Smart Home Security Global Market to Surpass $6.8 Billion by 2026 with a CAGR of 20.1%

DUBLIN, Sept. 7, 2022 /PRNewswire/ — The ‘Smart Home Security Global Market Report 2022, By Product, Application, Component’ report has been added to ResearchAndMarkets.com’s offering.

The global smart home security market is expected to grow from $2.69 billion in 2021 to $3.27 billion in 2022 at a compound annual growth rate (CAGR) of 21.6%. The market is expected to reach $6.81 billion in 2026 at a CAGR of 20.1%.

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.

According to home burglary statistics, 88% of all burglaries are residential in nature and there is 300% possibility of theft in homes without security systems. According to a NCRB’s 2019 crime statistics, in 2019, 1,833 violent crimes were registered in the Himachal.

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 of 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.

California’s Senate Bill 327, states the security regulations to be followed for all devices that connect to the internet including smart home security systems. The bill requires the manufacturer of such a device to be equipped with appropriate security features, designed to prevent unauthorized access, modification, or information disclosure.

The bill states that the information collected by the device should be appropriate and protected from unauthorized use. Also, if the device needs to be used outside the local area network, the user should generate a new password other than the one allotted to it by default, in order to prevent attack by hackers. This bill is proposed to be effective from January 1, 2020, in California, US.

Scope

Markets Covered:

1) By Product: Smart Alarms; Smart Camera And Monitoring System; Smart Locks And Sensors; Smart Detectors

2) By Application: Independent Homes; Apartments; Condominiums

3) By Component: Hardware; Software; Service

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

6. Smart Home Security Market Segmentation

7. Smart Home Security Market Regional And Country Analysis

8. Asia-Pacific Smart Home Security Market

9. China Smart Home Security Market

10. India Smart Home Security Market

11. Japan Smart Home Security Market

12. Australia Smart Home Security Market

13. Indonesia Smart Home Security Market

14. South Korea Smart Home Security Market

15. Western Europe Smart Home Security Market

16. UK Smart Home Security Market

17. Germany Smart Home Security Market

18. France Smart Home Security Market

19. Eastern Europe Smart Home Security Market

20. Russia Smart Home Security Market

21. North America Smart Home Security Market

22. USA Smart Home Security Market

23. South America Smart Home Security Market

24. Brazil Smart Home Security Market

25. Middle East Smart Home Security Market

26. Africa Smart Home Security Market

27. Smart Home Security Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Smart Home Security Market

29. Smart Home Security Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned