The Global Smart Home Security & Safety Systems market accounted for $618.63 million in 2017 and is expected to reach $3,223.2 million by 2026, rising at a CAGR of 20.1 percent over the forecast period. The main factors driving the brand are the changing customer safety and security habits, the increase in connected home penetration, and the increasing net worth of market players worldwide. Nonetheless, it is expected that cost-growing factors such as dependence on electricians or other service providers would hinder the growth of the industry.
Connected home protection includes a group of integrated Wi-Fi connected systems that are responsible for monitoring, handling, and controlling security devices with the use of smartphones. Home security systems usually include door and window alarms, motion detectors, sirens, smoke detectors, air sensors, and a network that uses one or more wireless protocols such as Wi-Fi or Zigbee to communicate with these devices. The growth of smart home security & safety systems is expected to increase during the forecast period. The major driving factor is the increasing adoption of the Internet of Things (IoT), which allows smart communication between smart home devices.
IoT can also be used to efficiently track, identify, and prevent unauthorized network access by linking IoT devices to internet backend systems. It also offers network protection such as antivirus and antimalware feature along with firewalls, and prevention and detection systems for disruption. The market is growing because of the risk of cyber-attacks. IoT protection thus helps to improve security for each user within the network by means of a specific technology called’ User Pre-Shared Key’ (UPSK) to ensure device safety.
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FrontPoint Security Solutions
Hangzhou Hikvision Digital Technology
Honeywell International Inc.
Robert Bosch GmbH
Vivint Smart Home
The region-based Global Smart Home Security & Safety Systems market is segmented into North America, Latin America, Europe, Africa, the Middle East, and Asia Pacific. In 2016, North America’s demand for connected home security represented the largest share of the global connected home security industry. Growth in this area is due to increased demand for connected home devices, including in-house digitally linked and remote controlled phones. These include thermostats, lighting, doors, and entertainment systems, resulting in increased demand for connected home security.
North America’s smart home product market was reported at around US$ 7.01 billion in 2017, representing 47.68% of Global Smart Home Security & Safety Systems sales. The Asia Pacific region is expected to have a good growth over the forecast period due to the increasing adoption of cloud-based technology and increased security awareness. Population growth, urbanization, living standards, and increased smart city government spending will further boost the market.
The high cost associated with home security systems installation and maintenance is the key factor limiting Smart Home Security & Safety Systems market’s growth. Customers are becoming increasingly aware of the benefits of home security systems. However, the use of home security systems is hindered by expensive hardware. In addition, for the smooth and continuous operation of security devices, the integrated products need to be well maintained. Thus, during the forecast period, the service segment is expected to have a larger market share.
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Table Of Content:
2 Market Overview and Qualitative Analysis
3 Segmentation of Global Market by Solution Format
4 Segmentation of Global Market by Advertising Type
5 Segmentation of Global Market by Industry Vertical
6 Segmentation of Global Market by Mobile Device
7 Segmentation of Global Market by Region
8 Competitive Landscape
9 Investing in Global Market: Risk Assessment and Management
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