The smart home security market is experiencing exponential growth, anticipated to rise from $3.96 billion in 2023 to $4.79 billion in 2024, marking a CAGR of 20.7%. This growth is driven by heightened security concerns and increased integration with smart home ecosystems. By 2028, the market is expected to reach $10.4 billion, with a CAGR of 21.4%, propelled by advancements in AI and machine learning technologies.
Major Driver In The Smart Home Security Market
The smart home security market is witnessing growth propelled by the global increase in crime rates, prompting heightened concerns for safety and security among consumers, particularly in residential areas. Rising crime rates have driven households to adopt smart home security devices such as alarms, cameras, and lockers. Notably, statistics on home burglaries emphasize that 88% of all burglaries occur in residential settings, with a threefold increase in the likelihood of theft in homes lacking security systems. Additionally, data from the Federal Bureau of Investigation Crime Data Explorer for 2021 highlights 694,050 violent crime incidents and 817,020 offenses reported in the United States, accounting for 64% of the total population. These alarming crime rates contribute to the escalating demand for smart home security solutions, fueling market growth from 2023 to 2028.
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Smart Home Security Market Competitive Landscape
Amazon.com Inc., Apple Inc., Google LLC, Alphabet Inc., 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., Ingersoll Rand Inc., Vivint Smart Home Inc., NETGEAR Inc., Alarm.com Holdings Inc., Legrand North America LLC, SimpliSafe Inc., Ring LLC, Samsung Electronics Co. Ltd., Tyco Security Products, Protect America Inc., August Home Inc., SkyBell Technologies Inc., Canary Connect Inc., Frontpoint Security Solutions LLC, Butterfleye Inc., LiveWatch Security LLC, Cocoon Labs Limited, Allegion plc, Control4 Corporation, Godrej & Boyce Manufacturing Company Limited, Nortek Security & Control LLC, Johnson Controls International plc, Abode Systems Inc., Zmodo Technology Corporation Ltd.
Key Smart Home Security Market Trend
Smart home security systems manufacturers are increasingly integrating technologies with visual recognition based on AI (Artificial Intelligence) in security devices. AI is developing to a new stage where the security confirmation and authentication will be processed from face and visual recognition. Home security systems such as consumer video cameras are integrated with AI technology with a new security validation framework to enhance safety and security through facial recognition, fingerprints and voice recognition. AI is proposed to be applied in smart alarms to create databases of all incoming alerts, which then could be analyzed to predict false alarms. For instance, in June 2022, Infineon Technologies AG, a Germany-based manufacturer of semiconductors, launched its battery-operated Smart Alarm System (SAS). The technology platform uses sensor fusion based on artificial intelligence/machine learning (AI/ML) to achieve high precision and extremely low-power operation. Performance is astounding when this technique is used in conjunction with low-power wake-on acoustic event detection. The compact design achieves equal to or greater battery life compared to less sophisticated solutions while outperforming the detection accuracy of acoustic-only alarm systems currently used in smart homes and buildings and other IoT applications.
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Smart Home Security Market Segmentation
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
By Geography:The regions covered in the smart home security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The Asia-Pacific was the largest region in the smart home security market in 2023.
The Smart Home Security Global Market Report 2024 furnishes information about the global smart home security market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
