Dublin, Sept. 12, 2023 (GLOBE NEWSWIRE) — The “Smart Home Security Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” report has been added to ResearchAndMarkets.com’s offering.
The Smart Home Security Market is projected to grow from USD 28.52 billion in 2023 to USD 54.45 billion by 2028, with a CAGR of 13.81% during the forecast period (2023-2028).
- The growth of the smart home security market is fueled by factors such as the increasing number of internet users, proliferation of smartphones and smart gadgets, and growing concerns for remote house monitoring.
- Rising crime rates globally are also contributing to the growth of the industry.
- The introduction of the Internet of Things (IoT) and favorable policies have created a strong foundation for the smart home security market, particularly in China. China is expected to account for a significant portion of IoT connections globally by 2025.
- The Made in China 2025 strategy, National New-type Urbanization Plan, and Smart Cities Projects are driving China’s smart home security market.
- In Australia, smart home technology is on the rise, with around 49% of the population using some form of it. General security and protection against intruders are the main drivers for adoption.
- Integration of smart home security systems with digital assistants like Google Assistants and Amazon Alexa enhances connectivity and capabilities.
- The Covid-19 pandemic had a negative impact on the global home security systems industry, leading to decreased sales due to production disruptions and transportation shutdowns.
- The US and China are expected to re-emerge as major players in the home security systems market as it recovers.
- The smart camera and monitoring segment is experiencing significant growth, with surveillance systems evolving towards AI-driven intelligent surveillance systems (AISS).
- IP cameras are gaining traction due to higher image resolution demand and improved perimeter surveillance.
- IoT is enabling functions like electric control, environmental monitoring, indoor monitoring, abnormal alarms, and historical information queries in smart home monitoring solutions.
- Adoption of third-generation video surveillance systems using technologies like CCTVs, private LTE communications, data storage, and video analytics is promoting smart cameras and monitoring systems.
- North America, particularly the United States, is a major market for smart home security due to the growing adoption of smart home technology and products.
- Partnerships and collaborations are being developed to offer enhanced data to emergency responders, driving the growth of the market.
- In Canada, wireless and easy-to-install home security appliances are contributing to the growth of the smart home security market.
- The smart home security market is fragmented, with major players including ADT Inc., Honeywell International Inc., Johnson Controls International PLC, Hangzhou Hikvision Digital Technology Co. Ltd, and Abode Systems Inc.
- Strategic partnerships and innovations are driving the industry, and the market is evolving rapidly in terms of technology and features.
- Recent acquisitions and collaborations, such as Johnson Controls’ acquisition of Rescue Air Systems and ADT’s collaboration with Google, highlight the industry’s evolving landscape.
Major players in the Smart Home Security market are
- ADT Inc
- Honeywell International Inc.
- Johnson Controls International PLC
- Hangzhou Hikvision Digital Technology Co. Ltd
- Abode Systems Inc.
- Frontpoint Security Solutions LLC
- Vivint Smart Home Inc.
- Simplisafe Inc.
- Zmodo Technology Corporation Ltd
- Ring LLC (Amazon.com Inc.)
For more information about this report visit https://www.researchandmarkets.com/r/47whd8
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