According to a new market report published by Credence Research, Inc., “Global Connected Home Security Systems Market (By Product Type (Locks and Sensors, Detectors, Alarms, and Cameras and Monitoring Systems), By Connectivity Type (Wi-Fi, Bluetooth, RFID/NFC, and Others), By End-user (Condominiums and Apartments, and Independent Homes)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global connected home security systems market is expected to witness a growth of 15.3% CAGR during the forecast period from 2018 to 2026.
The global connected home security systems market is expected to demonstrate a noteworthy growth in the years to come and is projected to reach US$ 32.5 Bn by 2026, expanding at a CAGR of 15.3% during the forecast period from 2018 to 2026. Connected security systems are a useful addition to today’s home where security is an important issue. Connected home security systems are becoming powerful tools that gives piece of mind and power to the user. These systems act as the centralized control systems of the home’s door locks, lighting, appliances and security. Rising need of having seamless connectivity and proliferation of remote monitoring in homes have aided the growth of connected home security systems market worldwide.
The global connected home security system market on the basis of product type was led by cameras and monitoring systems in 2017 and is expected to grow at a significant rate in the years to come. The growth of this segment is primarily backed by the increasing incidents of house robbery and thefts, which is encouraging the house owners to invest into enhanced safety and security solutions with efficient & effective cameras and monitoring systems. Further, based on geography, North America garnered largest market share in the connected home security system market in 2017 and is expected to remain dominant throughout the forecast period from 2018 to 2026. High adoption of connected home security installations coupled availability of low-cost security & monitoring devices is facilitating the market growth in the region.
The global connected home security system manufacturers are adopting several strategies in order to thrive in the competitive environment. Partnerships, new product developments remain the most vital strategies that are been implemented by the key players to gain an edge over others. Major players in the connected home security system market include ADT Inc., Tyco Security Products, Alarm.com Holdings, Inc., August Home, Ooma, Inc., Canary Connect, Inc., Cocoon Labs Ltd, Control4 Corporation, Frontpoint Security Solutions, G4S plc, Honeywell International, Inc., Comcast Corporation, Kuna Systems, Kwikset, Nest Labs, Panasonic Corporation, Protect America, Inc., Samsung, SimpliSafe, Vivint, Inc., Vodafone Group, Plc., and Withings among others.