Connected Home Security Device Market Size, Share, Growth, and Industry Analysis, By Type (Detection devices, Sensors, Security camera, Door locks, Access control and others), By Application (Staircase, Villa and Others) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

CONNECTED HOME SECURITY DEVICE MARKET REPORT OVERVIEW

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The global connected home security device market size was USD 186.7 million in 2022 and will touch USD 383.8 million by 2031, at CAGR of 9.4% during the forecast period.

A smart home security device, also known as a linked home security device, is a gadget that uses applications and smartphones to remotely control household tasks. Numerous standalone gadgets are available, including as motion sensors, video doorbells, smart locks, and indoor and outdoor security cameras. Monitoring a property from almost anywhere is now easy and reasonably priced thanks to technology. Highly configurable, connected home security systems can be purchased as DIY kits or as complete installations with expert installation and monitoring. Connected home security systems provide mobile phone or laptop control and management of installed devices. These gadgets have the ability to connect different security equipment together by using internet of things (IoT) technology. Home owners now consider connected home security systems to be a great asset since they provide convenience, protect priceless possessions, and lessen the risk of fire and smoke damage.

COVID-19 Impact: Pandemic Driven Home Automation and Increased Awareness Propelled Up the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Due to lockdowns and remote work arrangements, more people were spending time at home, which raised awareness of the significance of home security. The demand for connected home security systems may have increased as a result of this. During the epidemic, there was an increased demand for remote monitoring and control. Smart security systems have become more popular as a result of homeowners looking for solutions that would enable them to remotely monitor their properties. It's possible that demand for integrated home automation solutions increased as people spent more time at home. It's possible that interest in home security systems has grown since they can interact with other smart home systems with simplicity.

LATEST TRENDS

"5G Connectivity and Enhanced Privacy Features to Uplift the Market Share"

Privacy features are becoming more and more important as worries about data security grow. Manufacturers might concentrate on offering user authentication, stronger encryption, and safe data storage for gadgets produced by home security systems. Faster response times and more seamless communication between linked devices in the home security ecosystem are made possible by the integration of 5G technology, which provides faster and more dependable connectivity. Increasing the usage of biometric authentication techniques to improve entry point and smart lock security, such as fingerprint and facial recognition.

CONNECTED HOME SECURITY DEVICE MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into detection devices, sensors, security camera, door locks, access control and others.

The connected home security device market was dominated by the security camera segment globally. The use of home security cameras has become essential for monitoring and protecting homes. In addition to being useful in obtaining tangible proof, home security cameras can assist stop intrusions before they happen. These benefits have led to a global surge in the installation of home security cameras in homes and flats. Over the projected period, the door locks segment is anticipated to increase at the fastest rate. Homeowners are using smart door locks more frequently because of its sophisticated capabilities, which include voice control and internet-based remote access.

• By Application

Based on application the global market can be categorized into staircase, villa and others.

The market is divided into two segments: staircases and villas, according on application. The global market for connected home security systems is expected to be dominated by the villa sector. The market for home security systems is growing as an increasing number of independent houses look to safeguard their families and possessions from criminal activity and break-ins. One of the things propelling the growth of this market is that homeowners may utilize these devices remotely using their computers or cellphones because these systems offer connection and accessibility from anywhere, at any time.

DRIVING FACTORS

"Smart Phone Penetration and IoT Systems to Step Up the Market Sales"

Due to falling smartphone pricing and rising consumer expenditure on security cameras, the number of people using smartphones has increased dramatically worldwide in recent years. The global proliferation of smartphones has opened up new avenues for the development of IoT devices and systems, including security systems. Equipment connected to the internet of things (IoT) are being used to integrate many security systems for home monitoring and control, as well as to connect various security equipment to the cloud. The expansion of the connected home security device market has been accelerated globally by the emergence of these new technologies.

"Rising Urban Population and Awareness for Home Safety to Build Up  the Market Growth"

Due to the growing number of people seeking to purchase new homes and the growing urban population, the housing market has grown steadily throughout the world. The proliferation of home security systems in residences, villas, bungalows, and flats has resulted from the expansion of the housing sector, supporting the growth of the market. Additionally, more and more customers are placing a premium on home security to prevent accidents brought on by break-ins and intrusions. It is expected that this rise in consumer awareness of home safety would open up new opportunities for the global market for connected home security devices.

RESTRAINING FACTOR

"Privacy Concerns, Vulnerability to Hacking are subjected to Restrain the Market Growth"

Privacy issues are brought up by the usage of cameras and sensors in home security systems. Users can be concerned about misuse of recorded video footage or illegal access to their personal information. Devices with connections are vulnerable to hacking attempts. Malicious actors might obtain critical data or jeopardize the devices' security features if they are not adequately secured. As a result the security concerns and the vulnerability to hacking are the factors subjected to restrain the connected home security device market growth.

CONNECTED HOME SECURITY DEVICE MARKET REGIONAL INSIGHTS

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"North America to be a Domineer with Respect to the Rapid Adoption of Advanced Technologies"

During the projected period, North America has held a dominant connected home security device market share of nearly half of the global market. The quick uptake of cutting-edge technologies by local integrators, builders, and homeowners has been one of the key drivers of the North American market's expansion. The United States and Canada have seen an increase in house invasions, burglaries, and thefts, which has led homeowners to install home security systems for safety. The market for linked home security devices in North America has been seeing a proliferation of this trend.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Significant market participants have a significant effect on the market and are essential in identifying consumer preferences and market dynamics. These large companies' extensive retail networks and online platforms give customers simple access to a wide variety of apparel options. Due to their strong global presence and well-known brand, which have also strengthened consumer confidence and loyalty, product adoption has increased. These titans of industry also provide consistent funding for research and development, enabling connected home security device to incorporate innovative designs, materials, and smart features in response to shifting user needs and preferences. The combined efforts of these large companies have a significant influence on the future course and degree of competition in the market.

List of Market Players Profiled

• Essence (China)
• UTC / Interlogix (U.S.)
• Johnson Controls (Ireland)
• GE (U.S.)
• Honeywell (U.S.)
• Samsung (South Korea)
• Apple (U.S.)
• Philips(The Netherlands)
• Xiaomi (China)
• Google (U.S.).

INDUSTRIAL DEVELOPMENT

• October 2021: Johnson Controls revealed that Ava Robotics would power their new "Tyco Security Robot." This fully autonomous security robot combines video surveillance, security robotics, and access control with sensors, a touchscreen, and two Tyco Illustra cameras.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.