New York, March 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Home Security Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06417052/?utm_source=GNW
The smart home security market is driven by the increasing crime rates worldwide, forcing people to focus on security and safety systems, especially in residential areas.
Key Highlights
The growing DIY security systems trends and new developments by newer player offerings are analyzed to significantly contribute to the market growth rate. The latest market entrants are trying to add features like monitoring houses via smart devices, such as smartphones or smart speakers. For instance, most competitors in the smart thermostat space, including Nest and Hive, have security cameras as their portfolio. Recently, Ecobee shared plans to keep pace with the competition too.
Google launched a DIY security system under its Nest brand, and Amazon acquired Ring. After establishing a solid base by adding voice and security to their portfolio, both brands have continued adding connectivity to their security portfolio.
Moreover, with the increasing growth of the smart home market, the adoption of video doorbells is significantly rising for the market for smart cameras and monitoring systems. The majority of smart video doorbell cameras possess the capability to send alerts on sensing motion. In addition, they tend to send a live video feed to the desired device platform. Recently, these features have witnessed functional uplifts in the new trend of integrating security systems through platforms like Amazon’s Alexa or Google Assistant for voice-based functioning.
Smart home security systems usually incur high costs due to deploying advanced techniques, including sensors, cameras, alarm systems, etc. Moreover, the growing cybersecurity concerns with the inclusion of smart devices are analyzed to hamper the market growth during the forecast period.
The outbreak of COVID-19 has led to an additional motivation and incentive for voice control in the home, which has, in turn, driven awareness and adoption of a range of other smart home devices and applications. Therefore, a shift in spending toward technology-enabled services for home consumption has increased.
Smart Home Security Market Trends
Software Component Sector Segment to Witness Significant Growth
The software segment includes various types of software, which are accessible through multiple devices for video management, security control, access management, device connectivity, alerts, device monitoring, and authorization, among others. The demand for software increases with the adoption of various smart home security solutions. The software is used to control multiple smart hardware devices for enhanced security of homes.
The use of smart cameras for surveillance has increased in recent years, boosting the need for video surveillance software. This software is primarily utilized in smart home security systems to handle data streaming from security cameras and surveillance equipment. Such software offers a single platform view, enabling an effective security system.
Furthermore, due to various technological developments such as AI, ML, motion tracking, and many more, the demand for software for surveillance has recently increased. Due to this, players in the market are developing software with new technologies.
Various smart locks and sensor manufacturers are partnering with software providers to enhance the user experience and improve operational efficiency. ButterflyMX, a provider of access control technology for multifamily, commercial, gated communities, and student housing properties, partnered with RemoteLock in September 2022. The partnership was to develop an integrated property access control system. By replacing traditional keyed access to properties with smartphone-based access, operating costs are reduced, NOI increases, and resident satisfaction increases.
With such developments and the increase in the demand for smart home security solutions worldwide, software applications for smart home security are expected to gain significant traction. Furthermore, adopting new technologies such as AI, ML, IoT, and 5G connectivity positively impacts the market studied during the forecast period.
Asia-Pacific is Expected to Register the Fastest Growth
The rapid urbanization of the Chinese region is significantly boosting the smart home security systems market. In China, cities were home to around 64,7% of the country’s inhabitants in 2021. According to the National Bureau of Statistics of China, the rate of urbanization in China has been rising rapidly over the past few decades. This rapid urbanization can be seen as a major boost for the Home Security Systems in China. Sales of smart cameras are increasing in China due to the country’s strong market players. Additionally, there are more possibilities for selecting smart cameras on a big scale due to the simplicity of installation and the accessibility of cameras.
China is at the forefront regarding adopting the most recent technological innovation. The increasing adoption of AI technology increases the demand for the Chinese market segment. China’s State Council outlined its plan to develop a USD 150 billion national AI sector and rise to the top AI powerhouse by 2030.
The outlook for the residential sector suggests that the Japanese market for smart home security systems is expected to witness growth over the coming years. The main factors driving this market’s growth are the falling security product prices, rising concern for personal safety and security, and the expanding use of cloud-based technologies. The adoption of artificial intelligence and machine learning software in the residential security sector and ongoing innovations of security technology, such as smart cameras and sensors, are emerging trends that directly affect the dynamics of the home security market.
With the South Korean government updating its national smart home standards to prepare for the Internet of Things (IoT) era, major South Korean electronic manufacturers are working actively on IoT and smart homes. Multiple vendors in the country are offering innovative solutions in the market. For example, HUMAX provided a complete end-to-end smart home solution that is highly flexible and customizable for multiple services and business model requirements. The company’s solutions help customers by providing better security, convenience, and control. The company has strong partnerships with various industry-leading IoT companies to offer a wide range of smart devices.
Along with the nations already covered in the study’s discussion of the Asia-Pacific region, other countries like Singapore, Australia, Malaysia, India, etc., also have a high potential to gain a considerable share in the smart home security market.
Smart Home Security Market Competitor Analysis
The smart home security market is highly fragmented due to low entry barriers. The major players in the market are ADT Inc., Honeywell International Inc., Johnson Controls International PLC, Hangzhou Hikvision Digital Technology Co. Ltd, and Abode Systems Inc., among others. Further strategic partnerships and innovations are the driving force for the industry, and the market is evolving at a faster pace both in terms of technology and features.
October 2022 - Johnson Controls acquired rescue air systems to enhance its fire suppression portfolio. This acquisition enables the company to design, sell, and install firefighter air replenishment systems in a rapidly growing vertical market.
September 2022 - ADT Inc announced a partnership with a state farm and plans an innovative offering that combines security, risk mitigation, and smart home capabilities to revolutionize the customer experience, which aims to deliver substantial customer value with smart home technology to detect and mitigate losses related to water, fire, intrusion, and other homeownership-related risks.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06417052/?utm_source=GNW
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