The Smart Home Security Market size is estimated at USD 32.46 billion in 2024, and is expected to reach USD 61.97 billion by 2029, growing at a CAGR of 13.81% during the forecast period (2024-2029).
The rising number of internet users, rapidly growing adoption of smartphones and smart gadgets, and the increasing concern about remote house monitoring are the key factors driving the growth of smart home security market. Furthermore, rising crime rates around the world are fueling industry growth.
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 faster in terms of technology and features.
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