Manufacturers in the smart home security market are integrating AI for enhanced security features
The Business Research Company Global Smart Home Security Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, March 3, 2022 /EINPresswire.com/ — Manufacturers of smart home security systems are increasingly integrating AI (artificial intelligence)-based visual recognition technologies 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. For example, SimCam Lab, a security and home automation system provider, introduced the SimCam security and home automation camera that uses “SimCam Alloy” AI to recognize faces and monitor pets, objects and the like.
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The global smart home security market size 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 change in the Growth of the smart home security market The trend is mainly due to the companies stabilizing their production after responding to the demand which increased exponentially during the COVID-19 pandemic in 2021. The global smart home security market share 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, which is driving the opportunities in the global smart home security market. 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.
In September 2021, Security Alarm Corporation (SAC), a commercial and residential systems integration company, acquired Alert Alarm Systems Plus, Inc. (AASP) of Sarasota FL. The objective behind this acquisition is to expand the company’s Gulf Coast and AASP market. Alert Alarm Systems Plus, Inc. offers security monitoring equipment and monitoring services.
Key players covered in the global smart home security market are ADT, Amazon, Honeywell International, Hangzhou Hikvision Digital Technology, Frontpoint Security Solutions, Ring, Samsung, Vivint Smart Home Security, Simpli Safe, Robert Bosch, Protect America, Alphabet, Apple, Comcast. , Netgear, Skybell Technologies, Alarm.com, Canary connect, AT&T, August Home, Google, Butterfeye, Tyco security products, Livewatch security, G4S, Cocoon labs, Legrand and Ingersoll Rand.
TBRC’s Global Smart Home Security Market analysis report is segmented by Product into Smart Alarms, Smart Camera & Surveillance System, Smart Locks & Sensors, Smart Detectors, by Application in Independent Houses, Apartments, co-ownerships, by component in hardware, software and services.
Global Smart Home Security Market Report 2022 – By Product (smart alarms, smart camera and surveillance system, smart locks and sensors, smart detectors), by application (detached houses, apartments, condominiums), by component (hardware, software, service) – Market size, trends and Global Forecast 2022-2026 is part of a series of new reports from The Business Research Company that provide an overview of the smart home security market, forecast the size and growth of the smart home security market for Overall Market, Smart Home Security Market Segments, Geographies, Smart Home Security Market Trends, Smart Home Security Market Drivers, Constraints, Revenue, Profiles and Market Share of the main competitors.
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