Smart Home Security Global Market Report 2022
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 change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. To get more news about
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The smart home security systems market consists of sales of smart home security devices and related services.Smart home security devices can be connected to Wi-Fi and accessed from anywhere using smartphones, smartwatch or voice.
The security devices produced includes devices such as smart alarms, smart cameras, smart locks, smart detectors, and others. This market does not include the installation of these devices and/or integration with the home set-up.
The main products of smart home security systems are smart alarms, smart camera and monitoring system, smart locks and sensors, and smart detectors.A smart alarm is a system that uses wireless technology, home networks, and mobile phones to integrate security with day-to-day life.
The components of smart home security systems are hardware, software, and service. The various type of applications are in independent homes, apartments and condominiums.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The smart home security market is driven by increasing crime rates across the globe.With the increasing crime rates, the 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 being preferred by the households to be more safe and secure.According to home burglary statistics, 88% of all burglaries are residential in nature and there is 300% possibility of theft in homes without security systems.The high installation costs of smart home security devices is restraining the growth of smart home security market.Being a relatively new technology, the setup cost for smart home security systems and the cost of other related expenses such as utilities, maintenance, and repair of the technology are high as well.
Cost of home security devices depends on the plan of the installation and size of the property.Installation of alarm systems and security cameras is more expensive when compared to other smart home security devices.
The basic smart home security system consisting of a burglar alarm, thermostat, outdoor lighting and a backdoor lock which can be controlled from remote device costs $2,500. And an advanced and high-end security and home automation systems cost $1.8 million. For instance, in 2019, the cost range for installation of basic security cameras is $663 - $2,019.
