APAC Home Security System Market Size

APAC Home Security System Market Analysis

The Asia-Pacific Home Security System Market is expected to register a CAGR of less than 7% over the forecast period. Home security appliances can be connected to Wi-Fi and accessed from anywhere using smart devices, such as smartphones, smartwatches, or voices. Moreover, energy and insurance savings drive awareness and increase the adoption of smart home security systems.

• In countries like China, Japan, and India, the increasing adoption of video doorbells is significantly rising in the home security systems market. 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 form of the new trend of integrating security systems through platforms like Amazon's Alexa or Google Assistant for voice-based functioning.
• On a similar note, in January 2022, Eufy launched Video Doorbell Dual, a smart doorbell that uses two cameras. The unique design of this doorbell aids security and recognition and adds clarity to the people's home's first line of defense. However, the distinction is that the new Eufy's Video Doorbell Dual also has on-device A.I. to distinguish family and friends from strangers and detect packages. The A.I. detection helps the Eufy Security app send unique notifications to inform the users who or what is at the door.
• In India, Aliste technologies offer smart appliances such as motion sensing devices and security devices like CCTV cameras that can be controlled with a mobile application. This Noida-based company provides home security solutions for customers by combining climate consciousness with luxury. Factors like this are further indicative of surging market demand, as several small players introduce new products with enhanced features and, thus, gain better market shares.
• According to a hardware technology development center in China, as of the first quarter of 2021, the Chinese smart lock brand Kinlong had a market share of almost 20 percent in the domestic market. Intelligent door locks are very popular among Chinese consumers. The most used identification method is password and fingerprint recognition. The advancement of biometric recognition (e.g., fingerprint recognition) and wireless communication (4G, Bluetooth, NFC, NB IoT) technologies are some drivers catering to the security and product utility of smart door locks.
• During the COVID-19 prevailing supply chains for home security products faced supply constraints, as factories operated at constrained capacities, in addition to component shortages (component manufacturers' factory shutdowns, component suppliers restricted on inter-country exports due to nation-wise lockdowns. The outbreak of COVID-19 has led to an additional motivation and incentive for voice control in the home, which has, in turn, drive awareness and adoption of a range of other home devices and applications. Therefore, a shift in spending toward technology-enabled services for home consumption is expected.