Overview and Scope
Smart home security systems refer to integrated technologies that enhance the security of a residence from unauthorized access, intrusions, and other security threats. These systems can be remotely monitored and controlled via smartphone apps or web interfaces, providing homeowners with real-time information and control over their home security.
Sizing and Forecast
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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Segmentation & Regional Insights
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
Top 5 Major Players:
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The smart home security systems market report table of contents includes:
1. Executive Summary
2. Smart Home Security Systems Market Characteristics
3. Smart Home Security Systems Market Trends And Strategies
4. Smart Home Security Systems Market – Macro Economic Scenario
5. Global Smart Home Security Systems Market Size and Growth
….
32. Global Smart Home Security Systems Market Competitive Benchmarking
33. Global Smart Home Security Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Home Security Systems Market
35. Smart Home Security Systems Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Smart Home Security Systems Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Smart Home Security Systems Market, Segmentation By Device Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Smart Home Security Systems Market, Segmentation By Types Of Homes, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 74: Siemens AG Financial Performance
Table 75: General Electric Company Financial Performance
Table 76: Panasonic Corporation Financial Performance
Table 77: Mitsubishi Electric Corporation Financial Performance
Table 78: Schneider Electric SE Financial Performance
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