Press release
Global Smart Home Security Market Projected to Grow at 16.5% CAGR, Reaching $69.71 Billion by 2029
Smart Home Security
What Will the Smart Home Security Industry Market Size Be by 2025?
The market for smart home security has seen a significant increase in size in the last few years. The predicted growth is from $33.32 billion in 2024 to $37.84 billion in 2025, projecting a compound annual growth rate (CAGR) of 13.6%. Factors attributed to this growth during the historical period include security and safety worries, increased consumer awareness and education, remote monitoring, control, integration with smart home ecosystems, and insurance incentives.
What's the Long-Term Growth Forecast for the Smart Home Security Market Size Through 2029?
The market size of smart home security is predicted to witness a significant surge in the upcoming years, escalating to $69.71 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 16.5%. The boost in the forecast period could be due to the incorporation of artificial intelligence and machine learning, issues around privacy and data safety, customization and personalization, an increase in DIY setups, initiatives related to smart cities and collaboration. The forecast period will see dominant trends like threat detection through behavioral analytics, cybersecurity training and education, integration with smart home environments, an upward trend of DIY security measures, and collaboration with law enforcement forces.
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What Are the Key Growth Drivers Fueling the Smart Home Security Market Expansion?
Rising global crime rates are fueling the growth of the smart home security market. As these crime rates surge, consumers are putting more emphasis on safety and security measures, particularly in residential settings. Devices such as smart alarms, smart cameras, and smart lockers are gaining popularity among households for their added sense of security and peace of mind. For example, the United States Department of Justice, a governmental department in the US, reported in October 2023 that hate crime incidents had increased by 794 in 2022, bringing the total to 11,634 cases, compared to 10,840 in 2021. This stark rise in global crime rates is thus propelling the expansion of the smart home security market.
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What Are the Key Trends Driving Smart Home Security Market Growth?
Manufacturers of smart home security systems are progressively incorporating AI (Artificial Intelligence) driven visual recognition technologies into security devices. AI is advancing to a phase where security verification and authentication will be executed through face and visual identification. Devices like consumer video cameras are being equipped with AI technology, introducing a new security verification system using facial recognition, fingerprints and voice recognition, improving safety and security. The suggested implementation of AI in smart alarms will enable the creation of databases for all incoming alerts. This can be analyzed to foresee false alarms. For example, Infineon Technologies AG, a semiconductor manufacturer in Germany, in June 2022, introduced its battery-powered Smart Alarm System (SAS). This technology uses sensor fusion based on artificial intelligence/machine learning (AI/ML) to deliver accurate and ultra low-power operations. The performance is remarkable when combined with low-power wake-on acoustic event detection. The compact design provides equal or superior battery life compared to less advanced solutions, surpassing the detection accuracy of current acoustic-only alarm systems in smart homes, buildings, and other IoT applications.
How Is the Smart Home Security Market Segmented?
The smart home securitymarket 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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Which Companies Are Leading the Charge in Smart Home Security Market Innovation?
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.
Which Regions Are Leading the Global Smart Home Security Market in Revenue?
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.
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