DUBLIN--(BUSINESS WIRE)--The "Smart Home Security Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
The global smart home security market is expected to grow from $2.49 billion in 2020 to $2.7 billion in 2021 at a compound annual growth rate (CAGR) of 8.4%. The market is expected to reach $5.05 billion in 2025 at a CAGR of 16.9%.
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.
Major players in the smart home security market are ADT, Amazon, Honeywell International, Hangzhou Hikvision Digital Technology and Frontpoint Security Solutions.
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.
The smart home security market covered in this report is segmented by product into smart alarms, smart camera and monitoring system, smart locks and sensors, smart detectors. It is also segmented by application into independent homes, apartments, condominiums and by component into hardware, software, service.
The high installation costs of smart home security devices is restraining the growth of smart home security market. Being a relatively new technology, the setup cost for smart home security systems and the cost of other related expenses such as utilities, maintenance, and repair of the technology are high as well.
Cost of home security devices depends on the plan of the installation and size of the property. Installation of alarm systems and security cameras is more expensive when compared to other smart home security devices. The basic smart home security system consisting of a burglar alarm, thermostat, outdoor lighting and a backdoor lock which can be controlled from remote device costs $2,500. And an advanced and high-end security and home automation systems cost $1.8 million. For instance, in 2019, the cost range for installation o
f basic security cameras is $663 - $2,019.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
The smart home security market is driven by increasing crime rates across the globe. With the increasing crime rates, the consumers are increasingly focusing on safety and security systems especially in residential areas. Smart home devices such as smart alarms, smart cameras, and smart lockers are being preferred by the households to be more safe and secure.
Key Topics Covered:
1. Executive Summary
2. Smart Home Security Market Characteristics
3. Smart Home Security Market Trends and Strategies
4. Impact Of COVID-19 On Smart Home Security
5. Smart Home Security Market Size and Growth
5.1. Global Smart Home Security Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of the Market
5.1.2. Restraints On the Market
5.2. Global Smart Home Security Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of the Market
5.2.2. Restraints On the Market
6. Smart Home Security Market Segmentation
6.1. Global Smart Home Security Market, Segmentation by Product, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Smart Home Security Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Smart Home Security Market, Segmentation by Component, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Smart Home Security Market Regional and Country Analysis
7.1. Global Smart Home Security Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Smart Home Security Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
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