Global smart home security industry expected to reach $13.4 billion by 2027
DUBLIN, April 29, 2022 /PRNewswire/ — The “Smart Home Security Market – Forecast 2022 to 2027” report has been added to from ResearchAndMarkets.com offer.
The smart home security market is expected to grow at a CAGR of 24.58% during the forecast period to reach US$13.404 billion by 2027, US$2.877 billion in 2020.
The major reason for the growth of the market for smart home security system is the increasing construction of smart homes for better living standards. Home security systems are necessary to protect the residential area from unwanted threats. Furthermore, the growing internet penetration coupled with the growing Internet of Things technology has enabled the improvement of these security systems which is expected to create a high demand in the industry. The growth of multi-complex and social living systems has raised security concerns, hence the need for smart home security systems.
Rising living standards and increasing disposable income have led to the adaptation of technology in daily life, including home security systems for security as well as convenience. The rising crime rate and growing geriatric population have raised serious concerns and led to the adoption of smart home security systems. Technological advancements in the industry are expected to attract consumers. These factors are expected to play a crucial role in the market growth of smart home security industry. However, the significant installation, maintenance, and miscellaneous costs associated with the technology are expected to hamper the market growth, especially in low- and middle-income countries.
With the increase in population, the demand in the residential construction industry is expected to explode. Smart homes, a major end-user of smart home security systems, account for a significant share of the residential construction market.
The major factor expected to drive the lucrative growth of the smart home security market is the increasing construction of smart homes. With the increase in population, the demand for smart homes is expected to rise to a significant level. United States predicts that the world’s population will increase to 9.5 billion by 2050, up from 7.5 billion in 2019.
Population growth is expected to drive demand for residential construction, including smart homes. Moreover, with advancements in technology, consumers today prefer smart homes with various advanced technologies over traditional homes. The construction of smart homes is estimated to grow at a CAGR of around 20% between 2021 and 2025. The positive growth of the sector is expected to be driven by the promising growth of the smart home security market.
In addition, the increase in smart home and smart city construction projects across the Asia Pacific The region is expected to boost the market. In India, the government has recognized 99 cities that have the potential to become smart cities and contribute significantly to GDP. These cities are planning and adopting advanced technologies, including smart home devices, which are expected to drive the domestic smart home security market. Likewise, in Chinathe government has invested 255 billion US dollars in the reconstruction of Shantytown, which is expected to renovate or rebuild 6 million homes, retrofitting them with smart home devices. In Saudi Arabiathe construction of King Abdullah Economic City, which is a 100 billion US dollars project, is expected to increase market prospects.
Hence, the lucrative growth in the home construction industry, especially in the smart home industry, is expected to drive the growth of the market over the forecast period. Furthermore, the growing internet penetration and technological advancements in the industry are expected to create new prospects for the market.
North America and European regions are expected to hold a dominant share of the market. However, the Asia Pacific The smart home security market is expected to grow at the fastest rate. But the significant cost is expected to limit the market growth in many low-income countries.
Geographically, the global smart home security market is segmented into North America, South America, Europethe Middle East and Africaand the Asia Pacific Region. During the forecast period, the North American and European smart home security markets are expected to dominate the market due to wider adoption of technology and increasing construction of smart homes. But the Asia Pacific The region is expected to grow at the fastest rate with growing internet and technology penetration. However, significant costs may hamper market growth in low-income countries.
Information on COVID-19
The coronavirus pandemic has had a negative impact on the smart home security market. The nationwide lockdown has brought the construction industry to a halt, which has diminished market demand.
Main topics covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market factors
4.2. Market constraints
4.3. Analysis of the five forces of carriers
4.3.1. Bargaining power of suppliers
4.3.2. Bargaining powers of buyers
4.3.3. The threat of substitutes
4.3.4. The threat of new entrants
4.3.5. Competitive rivalry in the industry
4.4. Industry Value Chain Analysis
5. SMART HOME SECURITY MARKET, BY COMPONENT
6. SMART HOME SECURITY MARKET, BY SOLUTION
6.2. medical alert
6.3. Access control
6.4. Video surveillance
7. SMART HOME SECURITY MARKET, BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Key Players and Strategic Analysis
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier Competitiveness Matrix
9. COMPANY PROFILES
9.1. Johnson Controls
9.2. Honeywell International Inc.
9.3. Robert Bosch Smart Home GmbH
9.4. Alarm.com Incorporated
9.7. Assa Abloy
9.8. Nortek control
For more information on this report, visit https://www.researchandmarkets.com/r/gg4qks
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SOURCE Research and Markets