Press release
Smart Home Security Systems Market Size Projected To Reach $98.35 Billion By 2034 With A Cagr Of 9.2%
Smart Home Security Systems
What Is the Projected Growth of the Smart Home Security Systems Market?
In the past few years, the market size for smart home security systems has seen substantial growth. It is projected to expand from a value of $63.3 billion in 2024 to a more significant $69.25 billion by 2025, with a compound annual growth rate (CAGR) of 9.4%. This growth in the historic period is largely due to the increasing use of smartphones, the integration of IoT, advancements in cloud computing, the application of machine learning in video analytics, and enhanced consumer awareness and adoption.
Expectations are high for substantial growth in the smart home security systems market over the coming years, with projections suggesting a size of $98.35 billion by 2029. The increase, forecasted at a compound annual growth rate (CAGR) of 9.2%, is predicted to be driven by factors including developments in artificial intelligence and deep learning, integration of voice assistants, the use of biometric authentication, and an emphasis on cybersecurity. Key trends during this forecast period are likely to include enhanced integration with artificial intelligence (AI), developments in interoperability and standardization, the rise of edge computing, further application of biometric authentication, and the use of environmental sensors for health and safety.
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What Are the Different Smart Home Security Systems Market Segments?
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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What Are the Primary Drivers Shaping the Smart Home Security Systems Market?
Anticipated growth in the smart home security systems market is being driven by rising crime rates. Crimes, understood as acts breaching legal prescriptions, and their frequency in specified populations or locations are what constitute crime rates. Factors such as disparities in income, social destabilization, and insufficient law enforcement contribute towards increasing crime rates. Smart home security systems offer a proactive solution through features like constant surveillance, automatic notifications, and remote access, amplifying home security. The presence of clearly visible security measures like outdoor cameras act as deterrents by announcing that the premises are securely guarded. As an example, property crime occurrences in the United States, as reported by the US-based national security agency, the Federal Bureau of Investigation, saw an uplift from 671,648 to 847,522 between 2021 and 2022, a notable increase of around 26.2% in October 2023. Thus, rising crime rates are a significant factor propelling the expansion of the smart home security systems market.
Which Companies Are Leading 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.
What Trends Are Expected to Dominate the Smart Home Security Systems Market in the Next 5 Years?
The smart home security systems market is dominated by leading companies that are aggressively developing state-of-the-art solutions, including wireless home automation solutions. These efforts aim to increase user ease, improve system integration and deliver real-time monitoring and control, thereby increasing the safety and protection of homeowners. Wireless home automation solutions are systems and technology that let homeowners oversee and control various devices and operations within their homes using wireless communications. For example, in September 2024, ABB Ltd., a Switzerland-based firm providing automation services, unveiled ABB-free@home, a pioneering wireless home automation system crafted to boost convenience, safety, and energy efficiency for residential consumers. This system leverages the Matter standard, an open-source communication protocol enabling various smart devices to interact efficiently within the home ecosystem. This function enhances the personalization and growth of smart home configurations.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Home Security Systems Market?
2. What is the CAGR expected in the Smart Home Security Systems Market?
3. What Are the Key Innovations Transforming the Smart Home Security Systems Industry?
4. Which Region Is Leading the Smart Home Security Systems Market?
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