Connected Home Security Market Segmentation by Component - Software/Platform, Services (Integration & Deployment, Training & Consulting, Maintenance & Support).
ID: PMRREP29833
Format: PPT*, PDF, EXCEL
Last Updated: 13 February 2023
Industry: IT and Telecommunication
Number of Pages: 327
The value of the connected home security industry is expected to be around US$ 8,445.4 Million in 2022, and the market is expected to reach around US$ 52,567.4 Million in 2033. It is also expected to be worth US$ 9,847.3 Million in 2023 and is expected to grow at a CAGR of 18.2% between 2023 and 2033.
Connected home security refers to a system of connected devices that work together to secure and monitor a home. These systems typically include a combination of security cameras, motion detectors, door & window sensors, smart locks, and a central smart home hub that ties all of these components together.
The central hub can be accessed through a smartphone app or web interface, allowing homeowners to monitor their home and control their security devices remotely. The goal of connected home security is to provide a comprehensive & convenient solution for securing a home, making it easier for homeowners to protect their property & loved ones.
Increasing demand for smart homes along with the rising advancements in technology are majorly influencing the growth of the connected home security market. As more and more people adopt smart home technology, the demand for connected home security systems is analysed to increase.
Additionally, the continuous advancements in technology have made connected home security systems more sophisticated and user-friendly, making them accessible to a wider range of consumers. Such factors are analysed to be the key factors behind the increasing adoption of these solution. Connected home security market accounts for the 20% of the home security market.
According to the regional market outlook, the North American region will hold a 30.4% market share in the global market in 2022. Whereas the demand for these solutions in Europe is expected to hold a market share of around 25.2% in 2023.
|
Connected home security Market Size (2023) |
US$ 9,847.3 Million |
|
Projected Market Value (2033) |
US$ 52,567.4 Million |
|
Global Market Growth Rate (2023-2033) |
18.2% |
|
Internet Security Cameras segment Market Share (2022) |
24.7% |
|
India Market Growth Rate (2023-2033) |
20.2% |
|
Intrusion & Anti-Malware Protection Segment Market Share (2022) |
22.2% |
“Privacy and Security Concerns Coupled with the Interoperability Issues”
One of the biggest challenges facing the connected home security market is privacy & security concerns, as customers are wary of having their personal and sensitive information compromised through connected devices. Additionally, another major challenge is the lack of standardization and interoperability among connected home security devices, making it difficult for consumers to integrate different devices and systems into a seamless whole.
These are some major factors impending the market growth.
“Widespread Adoption of IoT (Internet of Things) Devices are Boosting the Growth of Connected Home Security Market”
The widespread adoption of IoT devices has made it easier to connect and control various devices in a home, including security systems.
Moreover, rise of home invasions and burglaries, people are becoming more aware of the need for home security. Connected home security systems offer a convenient and effective way to keep a property protected.
Such factors are giving favourable opportunity for the adoption of this solution in the US region contributing to its significant share of 30.1% in 2022.
“Rising Concerns about Home Security is Accelerating the Adoption of Connected Home Security Services”
With crime rates on the rise in many parts of the world, homeowners are becoming more concerned about securing their homes, which is driving the growth of the connected home security market.
Additionally, the cost of connected home security systems has come down significantly in recent years, making them more affordable and accessible to a wider range of consumers.
These factors allow the market growth at a CAGR of 20.2% during the forecast period in India.
“Convenience and Ease of Use is Facilitating the Adoption of Connected Home Security Services”
Connected home security systems are designed to be easy to use and can be controlled from a smartphone app or web interface, making them convenient for homeowners to manage.
Furthermore, connected home security systems are designed with a focus on user experience, making them easy to use & operate, even for those without technical expertise.
Such factors are expected to accelerate the adoption of connected home security systems in the Germany.
Why Internet Security Cameras Segment Hold the Major Market Share for Connected Home Security Market?
Internet security cameras hold the major market share in the connected home security market for several reason like internet security cameras offer convenience & ease of use as they can be accessed remotely through a smartphone or tablet, allowing users to monitor their homes from anywhere at any time.
Additionally, internet security cameras are relatively inexpensive compared to other home security systems, making them a popular choice for many households.
Moreover, with advancements in technology, internet security cameras now offer high-definition video quality, improved night vision, and other features such as two-way communication and motion detection.
These factors are influencing the major share of 24.7% of governance, risk, and compliance (GRC) segment in the market.
Why the Connected Home Security for Intrusion & Anti-Malware Protection Segment have the significant share in 2022?
The connected home security for intrusion and anti-malware protection segment is expected to have a significant share in 2022 for several factors such as increasing number of cyber-attacks and malware attacks has led to a growing concern for home security. People are now looking for advanced security systems that can protect their homes from both physical intrusions as well as cyber threats.
Additionally, advancements in technology have enabled the integration of intrusion detection and anti-malware protection into connected home security systems, providing a comprehensive solution to protect homes from various threats.
Thus, market share of BFSI segment in the connected home security is analysed to be 22.2% in 2022.
In addition to the established players, there are also a number of start-ups & smaller companies entering the market with new and innovative products. This competition keeps the market dynamic and drives innovation, but it also means that companies need to continuously evolve and improve their offerings in order to remain competitive.
Recent developments related to key players providing connected home security market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
In 2023, the market value of connected home security was US$ 9,847.3 Mn.
The global connected home security market is estimated to advance at a 18.2% CAGR through 2033.
The market for connected home security is forecasted to climb to US$ 52,567.4 Mn by 2033 end.
Demand for connected home security market in India is projected to rise at a CAGR of 20.2% for 2023-2033.
In 2022, the North America connected home security market held a dominant market share of 30.4%.
|
Attribute |
Details |
|
Forecast Period |
2023-2033 |
|
Historical Data Available for |
2018-2022 |
|
Market Analysis |
US$ Mn for Value |
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Pricing |
Available upon Request |
By Component:
By Connected Devices:
By Application:
By Region:
For more information on this report and its delivery timelines please get in touch with our sales team.
