Global Smart Home Security Market – Snapshot
The global smart home security market, which is undergoing the development stage, is witnessing significant technological advancements currently. Technological upgrades are expanding the functionality of electronic security systems. This includes wireless integration and other smart home security features that provide greater flexibility and convenience for consumers. As the technology progresses, smart features are becoming more financially accessible. There has been a significant rise in the adoption of safety and security systems over the last few years, due to their wide range of applications in villas and apartments. The global market for smart home security is projected to reach value of US$ 7950.94 Mn by 2027 from US$ 1491.77 Mn in 2018, registering a CAGR of 20.6% during the forecast period.
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Furthermore, use of smart home security devices in luxury villas, luxury apartments, mid-range apartments, and mid-range homes is acting as a driver of the market. Majority of these devices already have microphones/speakers installed in them, which might support alarm applications. Relatively low deployment cost of these alarm applications is expected to fuel the global smart home security market during the forecast period.
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DIY home security solutions, wherein homeowners install and monitor systems on their own, are witnessing high demand. Consumer interest in these products is so high that several of them have been funded by Kickstarter Projects. Startups are not the only ones which are leveraging on high demand for DIY solutions. Products from large-sized corporates (such as Google’s Nest and Dropcam) are also contributing to diversification of the market. Security & safety and HEMS (home energy management systems) are applications of smart home security systems with potential higher than other applications.
Currently, the penetration of smart home security systems is less than 3% worldwide. Over the last few years, the global smart home security market has been largely driven by rising demand for custom (luxury) solutions, which are costlier than mainstream or managed services. At the same time, consumers opting for a DIY model to save on cost need to face challenges in terms of technical knowhow required to install home security systems and integrate different applications in them. As a result, they need to rely on electricians or other service providers, which again increases the cost.
Smart home security systems are based on the centralized control of home gateways, wherein intelligence has shifted onto cloud networks. Cloud-based services decrease the complexity of software issues with devices and diminish the interoperability of devices in a simpler manner. Most residential users are rapidly adopting cloud-based home security solutions that are user-friendly and self-monitoring and that can be operated from a remote location.
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Attracted by this rapidly expanding market and underlying latent demand, several players are planning to invest in the global smart home security market. Right from manufacturers of camera display panels to manufacturers of smart security devices, companies across industries are making efforts to strengthen their foothold in the global smart home security market. Some of the key players operating in the global smart home security market are ADT, Amazon, Honeywell, Ingersoll Rand, and Legrand. Various business strategies are being adopted by the leading players. Companies are focusing on expanding their business by developing strategic partnerships and offering innovative solutions.
Strides in Smart Home Security Market to Pivot on Expansion of IoT Frameworks in Home Automation
Smart home security is a major technological advancement in home security and surveillance. The inroads made by the internet of things (IoT)-connected devices in smart security have underpinned the evolution of smart home automation. The ecosystem of smart home security spans wide covering a wide paraphernalia of smart home entities and devices that you can monitor and control. The remote controlling and automated features are two of the compelling propositions that have driven the expansion of demand in the smart home security market. Door locks, thermostats, motion sensors, intrusion alarm system, fire alarm system, and video surveillance cameras and myriad of things can be monitored and controlled remotely using the smart framework. The ease of access through any smart device such as smartphone and app, and tablets has raised the convenience factor a notch higher with the use of IoT. Over the past few years, the need for customization is a key trend that has expanded the canvas for companies in the smart home security systems to launch new technologies. The pace of innovation is also influenced by advancements being made in network protocols used for home automation, such as the use of Wi-Fi, Z-Wave, and Zigbee. This has also helped in customization of features.
The COVID-19 pandemic has impacted the demands in home automation markets, including the smart home security market. Overall, there has been a substantial decline in demand for some components of smart home security systems. The reluctance to part with the discretionary spending in general population, even in developed nations, has led to decline in growth rate in the market in various regions. The restrictions of stay-at-home contributed to the decline in demand. Nevertheless, smart homes and automation systems have started gaining steam in recent months. The expansion of IoT systems and focus on launching new technologies are expected to spur the growth momentum of the smart home security market in next few years.
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