Global Market Study on Connected Home Security - Big Data to Drive Big Sales


Connected Home Security  Market
  • Published On : Aug-2019 |
  • Pages : 327 Pages |
  • Format : Connected Home Security  Market Connected Home Security  Market Connected Home Security  Market Connected Home Security  Market

As the technological meaning of security has changed from lock and key to systems such as smoke detectors, burglar alarms, and laser-based security, modern-day consumers evince marked penchant for advanced security systems. An upward movement observed in the adoption trend of connected home security market has instigated manufacturers to outdo their existing developmental competencies and leverage the prowess of IoT and artificial intelligence to foster innovation.

Competitive cost pressures encountered by manufacturers will drive down the prices, which is likely to route the predilection of consumers for these devices. Besides, sophisticated reimbursement policies will further cushion the blow pertaining to the high cost of home security devices.

Over the long-term, the seasoned analysts of Persistence Market Research (PMR) believe that the connected home security market will continue to spectate epochal scale of changes with technology sharpening its rough edges and introduction of hi-speed Internet. The exclusive research of the connected home security market, encompassing broad scope and distinguished insights have been covered in a recently published report of PMR, which identifies historical, current, and futuristic trends for stakeholders to make well-informed business decisions.

Tracking the Evolution of the Connected Home Security Market

Home security systems have come a long way from simple control panels and deadbolt locks to hi-tech products. Increasing cybercrime and hacking activities at an alarming rate have been routing sales from conventional systems to advanced systems for easy access using multiple screens.

With the fusion of IoT and cloud technology, consumers have the leeway to remotely control their connected devices - door locks, thermostats, smart speakers, and Internet security cameras - and reimbursements from insurance companies further influence the buying behavior of consumers. In light of such drivers, sales of connected home security systems recorded a value of ~US$ 365 Mn in 2018 and are anticipated to make strides with a CAGR of ~13% through to 2029.

In recent times, customizable connected home security systems have been defying the concepts of one-security-device-for-all-needs, which has been resonating well with consumers. In addition, availability of DIY and DIFM kits, installation of systems and services have been easier than ever and the same is being reflected on the sales of the connected home security systems.

Internet Security Cameras to Gain Consumers’ Liking, Smart Thermostats to Follow

Given the availability of robust broadband services and low cost wireless technology coupled with powerful mobile accessories and cameras, the connected home security systems are hosting automation features that were infeasible a decade ago. While consumers have a broad array of security connected devices to choose from to meet their requirements, Internet security cameras are demonstrating high sales with their competencies to monitor a specific area with ‘at-a-tap’ ease.

Moving a step ahead, fusion of voice assistance devices and cameras aid users to switch watch list with voice command, which is likely to retain their popularity as effective connected home security systems. However, smart thermostats with their inherent capabilities of being able to communicate with IoT devices, their evolution with AI competencies, and active geo-fencing features have been influencing buying behavior among consumers.

Since consumers opt for devices that function on ‘do more with less’ concepts, technological leaps in cloud-integrated software and services have been gaining massive popularity in North America. A large number of players concentrated in the region leverage deep learning and cognitive learning abilities of devices and glean data, which further turns these security devices smarter and adds an extra layer of security. While countries of East Asia have been witnessing the infiltration of connected home security, in light of governments’ ‘smart city’ projects that are intended at evenly spreading the urban sprawl and touching their lives with technology.

connected home security market segmentation

Connected Home Security Market: Key Winning Strategies to Secure Significant Share

  • Leverage Big Data to Develop Home Security Systems

The fusion of big data and IoT holds high potential to revolutionize the connected home security system landscape to the degree at which a home is secured and automated. Vendors can intertwine big data analytics with connected home security systems to recognize patterns, if any, which will facilitate decision-making process and offers insightful predictions to promote a secure home.

  • Increase Focus on Device Detection & Management Solutions

With the landscape witnessing high demand for next-gen security solutions, vendors focus on integrating numerous devices with IoT as the base. Numerous devices are likely to add to the complexity, which calls for robust device detection and management solution. Vendors of connected home security systems can focus on the development of such solutions to identify devices and handle multiple devices using voice commands and touch technologies.

  • Invest in Multi-user Data Access Software

As the popularity of connected home security devices grows at a significant pace, users demand data in a comprehensible manner. This has led to the quick syncing of data between devices and gadgets. However, to further differentiate their devices, vendors can integrate multi-user data access feature in their devices to augment their sales prospects.

