The global smart home security market is projected to witness significant growth, thanks to presence of large number of operating in this market. The prominent players are adopting various strategies in order to strengthen their presence across the globe, finds Transparency Market Research. Some of the key players functioning in this market are Amazon, Ingersoll Rand, Legrand, and ADT. The major players are also adopting various strategy in order expand their product portfolio and maintain their presence across the globe.
As per a report by TMR, the revenue generated by the global
smart home security market stood at US$ 1491.77 Mn in 2018. The market is
projected to touch valuation of US$ 7950.94 Mn by the end of 2027. The global
smart home security market is expected to expand at a CAGR of 20.6% during the
course of forecast period from 2018 to 2027.
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Safety and Security Segment of Types to Propel Smart Home
Security Market
On the basis of types, the safety and security segment is
likely to dominate the global smart home security market in 2018. This segment
is expected to account for 21% share in the global market during the assessment
period. From the geographical point of view, Europe is likely to lead the
global smart home security market. This is owing to increasing adoption of
security device in luxury villas, mid-range homes, and luxury apartments.
Increasing Security Concern in Luxury Vilas to Drive
Global Smart Home Security Market
The growing usage of smart home security device in luxury
apartments, luxury villas and mid-range apartment is expected to drive demand
market demand in the coming years. Several of these devices already have
microphones and speakers in it and the presence of these applications in device
are other factor promoting market growth. Comparatively low deployment rate of
the smart home security is one of prime factor supporting growth of the global
smart home security market in the coming years. DIY home security solutions in
which homeowners monitor and install system by their own are another driving
factor promoting growth of the overall market.
The wireless integration and other smart homes features that
offer greater convenience and flexibility for the consumer are one of the key
factor influencing demand. There has been wide range adoption of safety and
security application in the luxury villas and this is one of the key factor
promoting growth in the global smart home security market. The growing
demand for self-automated smart device is other factor triggering demand for
the smart home security market in the coming years. However, growing disposable
income among the population is another factor positively supporting growth of
this market in the year to come.
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The growing introduction of internet of things has increased
number of connected devices throughout the world and the growing concern to
secure home digitally, along with this growing penetration of smartphones is
another reason stimulating growth of the global smart home security market. The
increasing adoption of the Internet of Things is one of the important trend
boosting connected security system. The smart home security also saves energy
and security and this other driver boosting market growth in the year to come.
The study presented here is based on a report by
Transparency Market Research (TMR) titled “Smart Home Security Market (Type -
Alarm System, Safety and Security (Video Surveillance, Access Control
(Biometric Access Control, Non-biometric Access Control)); Application - Big
Villa, Apartment) - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast, 2019 – 2027.”
The global smart home security Market has been segmented
as presented below:
Type
- Alarm
System
- Safety
& Security System
- Video
Surveillance
- Access
Control
- Biometric
Access Control
- Non-biometric
Access Control
Application
- Big
Villa
- Apartment
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