The increase in awareness and concern about home security, the surge in advancements in IoT and connected technologies, and the rise in the integration of home automation systems are the major factors that drive the growth of the global smart home security market.
PORTLAND, Ore., July 11, 2023 /PRNewswire/ --Allied Market Research published a report, titled, "Smart Home Security Market by Component (Hardware, Software, and Service), Device Type (Smart Alarms, Smart Locks, Smart Sensors and Detectors, Smart Camera and Monitoring System, and Other) and Application (Independent Homes and Condominiums/Apartments): Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the smart home security industry generated $25.8 billion in 2022, and is anticipated to generate $112.6 billion by 2032, witnessing a CAGR of 16.2% from 2023 to 2032.
Prime determinants of growth
The increase in awareness and concern about home security, the surge in advancements in IoT and connected technologies, and the rise in the integration of home automation systems are the major factors that drive the growth of the global smart home security market. However, high installation and maintenance costs and data security and privacy concerns are the major factors that impede the growth of the global market. Furthermore, the integration of AI and deep learning solutions and the growing usage of mobile applications are anticipated to provide lucrative growth opportunities for the market in the upcoming years.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $25.8 Billion |
Market Size in 2032 | $112.6 Billion |
CAGR | 16.2 % |
No. of Pages in Report | 216 |
Segments covered | Component, Device Type, Application, and Region. |
Drivers | Increase in awareness and concerns about home security The surge in advancements in IoT and connected technologies Rise in integration of home automation system |
Opportunities | Integration of AI and deep learning solutions Growing usage of mobile application |
Restraints | High installation and maintenance costs Data security and privacy concerns |
Covid-19 Scenario
- The COVID-19 pandemic had significantly impacted the smart home security industry. While some sectors experienced challenges, others witnessed opportunities for growth and innovation. One of the positive impacts of the pandemic on the smart home security market was the increased demand for remote monitoring and automation solutions.
- In addition, the pandemic accelerated digital transformation initiatives across industries, further fueling the adoption of smart security solutions. As businesses looked to adapt to the changing landscape, they increasingly turned to IoT-enabled security applications and services to optimize security operations, improve monitoring, and enhance customer experiences. This surge in IoT implementation created opportunities for smart home security providers, solution developers, and service providers.
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The hardware segment to maintain its leadership status throughout the forecast period
Based on component, the hardware segment held the highest market share in 2022, accounting for around two-thirds of the smart home security market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to numerous advantages offered by smart home security hardware such as automatic control over devices. However, the software segment is projected to manifest the highest CAGR of 21.6% from 2023 to 2032. The growth in demand for connected devices and internet technology is one of the primary reasons enterprises are increasing their investments in the smart home security software.
The smart cameras and monitoring system segment to maintain its lead position during the forecast period
Based on device type, the smart cameras and monitoring system segment accounted for the largest share in 2022, contributing to nearly two-fifths of the smart home security market revenue, as advances in technologies enable smart cameras to provide a visual representation of the home and allow remote monitoring from any place. However, the smart sensors and detectors segment is expected to portray the largest CAGR of 21.1% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is because smart sensors and detectors devices are utilized in a wide range of scenarios such as smart grids, combat reconnaissance, exploration, and many scientific applications as monitoring and control mechanisms.
The condominiums/apartments segment to maintain its leadership status throughout the forecast period
Based on application, the condominiums/apartments segment held the highest market share in 2022, accounting for nearly three-fourths of the smart home security market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to the rise in the adoption of smart home security tools. However, the independent homes segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032. This is attributed to the growth in the penetration of IoT devices in independent homes.
North America region to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the smart home security market revenue. The increase in the usage of smart home security solutions in businesses is anticipated to propel the growth of the market in this region. However, the Asia-Pacific is expected to witness the fastest CAGR of 20.5% from 2023 to 2032, and is likely to enhance the market growth during the forecast period, owing to an increase in penetration of digitalization and higher adoption of control solutions across the region.
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Leading Market Players: -
- Abode Systems Inc.
- ADT Inc.
- Assa Abloy
- Frontpoint Security Solutions LLC
- Hangzhou Hikvision Digital Technology Co. Ltd
- Honeywell International Inc.
- Ingersoll Rand
- Johnson Controls International PLC
- Robert Bosch
- Vivint Smart Home Inc.
The report provides a detailed analysis of these key players in the smart home security market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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