A smart home refers to a convenient home setup where appliances and devices can be automatically controlled remotely from anywhere with an internet connection using a mobile or other networked device. Devices in a smart home are interconnected through the internet, allowing the user to control functions such as security access to the home, temperature, lighting, and a home theater remotely. A smart home’s devices are connected with each other and can be accessed through one central point—a smartphone, tablet, laptop, or game console. Door locks, televisions, thermostats, home monitors, cameras, lights, and even appliances such as the refrigerator can be controlled through one home automation system. The system is installed on a mobile or other networked device, and the user can create time schedules for certain changes to take effect.
A home security system is a network of electronic devices working together to secure the residential environment from burglars and potential home intruders as well as from other emergency situations. Home security can be ensured through several monitoring and detection systems—including fire protection, access control, and video surveillance.
The early 1900s witnessed the industrial revolution, which paved the way for the introduction of the first home appliances. During the 1930s, inventors turned their attention to home automation technologies, but the idea didn’t materialize until 1966, when the Echo IV, the first smart automation system, was developed. The development of the microcontroller in 1971 resulted in price reductions for electronic devices, making the technologies more accessible. In 1991, a concept called “gerontechnology” was introduced, which combined gerontology with technology aimed at making the lives of senior citizens easier. Several new technologies were introduced in this sector during the 1990s. The early 2000s were marked by the rapid increase in the popularity of smart home technology. Different technologies emerged and were slowly integrated into the homes. Smart homes started to become affordable and therefore viable technologies for many consumers. In terms of appliances Integrated solutions hold the majority of Smart Home Security Market Share. You can find Smart Home Security Market Size, Smart Home Security Market Share, and other trends and statistics below and you can learn more about T4's strategy consulting services here.
The chart shows the Smart Home Security Market Size from 2018 to 2022. In 2019, the size of the Smart Home Security Industry was $3B and is projected to grow 20% in 2020. From 2018 to 2022 the Smart Home Security Industry growth is projected to average 22% per year. Integrated Appliances are the leader in terms of Smart Home Security Market Share by access technology. These estimates were made before the Coronavirus (COVID-19) pandemic. The short term impact of COVID-19 on the Smart Home Security market growth will likely be Medium because an increasing number of consumers, children and employees stay indoors, using several devices. The demand for smart home security may increase as electronic devices become an essential tool for the activities at home; but the supply may face difficulties, since factories are operating at a lower capacity. Also, monitoring devices may suffer a restraint due to the decrease in the need to monitor the houses, since people are permanently there. The long term impact of COVID-19 on the Smart Home Security market growth beyond the COVID-19 pandemic will likely be Medium because much of the supply chains for smart home devices and smart home security products and services are facing supply constraints as factories are operating at much lower capacity resulting in component shortages. The demand may face difficulties in the long term until production is restored completely. Request help with obtaining the source for this data and learn more about T4's strategy consulting services here.
The chart shows Smart Home Security Revenue Share by Access Technology in 2017. The Smart Home Security Market mostly belongs to integrated appliances. The leading Access Technology in the Smart Home Security Industry was Integrated Appliances with 90% market share in 2017, followed by Stand-Alone Appliances with 10% Smart Home Security market share. Get help with market research for the Smart Home Security market, including the source for this Smart Home Security Market Share by Access Technology chart and learn more about T4's strategy consulting services here.
Smart Home Security Growth is driven by technological developments and increased consumer awareness. The functionalities such as advanced software, third-party monitoring and analytics services, and wireless communication - are propelling the demand for the integrated home security systems. The successful integration of the IoT network, which facilitates remote, real-time, and automated monitoring of the home environment, leads to the development of smart homes. Thus, the wireless technology-enabled security systems are among the major advancements in the field of home security solutions and IoT, which is widely preferred by the homeowners to ensure effective protection. The wireless access to several security options - such as access control, and fire and gas detection systems - offers flexibility, convenience, and assurance to consumers. Therefore, wireless control over smart home devices increases the consumers’ likelihood of purchasing these devices. Owing to the increasing urbanization, cities have started growing vertically, leading to the growth in the number of residential apartments and complexes. People in cities prefer condominiums and apartments owing to the integrated security and amenities within optimized prices. Therefore, providing a high level of security, while managing a large number of households, becomes necessary for the society builders and management bodies. The penetration of home security systems is still low, and the customers from economically developing countries prefer deploying DIY systems for the security within a budget. Although the systems do not provide a connection with a professional monitoring station, the customers can remotely monitor the home using their smartphones. Therefore, with the increasing penetration of home security systems, the DIY systems become an attractive alternative for newer customers with average disposable incomes.
Learn about T4's Consulting servicesSmart Home Security is a Growing market dominated by integrated appliances. Integrated Appliances market share was 90% of the Smart Home Security market in 2017 by Access Technology. One of the biggest benefits of a smart home security system is that it can be integrated directly into other smart home features. Stand-Alone Appliances market share was 10% of the Smart Home Security market in 2017. These solutions focus on only one security device, such as security cameras, door and window sensors, motion sensors, key fobs, etc.
T4's research team can help you learn more about the Smart Home Security industry with market analysis, competitive analysis, commercial Due Diligence, and other market research needs. This includes deeper analysis on competitors in the Smart Home Security market, including: Vivint, SimpliSafe, ADT, Frontpoint, Link´s Interactive, Google Nest Secure, Abode, Scout Alarm, Ring Alarm; research into related topics such as Home Security, Internet of Things (IoT), Flood Sensors, IoT Garage Doors, IoT Home Security Video Devices, Motion Sensor, Smart Assistants / (VDAs) Virtual Digital Assistants, Fire Protection Services; or additional support in the Technology, Software, Internet of Things (IoT) Sectors or others. Learn more about T4's strategy consulting services here.
