Connected Home Security Device Market: Advancement in Technology to Open New Growth Avenues by 2021

20-Feb-2018 | Zion Market Research

Connected home has the ability to improvise a system of networked tools to correspond with each other and recognize remote commands that make human life simple. The grouping of large ICT contestants getting into the market, technological advances, and the extensive accessibility of smartphones allow the connected home services to infiltrate further in the marketplace along with the security tools for connected home.

According to the recent study, the global connected home security device market was valued at around USD 2.50 billion in 2015 and is expected to reach USD 7.90 Bn by 2021, growing at a CAGR of slightly above 18.3% between 2016 and 2021.

Speedily augmented smartphone penetration, the noteworthy drop in hardware price, and trends toward the implementation of the internet of thing are the key factors anticipated to fuel the momentous growth of the connected home security device market in near future. Smartphone-friendly and well-designed applications for operating security device system are also projected to support the growth of the market. Additionally, the rise in the requirement for home cloud technology coupled with the surfacing of new contestants with innovative technology and product differentiation is anticipated to mark strong growth in the forecast period for connected home security device market. On the other hand, the dearth of alertness in the majority of the African countries might hamper the market growth. Nevertheless, advancement in technology is projected to magnetize huge untapped area and possibly to open new avenues for the connected home security device market.

Door locks and security camera type segment jointly ruled the type segment of the market for the connected home security device in 2015 on account of decreased hardware price together with smartphone-friendly mobile applications. Accessibility of sensor with pioneering technology such as accelerometer sensors, the motion sensor is anticipated to drive the sensor segment’s growth in the estimated period. Access control and detection device type segment are also estimated to witness momentous growth in coming period.

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North America was the biggest market in 2015 for the connected home security device market. This growth is primarily attributed to the elevated rate of technology adoption coupled with better customer wakefulness. Europe is anticipated to be among the fastest developing region in the period t come. The increasing disposable income in nations such as Japan, South Korea, and China is estimated to observe significant growth over the estimated duration in Asia Pacific region.

The major players in the worldwide connected home security device market consist of Tyco, Hager Group Daitem Atral E-Nova, UTC/Interlogix, Essence, Honeywell Google Nest, GE, Samsung, Apple, Philips Hue, RISCO Group, and Paradox amongst others.

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