Smart Home Security Systems Market: Current Analysis and Forecast (2022-2030)

Report Description

Smart Home Security Systems Market was valued at USD 55,500 million in 2021 & is expected to grow at a CAGR of 8.5% from 2022-2030. Smart home security systems are a type of home security solution that allows homeowners to monitor and control their homes remotely using their smartphones, tablets, or computers. These systems use various devices, such as cameras, sensors, and smart locks, to detect and prevent unauthorized access or activities in and around the home. Furthermore, Smart home security systems are convenient because they allow homeowners to monitor their homes remotely. This means that they can check on their homes from anywhere, using a smartphone or other mobile device. They can also receive alerts if there is any unusual activity in their homes. Moreover, the smart home security systems market in North America is a rapidly growing industry. With the increasing adoption of smart home technologies and the rise in security concerns among consumers, the demand for smart home security systems has been steadily increasing.

Some of the major players operating in the market include ABB; Nice North America LLC; Vivint, Inc.; SimpliSafe, Inc.; ADT LLC; Cove Smart, LLC; Abode systems, Inc.; Frontpoint Security Solutions; Arlo; Wyze Labs. Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst component, Hardware smart home security systems category is expected to grow with a significant CAGR during the forecast period”

Based on component, the market is segmented into hardware, software and services. Hardware segmented is further segmented into electronic looks, door sensors, security cameras and others.  Among these, the software segment is expected to grow with the fastest rate during the forecast period. Software segment in the smart homes security systems market refers to the various programs and applications that are used to manage and control the security devices installed in a smart home. Moreover, the basic functionality of managing and controlling security devices, many smart home security software programs offer advanced features such as facial recognition, voice recognition, and machine learning algorithms that can help to identify potential threats and respond accordingly.

“Amongst type of system, video surveillance system is expected to grow with a significant CAGR during the forecast period”

On the basis of type of system, the market is categorized into video surveillance system, alarm system, access control system, and others. Among these, the video surveillance system hold a significant share in the market in 2022. One of the primary reasons video surveillance systems hold a significant share in the smart home security system market is their versatility. Video surveillance systems can be tailored to fit the specific needs of individual homeowners, including indoor and outdoor cameras, high-resolution footage, and remote access through a mobile app or web portal. Additionally, many video surveillance systems now incorporate advanced features such as facial recognition, motion detection, and automatic alerts, which allow homeowners to quickly respond to potential security threats.

“North America is anticipated to grow at a substantial CAGR during the forecast period”

North America is known for its innovative and technologically advanced industries, which continue to drive growth in the region. The adoption of advanced technologies such as artificial intelligence, the Internet of Things (IoT), and automation is expected to contribute significantly to the growth of North America’s economy. Moreover, it has a business-friendly regulatory environment that encourages entrepreneurship and innovation. The region’s governments have implemented policies and initiatives aimed at attracting investment and promoting economic growth. The region’s strong economy, coupled with its highly skilled workforce, makes it an attractive destination for businesses looking to expand their operations.  Furthermore, North America’s favorable business environment, technological advancement, and robust infrastructure make it an attractive region for investment and growth.

Smart Home Security Systems Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global smart home security systems market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Smart home security systems Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global smart home security systems market were the three major steps undertaken to create and analyze the adoption of smart home security systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global smart home security systems market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the smart home security systems market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the smart home security systems market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, type of system, type of home. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the smart home security systems market. Further, we conducted factor analysis using dependent and independent variables such as component, type of system, type of home of smart homes security systems. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the smart home security systems market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global smart home security systems market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the smart home security systems market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global smart home security systems market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global smart home security systems market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component, type of system,type of home in the global smart home security systems market.

The main objective of the Global Smart home security systems Market Study

The current & future market trends of the global smart home security systems market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the smart home security systems market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of component, type of system, and type of home.
• Define and analysis of the regulatory framework for the smart home security systems
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the smart home security systems market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the smart home security systems market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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