LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global connected home security system market is expected to reach USD 15.6 billion by 2021, growing at an impressive CAGR of more than 27%.
This research report titled ‘Global Connected Home Security System Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report considers the sales revenue of various types of alarms (fire alarms and burglar alarms), digital electronic locks, sensors, video cameras, video monitoring systems, and detectors (fire detector, CO detector, and HVAC detector).
The proliferation of smartphones and tablets is fuelling the growth of this market. The penetration of GPS-enabled smartphones has increased worldwide. In 2016, more than two billion people used smartphones, and this number will continue to grow throughout the forecast period. Subsequently, the mobile channel has become a relevant marketing media tool for vendors. The proliferation of connected devices such as mobile computing devices (PCs and tablets), smart TVs, smart home appliances, and wireless connectivity is an absolute necessity in offices and public spaces.
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Technavio’s analysts categorize the global connected home security system market into four major segments by products. They are:
- Cameras and monitoring systems
- Locks and sensors
The top three product segments for the global connected home security system market are:
The alarms segment of the global connected home security system market will reach USD 4.63 billion by 2021, growing at a CAGR of over 19% during the forecast period. The alarms segment in the global connected home security system market will grow at a significant rate, as intruder alarms are highly coveted by consumers. The use of intruder alarms in households in the US has increased by 15%-20% since 2010. The dearth of innovative products has led to the stagnation of the market in developed countries.
According to Amit Sharma, a lead IT security research analyst from Technavio, “Emerging countries in EMEA and APAC are also witnessing escalating demand for alarm systems, as vendors are offering innovative products. These innovations include more wireless variants of alarms and control panels that can be controlled via smartphones.”
Cameras and monitoring systems
Security cameras come in the most basic package for residential security systems. These cameras can be easily installed and operated by users. The cameras and monitoring systems segment has witnessed a proliferation of variants that use advanced technologies to fulfill the demands from customers. Replaceable and rechargeable batteries, as well as Wi-Fi connectivity, are some of the features integrated into these cameras.
“Video quality is a major buying criterion for end-users. Vendors are introducing product innovations to ensure that technical glitches like lag times and blurriness are avoided. Most of the cameras available in the market offer a resolution of up to 720 pixels,” says Amit.
Locks and sensors
A noteworthy trend in the M2M market is the growth of smart locks fueled by the evolution of connected homes and IoT. The locks and sensors segment of the market will grow at a steady pace due to emerging trends like smart locks. Instead of mechanical door locks, consumers are opting for entrance automation.
Initially, smart locks used technologies like Z-Wave and ZigBee; they were integrated with other smart home products. However, innovative offerings in smart locks are equipped with Wi-Fi connectivity and seamless integration with Bluetooth devices. Key vendors offering smart locks include Goji, Schlage, August Home, Danalock, Lockitron, and Haven.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Tyco Security Products
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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