Global Smart Home Security Market Size Study & Forecast, By Component (Hardware, Software, Service) By Device Type (Smart Alarms, Smart Locks, Smart Sensors and Detectors, Smart Camera, and Monitoring System, Other) By Application (Independent Homes, Cond

Global Smart Home Security Market Size Study & Forecast, By Component (Hardware, Software, Service) By Device Type (Smart Alarms, Smart Locks, Smart Sensors and Detectors, Smart Camera, and Monitoring System, Other) By Application (Independent Homes, Condominiums/Apartments) and Regional Analysis, 2023-2030

Global Smart Home Security Market is valued at approximately USD 25.8 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 16.2% over the forecast period 2023-2030. Smart Home Security refers to the integration of advanced technologies and devices within a residential setting to enhance safety and protection against intruders, accidents, and emergencies. It involves the use of interconnected sensors, cameras, alarms, and other smart devices that can be remotely monitored and controlled via a smartphone, tablet, or computer. The Smart Home Security market is driven by influential factors such as the rising adoption of IoT connected devices and increasing focus on development of smart cities. As a result, the demand for Smart Home Security has progressively increased in the global market during the forecast period 2023-2030.

Smart home security solutions enable users to remotely monitor and control their homes through mobile applications or web interfaces. This capability allows homeowners to receive real-time alerts about security breaches or suspicious activities and take immediate action, enhancing home security even when away. According to the Statista, the rising number of Number of Internet of Things (IoT) connected devices globally, in 2020 there are 9.76 billion and projected to reach up to 29.42 billion by the year 2030. Smart home security systems often integrate with other smart devices, such as cameras, door locks, and motion sensors. This integration enhances the overall functionality of the smart home ecosystem and provides comprehensive security coverage. Another important factor that drives the Smart Home Security market is the increasing focus on development of smart cities. Smart cities emphasize interconnectedness, with various elements like transportation, utilities, and public services integrated through IoT (Internet of Things) technology. This interconnectedness extends to smart homes, where security systems can communicate with other devices and services within the city's infrastructure, enhancing overall safety and efficiency. In addition, as per Statista, the global Smart Cities market accounts USD 104.80 billion in 2024 and projected to reach up to USD 164.80 billion by the year 2028.Moreover, the rising number of criminal activities and increasing rate of digitalization are anticipated to create a lucrative growth opportunity for the market over the forecast period. However, the high cost of installation and data security concerns are going to impede overall market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Smart Home Security Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing investment in cloud-based services in the region. The region’s dominant performance is anticipated to propel the overall demand for Smart Home Security. Cloud-based services offer scalability, allowing smart home security solutions to easily expand to accommodate more devices and users without requiring significant infrastructure upgrades. This scalability ensures that smart home security systems can grow alongside the increasing demand and adoption of smart home technology. Furthermore, Asia Pacific is expected to grow fastest during the forecast period, owing to factors such as growing awareness about home security in the region. Awareness about home security creates a favorable environment for the expansion of the Smart Home Security market by increasing demand, driving technological innovation, and making these systems more accessible and attractive to consumers.

Major market players included in this report are:
Frontpoint Security Solutions LLC
Abode Systems Incorporated
Hangzhou Hikvision Digital Technology Company Limited
Vivint Smart Home Incorporated
Johnson Controls International Public Limited Company
Ingersoll Rand Incorporated
Assa Abloy AB
ADT Incorporated
Honeywell International Incorporated
Robert Bosch GmbH

Recent Developments in the Market:
 In March 2023, ADT Incorporated released a new ADT Self Setup smart home security system, the company's most advanced and comprehensive DIY system, and the first fully integrated DIY product from ADT and Google. ADT Self Setup integrates Google's Nest smart home products with ADT security and life safety technology, as well as ADT SMART Monitoring, fully accessible seamlessly by the new ADT+ app.

Global Smart Home Security Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Component, Device Type, Application, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Component
Hardware
Software
Service

By Device Type
Smart Alarms
Smart Locks
Smart Sensors and Detectors
Smart Camera and Monitoring System
Other

By Application
Independent Homes
Condominiums/Apartments

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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