Multiple Players, One Aim - Secure High Share in the Connected Home Security Market

Connected home security businesses form a landscape, wherein the current potential of a single market player falls short of the required traction required to up the growth bars of the entire industry. Collectively, the leading players account for ~48% of the share in the fragmented landscape with productive partnership for growth and product innovation being the key strategies that gain them an upper hand over their regional contenders. These players include:

  • McAfee
  • F-Secure
  • Symantec Corporation

These players strive to expand their sales footprint, with the Americas, Asia Pacific, and EMEA being at the focal point of their radar. For instance, Symantec Corporation prioritizes its efforts on building strategic partnerships with the key market players

such as AWS, Box, and Microsoft, among others. In February 2019, it averred that over 120 companies have joined forces to drive down the cost and complexity of cyber security, while maintaining a focus on the response time.

The regional players account for a share of ~22% and scramble towards a higher market share by taking research and development initiatives for developing new products. For instance, in 2018, Cisco Systems, Inc. announced an increase in its R&D expenditure from ~US$ 1.5 billion to ~US$ 1.6 billion with an intent to broaden its product portfolio.

Analysts’ Inference of the Connected Home Security Market

Authors of the connected home security market maintain a bullish perspective on the growth of the connected home security market during the forecast period 2019-2029 with rising concerns apropos of security and cyber threats among consumers being the primary driver. Advent of big data, artificial intelligence, and IoT will hold enormous potential and robust broadband network coupled with attractive prices of these systems will incite consumers to opt for connected home security systems. Strategic partnerships and collaborations are likely to increase in the coming years, as vendors find the ease to leverage reciprocal advantage from the technological and commercial front. Among the components, software/platform holds more sales potential as compared to services, owing to their competitive cost and ease of installation. However, cloud-based vulnerabilities remain a key challenge to tackle for connected home security systems vendors.

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Growing Adoption of Smart Homes Security Solutions to Accelerate Demand for Connected Home Security in the Coming Decades

Connected home security is used to secure smart door locks, smart lights, smart thermostats, smart TVs, and other smart home devices from various viruses and malwares including Trojan, ransomware, and other malwares.

A connected home security system links to a Wi-Fi network, and can be used through a smartphone and app to monitor and control smart security devices. Entry-level systems generally include some sensors for doors and windows, a motion detector, and a hub that communicates with these appliances using one or more wireless protocols such as Wi-Fi and Z-Wave.

The global connected home security market is being continuously studied with a deep understanding of the macro and forecast factors to provide a detailed analysis to clients. Rising cybersecurity threats drive the global demand for connected home security over the coming period.

The global connected home security market is expected to grow at a CAGR of ~ 12%, and is estimated to reach a value of ~ US$ 1.4 Bn by the end of the forecast period. Moreover, in the global study of connected home security, PMR has considered only the new sales of connected home security across the historical and forecast period.

Emerging Awareness Regarding Security Threats among Vital Factors Driving the Global Market

Earlier, households were adopting security strategies and approaches only to secure outside threats. However, due to a sudden increase in cybercrimes and data hacking activities, smart home providers have started focusing on providing better security solutions for the detection of threats as well as securing connected devices deployed on the cloud, and to strengthen internal security structure. Moreover, cloud deployment increases vulnerabilities in software, and makes it easily accessible by unauthorized users. Therefore, many companies are shifting toward the adoption of cybersecurity solutions to secure connected homes devices on the cloud without the risks of cyber threats.

Software/Platform Segment Projected to Witness Significant Growth in the Global Connected Home Security Market

The software/platform segment is anticipated to gain noteworthy traction in the global connected home security market owing to significant growth in the number of smart security solutions across the world. Moreover, the rising adoption of smart homes and increasing demand for IoT devices is also a vital driver of the global connected home security market over the coming decades. However, the services segment is projected to grow with a CAGR of 16.0% owing to the rising focus on the integration & deployment of the connected home security solution. As this exercise is costly because of the requirement of a complex skill set to install connected home security solutions, leading connected home security solution providers focus on maintenance & support for connected home security solutions.

Internet Security Cameras Segment to Gain Significant Traction in the Connected Home Security Market

In the global connected home security market, the internet security cameras segment is expected to grow with a healthy growth rate over the forecast period due to noteworthy demand for connected home security, especially from the smart thermostats connected device type. However, the smart TVs segment is also expected to grow with a CAGR of ~ 11% owing to the increasing installation of smart home appliances including smart TVs. Moreover, the smart locks segment is estimated to grow with a relatively low share throughout the forecast period.

Europe and East Asia to Register Significant Potential in the Global Market 

In the global connected home security market, the East Asia and South Asia regions are estimated to witness a healthy growth rate over the forecast period due to rising cybercrime rate across the world in the coming years. Moreover, East Asia is followed by South Asia in the global connected home security market owing to significant growth in the adoption of smart home solutions, coupled with healthy growth in IoT devices, which is, in turn, projected to boost the demand as well as sales of connected home security solutions in these regions in the coming decades.

