1. Increasing burglaries and house breaks in are making it more crucial for homes to adopt smart home security
Checkout: Trends and Developments in Global Smart Home Security Market
The US Department of Justice estimated that 2.5 Mn burglaries occur yearly, with more than half of incidents being home invasions. As stated by security.org, fewer than 30% of homes are equipped with a reliable security system. Hence, this necessitates implementing home security systems. Also, increasing awareness about home security is leading to the adoption of IP cameras in security systems. According to the FBI, a burglar strikes every 25.7 seconds in the United States, adding up to two burglaries every minute and over 3,300 burglaries daily. Further, only 24% of Americans have a home security system to protect their property from burglary. Most people are not at home when a break-in occurs. Therefore, home security systems are essential. The Department of Justice reported that just 27.6% of burglaries occurred when someone was home, and 65.1% of criminals knew the victim. Research by the Rutgers University School of Criminal Justice indicated that an increase in security alarm installation led to a drop in burglaries over five years.
2. Adoption of video doorbells is significantly rising for the market for smart cameras and monitoring systems.
With the increasing growth of the smart home market, the adoption of video doorbells is significantly rising for the market for smart cameras and monitoring systems. The majority of smart video doorbell cameras possess the capability to send alerts on sensing motion. In addition, they tend to send a live video feed to the desired device platform. Recently, these features have witnessed functional uplifts in the new trend of integrating security systems through platforms like Amazon’s Alexa or Google Assistant for voice-based functioning.
- However, the distinction is that the new Eufy home security devices are compatible with Amazon Alexa and Google Assistant smart home platforms.
- Eufy launched a battery-operated video doorbell to be sold along with its wire-powered version.
3. New Market Entrants providing state of the art features
The new market entrants are trying to add features like monitoring houses via smart devices, such as smartphones or smart speakers. For instance, most competitors in the smart thermostat space, including Nest and Hive, have security cameras as their portfolio. Recently, Ecobee shared plans to keep pace with the competition too.
Google launched a DIY security system under its Nest brand, and Amazon acquired Ring. After establishing a solid base by adding voice and security to their portfolio, both brands have continued adding connectivity to their security portfolio.
Major Players Mentioned in the Report:
- ADT Inc.
- Honeywell International Inc.
- Johnson Controls International PLC
- Hangzhou Hikvision Digital Technology Co. Ltd
- Abode Systems
- Samsung Electronics Co., Ltd.
- Whirlpool Corporation
- Haier Corporation
- Com Inc.
- Google Inc.
- Philips
- LG Electronics Inc
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 Insights On Market Intelligence, Refer To The Link Below: –
Global Smart Home Security Market
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