Smart home security system market is expected to grow at a significant CAGR during the forecast period. The smart home security system is a combination of software and hardware sensors that are designed to detect an intrusion or illegal entry if a secured zone is breached. There are a variety of home security systems to choose from light sensors and security cameras to fully integrated smart home solutions. The systems can also alert users to potential environmental hazards such as poor air quality, flooding, or high levels of carbon monoxide, and they can even operate in the event of a power outage.
The increasing concept of smart homes, which include smart security systems, is projected to drive the demand for home security systems. The smart house concept is led by advances in future technologies such as the Internet of Things (IoT). According to Houzz’s 2019 Overview of US Renovation, homeowners spend about $500 on smart home and security technology, with voice assistants, video doorbells, and smart lights being the most popular. Cloud-based storage for live feeds in home security has gained popularity as network bandwidth and related infrastructure have improved.
Artificial Intelligence (AI) has the potential to significantly enhance innovation in the smart home security market. AI paired with machine learning has the potential to reduce false alarms, improve anomaly detection and video analytics performance, and improve video verification and surveillance capabilities. This combination of security and monitoring systems has the potential to attract more customers. Customers nowadays prefer numerous solutions in one bundle in order to have access to the most cost-effective option. As a result, merchants have begun developing goods in response to this demand. For instance, Hero Electronix launched ‘Qubo Shield,’ a home security solution that delivers end-to-end security across all parts of the home, in August 2020. It protects against exterior threats such as theft as well as any safety threats such as fire and gas leaks.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2021
- Forecast period- 2023-2029
- Segment Covered
- Regions Covered- Globally
- Competitive Landscape: Honeywell International Inc., ABB Ltd., Johnson Controls International, and Siemens AG, among others.
Smart Home Security System Market Report Segmentation
By Component
- Hardware
- Software and Services
By Application
- Security
- Lighting
- Entertainment
- HVAC and Energy Management
- Smart Kitchen
- Others
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Smart Home Security System Market by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
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