In the global market, Latin America is anticipated to hold a share of ~ 5% throughout the forecast period because of the complexity of software and lack of skilled resources. India, China, and Mexico are considered as emerging countries in the global connected home security market owing to the rising adoption rate of smart home solutions and IoT devices over the coming years.

Connected Home Security Market Structure

The global connected home security market is consolidated due to the presence of limited companies in the market. Moreover, Tier 1 players are generating nearly US$ 200 Mn through the sales of connected home security across the globe. According to a global in-depth study, McAfee and Symantec Corporation are projected to account for a prominent share in the global connected home security market.

Key Questions Answered in the Connected Home Security Market Report

  • How is the connected home security market expected to grow over the projected period?
  • What direction is the connected home security market expected to take in terms of value during the forecast period?
  • What is the expected impact of macroeconomic factors on the connected home security market in the future?
  • What are the key factors driving the connected home security market?
  • What are the significant opportunities and improvement areas for the connected home security provides of connected home security?
  • What are the key developments and trends taking place in the connected home security market?
  • Which emerging countries are expected to create significant growth opportunities in the connected home security market?

Connected Home Security Market - Introduction

Persistence Market Research (PMR), in its recently published research report, presents significant growth parameters identifying the shape and size of the connected home security market during the forecast period for 2019-2029, wherein, 2018 is the base year. This comprehensive study outlines the key trends and crucial developments available in the connected home security landscape. In addition to this, it lends incisive insights regarding the connected home security market by assessing the important drivers, restraints, threats, and opportunities.

This comprehensive research report offers a detailed outlook on the demand and supply chain, which offers key information apropos of the balance of demand-supply in the connected home security market. This exclusive guide also identifies microeconomic as well as macroeconomic factors that aid in understanding the growth opportunities available in the connected home security market during the forecast period.

The market size is evaluated in terms of value (US$ Mn). The insights covered in this exclusive guide will help the key stakeholders of the connected home security market in identifying profitable opportunities for advancing their businesses. This comprehensive study outlines key players operating in the connected home security market, along with the market structure. This exclusive study offers a comprehensive overview of the leading market players, along with their strategies, financials, and key developments.

Connected Home Security Market – Segmentation

This comprehensive research report on the connected home security market offers an in-depth study of the market attractiveness by assessing the crucial market segments. The global study also encompasses a country-wise assessment for understanding the demand and supply ratio of the connected home security market.

The comprehensive report provides an assessment based on the connected devices, component, application, and region. Each of these segments is included and studied in this detailed guide, in order to obtain actionable intelligence apropos of the connected home security market. This global study on the connected home security market offers historical, current, and futuristic trends influencing the growth of these segment, in particular, and the market, in general. In addition to this, it offers value chain analysis, Y-o-Y growth analysis, and supply chain analysis of the connected home security market.

Component

Connected Devices

Application

Region

Software/Platform

Smart TVs

Intrusion & Anti-Malware Protection

North America

Services

  • Integration & Deployment
  • Training & Consulting
  • Maintenance & Support

Smart Thermostats

Device Detection & Management

Latin America

Smart Speakers

Phishing & Fraud Prevention

Europe

Smart Locks

Network Security

Middle East and Africa

Internet Security Cameras

Others

East Asia

Others

South Asia

Oceania

Connected Home Security Market - Key Questions Answered

This comprehensive research report on the connected home security market offers a comprehensive overview that offers distinguished insights into the growth prospects during the forecast period. This comprehensive research report address the crucial concerns of stakeholders functioning in the connected home security market. Some of the key questions addressed in the report comprise:

  • What is the connected home security demand scenario in terms of value and volume?
  • What are the relevant drivers shaping the growth of the connected home security market?
  • How will the connected home security market evolve during the forecast period?
  • What are the key challenges and threats restraining the growth of the connected home security market?
  • What are the microeconomic and macroeconomic factors that are impacting the growth of the connected home security market?
  • Which application segment will remain a key contributor in terms of value and volume?

Connected Home Security Market – Research Methodology

In order to compile the research report, a robust research methodology has been employed, which aids in identifying actionable intelligence and evaluate market size, backed by reliable numbers. Our seasoned analysts undertake primary and secondary research methodologies for obtaining key insights into the connected home security market.

For carrying out a primary research, top opinion leaders, industry experts, manufacturers, distributors, and business heads were consulted. For conducting secondary research, company annual reports, press releases, publications, and financial reports were referred to and opportunities present in the connected home security market were determined.

Companies covered in Connected Home Security Market Report

Company Profile

  • D-Link Corporation
  • Symantec Corporation
  • Commscop (ARRIS)
  • Cisco Systems, Inc.
  • F-Secure Corporation 
  • Avast Software
  • Trend Micro
  • Honeywell International Inc.
  • McAfee, LLC
  • Bitdefender

 

Connected Home Security Market

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