The global smart home security market is projected to witness significant growth, thanks to presence of large number of operating in this market. The prominent players are adopting various strategies in order to strengthen their presence across the globe, finds Transparency Market Research. Some of the key players functioning in this market are Amazon, Ingersoll Rand, Legrand, and ADT. The major players are also adopting various strategy in order expand their product portfolio and maintain their presence across the globe.
As per a report by TMR, the revenue generated by the global smart home security market stood at US$ 1491.77 Mn in 2018. The market is projected to touch valuation of US$ 7950.94 Mn by the end of 2027. The global smart home security market is expected to expand at a CAGR of 20.6% during the course of forecast period from 2018 to 2027.
Safety and Security Segment of Types to Propel Smart Home Security Market
On the basis of types, the safety and security segment is likely to dominate the global smart home security market in 2018. This segment is expected to account for 21% share in the global market during the assessment period. From the geographical point of view, Europe is likely to lead the global smart home security market. This is owing to increasing adoption of security device in luxury villas, mid-range homes, and luxury apartments.
Increasing Security Concern in Luxury Vilas to Drive Global Smart Home Security Market
The growing usage of smart home security device in luxury apartments, luxury villas and mid-range apartment is expected to drive demand market demand in the coming years. Several of these devices already have microphones and speakers in it and the presence of these applications in device are other factor promoting market growth. Comparatively low deployment rate of the smart home security is one of prime factor supporting growth of the global smart home security market in the coming years. DIY home security solutions in which homeowners monitor and install system by their own are another driving factor promoting growth of the overall market.
The wireless integration and other smart homes features that offer greater convenience and flexibility for the consumer are one of the key factor influencing demand. There has been wide range adoption of safety and security application in the luxury villas and this is one of the key factor promoting growth in the global smart home security market. The growing demand for self-automated smart device is other factor triggering demand for the smart home security market in the coming years. However, growing disposable income among the population is another factor positively supporting growth of this market in the year to come.
The growing introduction of internet of things has increased number of connected devices throughout the world and the growing concern to secure home digitally, along with this growing penetration of smartphones is another reason stimulating growth of the global smart home security market. The increasing adoption of the Internet of Things is one of the important trend boosting connected security system. The smart home security also saves energy and security and this other driver boosting market growth in the year to come.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Smart Home Security Market (Type - Alarm System, Safety and Security (Video Surveillance, Access Control (Biometric Access Control, Non-biometric Access Control)); Application - Big Villa, Apartment) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027.”
The global smart home security Market has been segmented as presented below:
- Alarm System
- Safety & Security System
- Video Surveillance
- Access Control
- Biometric Access Control
- Non-biometric Access Control
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.”
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453