based on AI/machine learning (AI/ML) to yield high precision and ultra-low-power operation. The performance is remarkable when coupled with low-power wake-on acoustic event detection. The compact design offers equal or better battery life than less advanced solutions while surpassing the detection accuracy of the existing acoustic-only alarm systems in smart homes and buildings and other IoT applications.
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Which Is The Largest Region In The Smart Home Security Market?
Asia-Pacific was the largest region in the smart home security market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global smart home security market report during the forecast period. The regions covered in the smart home security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Home Security Market?
2. What is the CAGR expected in the Smart Home Security Market?
3. What Are the Key Innovations Transforming the Smart Home Security Industry?
4. Which Region Is Leading the Smart Home Security Market?
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