Smart homes are homes enabled with technology to control various appliances and devices. It uses automation and IoT (Internet of Things) to keep all devices connected. Smart security systems include smart alarms, smart cameras, smart locks and detectors.
The smart home security market shows a significant demand owing to various factors. Firstly it gives the user the power to control the house. Secondly, these systems end up saving a lot of time due to their excellent features. These systems thus give more comfort to the users as they don’t have to worry about the front door being open or the stove being on. These systems notify the user in case of any deviations and in certain cases also take corrective actions. Smart locks can be set to lock at specific times throughout the day. These customizations led to an increased satisfaction and an improved security. Moreover, many of these systems are eco-friendly and affordable. Smart home security systems thus help secure the user’s belongings. These systems can be controlled with ease with the help of a smartphone. Smart cameras give a 360 degree view of the house avoiding any possible blank spots or corners. All these factors point towards a vibrant market. However, the high cost of certain security systems might slowdown market growth to a certain extent.
On the basis of type, the smart alarm segment is anticipated to hold a major share. Smart alarms are integrated with smart phones and allow the user to remotely monitor the CCTV footage of the house. These systems also integrate the door sensors. With increasing theft and growing crimes, people highly prefer alarm systems. It also has benefits of cost and lets users install alarms only where they find it necessary. Moreover, these systems are easy to use without any expert’s involvement for installation as they sync effortlessly with all devices. Hence, the segment depicts an extensive share of the market.
On the basis of application, apartments are anticipated to hold a prominent share. With the rising construction of buildings in developed as well as developing countries, various real estate developers are providing basic security systems as a part of the package. Moreover, rapid urbanization and increasing migration of people towards cities has led to the development of more and more apartments. Furthermore, rising awareness about the numerous benefits of security systems has spiked the consumer demand. All these factors depict a strong market.
On the basis of region, North America is considered to hold a tremendous market share owing to the vast real estate sector. USA is technologically advanced and one of the most modern countries in the world. Thus, the demand for these systems stands as a basic requirement. Moreover, USA is home to technology such as Google, Microsoft, Apple and many more. Silicon Valley is home to the most advanced security systems. Furthermore, the awareness about smart security systems and its benefits is highest in USA. The developed economy of the country is a cherry on top and poses an opportunity to new market entrants. Thus, there is an incredible demand in the region.
Europe is speculated to hold an appalling share of the market. The smart homes market in the region accounted to USD 17,400 million and is expected to depict annual growth rate of 20%. Moreover, the market amounts to approximately 35 million smart homes. These homes are already equipped with the basic infrastructure needed to install a smart security system. Furthermore, the smart home securities market in the region accounts to USD 3000 million as of 2019 and is expected to grow further. In addition, the growing need for energy saving and low carbon emission solutions has led people to adopt these systems. Thus, the region facilitates a strong foundation for the market.
The market constitutes of companies such as Honeywell International, Vivint Smart Home Security, Hangzhou Hikvision Digital Technology, ADT Corporation, Frontpoint Security Solutions, Ingersoll Rand, SimpliSafe, Legrand, Robert Bosch GmbH, Protect America, Amazon, Ring and Samsung among others.
The report segments the smart home security market as follows:
Global Smart Home Security Market: Product Type Segment Analysis
- Smart Alarms
- Smart Camera and Monitoring System
- Smart Locks and Sensors
- Smart Detectors
Global Smart Home Security Market: Component Segment Analysis
- Products
- Services
Global Smart Home Security Market: Application Segment Analysis
- Apartment
- Big Villa
Global Smart Home Security Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
