The smart home security systems global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Home Security Systems Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The smart home security systems market size has grown rapidly in recent years. It will grow from $58.34 billion in 2023 to $63.30 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to rise of smartphones, IoT integration, cloud computing, machine learning in video analytics, consumer awareness and adoption.
The smart home security systems market size is expected to see rapid growth in the next few years. It will grow to $89.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to artificial intelligence and deep learning, integration with voice assistants, biometric authentication, and cybersecurity focus. Major trends in the forecast period include integration with artificial intelligence (AI), interoperability and standardization, edge computing, biometric authentication, and environmental sensors for health and safety.
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Scope Of Smart Home Security Systems Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Home Security Systems Market Overview
Market Drivers –
The growing crime rates are expected to fuel the growth of the smart home security systems market going forward. Crime refers to unlawful activities or acts that violate legal norms, while crime rates indicate the frequency or incidence of these unlawful activities within a specific population or geographic area. Growing crime rates may be attributed to various factors, such as economic inequality, social unrest, and inadequate law enforcement. Smart home security systems deter crime by providing real-time monitoring, automated alerts, and remote control, enhancing overall home protection. Visible security elements, such as outdoor cameras, can actively deter criminals by signaling that the property is well protected. For instance, in October 2023, according to the Federal Bureau of Investigation, a US-based national security organization, property crime incidents in the United States increased from 671,648 to 847,522 between 2021 and 2022, representing a significant percentage increase of approximately 26.2%. Therefore, the growing crime rates are driving the growth of the smart home security systems market.
Market Trends –
Major companies operating in the sauna and spa market are focusing their efforts on introducing advanced solutions, such as contrast heat therapy sauna products, to gain a competitive edge in the market. A contrast heat therapy sauna product utilizes alternating hot and cold treatments to enhance blood circulation, reduce inflammation, and promote healing, offering holistic wellness benefits for the mind and body. For instance, in May 2023, Plunge, a US-based cold plunge company, launched the Plunge Sauna, a groundbreaking addition to its product range designed to enhance wellness through heat therapy. This sauna is ideal for modern homes, gyms, or spas, as it complements Plunge’s renowned cold plunge, enabling contrast therapy known to enhance blood circulation, alleviate inflammation, and accelerate healing by alternating hot and cold treatments.
The smart home security systems market covered in this report is segmented –
1) By Component: Hardware, Software, Service
2) By Device Type: Smart Alarms, Smart Locks, Smart Sensors And Detectors, Smart Camera And Monitoring System, Other Device Types
3) Types Of Homes: Independent Homes, Apartment, Condominiums
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Regional Insights –
North America was the largest region in the smart home security systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart home security systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the smart home security systems market are Siemens AG, General Electric Company, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Daikin Industries Ltd., Toshiba Corporation, Johnson Controls International plc, Carrier Global Corporation, Koninklijke Philips N.V., Trane Technologies plc, Emerson Electric Co., Legrand S.A., Osram GmbH, Acuity Brands Inc., Itron Inc., Vivint Inc., Cree Inc., Canary Connect Inc., Frontpoint Security Solutions LLC, Pacific Controls Inc., Abode Systems Inc., SimpliSafe Inc.
Table of Contents
1. Executive Summary
2. Smart Home Security Systems Market Report Structure
3. Smart Home Security Systems Market Trends And Strategies
4. Smart Home Security Systems Market – Macro Economic Scenario
5. Smart Home Security Systems Market Size And Growth
…..
27. Smart Home Security Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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