Global Smart Home Security Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

25 Nov, 2021

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The smart home security systems market consists of sales of smart home security devices and related services. Smart home security devices can be connected to Wi-Fi and accessed from anywhere using smartphones, smartwatch or voice. The security devices produced includes devices such as smart alarms, smart cameras, smart locks, smart detectors, and others. This market does not include the installation of these devices and/or integration with the home set-up.

Global Smart Home Security Market Size And Drivers:

The global smart home security market is expected to grow from $2.49 billion in 2020 to $2.70 billion in 2021 at a compound annual growth rate (CAGR) of 8.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart home security systems market is expected to reach $5.05 billion in 2025 at a CAGR of 16.9%. The smart home security market is driven by increasing crime rates across the globe.

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Trends In The Global Smart Home Security Market

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 2019, SimCam Lab, a home security and automation system provider, presented the SimCam home security and home automation camera that utilizes AI "SimCam Alloy" for recognizing faces and monitoring pets, objects and others.

Global Smart Home Security Market Segments:
The global smart home security market is further segmented –
By Product: Smart Alarms, Smart Camera And Monitoring System, Smart Locks And Sensors, Smart Detectors
By Application: Independent Homes, Apartments, Condominiums
By Component: Hardware, Software, Service
By Geography: The global smart home security market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Smart Home Security Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides smart home security market overviews, analyzes and forecasts market size and growth for the global smart home security market, smart home security market share, smart home security market players, smart home security market segments and geographies, smart home security market’s leading competitors’ revenues, profiles and market shares. The smart home security market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.