The global smart home security systems market is expected to reach USD 55 Bn by 2027. Will Global Smart Home security system market stand on this expected figure?
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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IMPACT OF COVID-19 ON THE MARKET
With the shift to working from home, people spent more time at home. Therefore, fewer cases of home burglaries were recorded. However, as these fewer cases of robbery and assaults are witnessed due to social distancing, spending more time at home has also led to increased mental health emergency calls.
The outbreak of COVID-19 has led to an additional motivation and incentive for voice control in the home, which has, in turn, driven awareness and adoption of a range of additional smart home devices and applications. Therefore, a shift in spending toward technology-enabled services for home consumption has increased. Since integrated voice control function in smart devices is particularly important, as it enables people to refrain from touching common surfaces, such as door handles, light switches, and thermostats, smart doorbells and video cameras are also ensuring its users receive deliveries without face-to-face exposure with people outside of the home. Such a change of habit and emphasis on online shopping could support increased smart home adoption long after the coronavirus pandemic is over.
Increasing Competition Globally
Essence Group, a global security solutions provider, announced a partnership with the Portuguese smart access supplier Chaviarte. As an expansion strategy for Essence into the Portuguese market for its WeR@Home security and home management platform, Chaviarte’s existing security hardware is expected to be integrated into the latter’s core business door lock and entry systems.
Vivint collaborated with Chamberlain Group to offer better control and monitoring of smart homes and garages via a single app. myQ by Chamberlain Group (CGI) offers garage door opener brands. This is expected to help Vivint secure all vital access points to a typical smart home.
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:
- IT Companies
- Tech Giants
- Government Bodies
- Home Décor Brands
- Retail Chains
- Smart Device Wholesalers
- Investors
Time Period Captured in the Report:
- Historical Year: 2017-2022
- Base Year: 2022
- Forecast Period: 2022– 2027
For more information on the research reports, refer to below link:
Global Smart Home Security Market Outlook to 2027
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