Dublin, Sept. 02, 2022 (GLOBE NEWSWIRE) — The “Global Smart Home Security Market Report 2022, By Product, Application, Component” report has been added to from ResearchAndMarkets.com offer.
The global smart home security market is expected to grow from $2.69 billion in 2021 to $3.27 billion in 2022 at a compound annual growth rate (CAGR) of 21.6%. The market is expected to reach $6.81 billion in 2026 with a CAGR of 20.1%.
The smart home security market is driven by rising crime rates across the globe. With rising crime rates, consumers are increasingly focusing on safety and security systems, especially in residential areas. Smart home devices such as smart alarms, smart cameras and smart lockers are preferred by households to be more safe and secure.
According to home burglary statistics, 88% of all burglaries are residential in nature and there is a 300% chance of theft in homes without a security system. According to 2019 crime statistics from NCRB, in 2019, 1,833 violent crimes were recorded in Himachal.
High installation costs of smart home security devices are restraining the growth of the smart home security market. Being a relatively new technology, the cost of installing smart home security systems and the cost of other related expenses such as utilities, maintenance and repair of the technology are also high.
The cost of home security devices depends on the installation plan and the size of the property. Installing alarm systems and security cameras cost more than other smart home security devices. The basic smart home security system consisting of a burglar alarm, thermostat, outdoor lighting and a backdoor lock that can be controlled remotely costs $2,500. And an advanced, high-end security and home automation system costs $1.8 million. For example, in 2019 the cost range for installing basic security cameras is $663 to $2,019.
Manufacturers of smart home security systems are increasingly integrating visual recognition technologies based on AI (artificial intelligence) into security devices. AI is developing to a new stage where security confirmation and authentication will be processed from facial and visual recognition.
Home security systems such as consumer video cameras are being integrated with AI technology with a new security validation framework to improve safety and security through facial recognition, fingerprints, and voice recognition. It is proposed to apply AI in smart alarms to create databases of all incoming alerts, which could then be analyzed to predict false alarms.
California Senate Bill 327 outlines security rules for all devices that connect to the Internet, including smart home security systems. The bill requires the manufacturer of such a device to be equipped with appropriate security features designed to prevent unauthorized access, modification or disclosure of information.
The bill states that the information collected by the device must be appropriate and protected from unauthorized use. Also, if the device is to be used outside the local network, the user must generate a new password different from the one assigned to him by default, in order to avoid hacker attacks. This bill is expected to go into effect on January 1, 2020 in California, USA.
Scope
Covered markets:
1) By product: smart alarms; Smart camera and monitoring system; Smart locks and sensors; Smart sensors
2) On request: Independent houses; Apartments; Condominiums
3) By component: hardware; Software; Service
Main topics covered:
1. Summary
2. Features of the Smart Home Security Market
3. Smart Home Security Market Trends and Strategies
4. Impact of COVID-19 on smart home security
5. Smart Home Security Market Size and Growth
6. Smart Home Security Market Segmentation
7. Regional and Country Analysis of Smart Home Security Market
8. Asia Pacific Smart Home Security Market
9. Chinese smart home security market
10. India Smart Home Security Market
11. Japan Smart Home Security Market
12. Australia Smart Home Security Market
13. Indonesia Smart Home Security Market
14. South Korea Smart Home Security Market
15. Western Europe Smart Home Security Market
16. UK smart home security market
17. German smart home security market
18. France smart home security market
19. Eastern Europe Smart Home Security Market
20. Russian smart home security market
21. North America Smart Home Security Market
22. US Smart Home Security Market
23. South America Smart Home Security Market
24. Brazil Smart Home Security Market
25. Middle East Smart Home Security Market
26. Africa Smart Home Security Market
27. Smart Home Security Market Competitive Landscape and Company Profiles
28. Key mergers and acquisitions in the smart home security market
29. Smart Home Security Market Future Outlook and Potential Analysis
30. Annex
Companies cited
- ADT
- Amazon
- Honeywell International
- Hangzhou Hikvision Digital Technology
- Front-end security solutions
- Ring
- Samsung
- Vivint Smart Home Security
- Simplified safe
- Robert Bosch
- Protect America
- Alphabet
- Apple
- Comcast
- Net Gear
- Skybell Technologies
- Alarme.com
- canary connection
- AT&T
- August welcome
- Butterfly
- Tyco Safety Products
- Live Monitoring Security
- G4S
- Cocoon Laboratories
- Great
- Ingersoll-Rand
For more information on this report, visit https://www.researchandmarkets.com/r/exl8r5
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