Smart Home Security Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Smart Home Security Market Report is Segmented by Component (Hardware, Software, Services), Device Type (Smart Alarms, Smart Locks, Smart Sensors and Detectors, Smart Camera and Monitoring Systems), Communication Module (Professionally Monitored, Self-Monitored), Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Smart Home Security Market Size

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Smart Home Security Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 32.46 Billion
Market Size (2029) USD 61.97 Billion
CAGR (2024 - 2029) 13.81 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Smart Home Security Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Smart Home Security Market Analysis

The Smart Home Security Market size is estimated at USD 32.46 billion in 2024, and is expected to reach USD 61.97 billion by 2029, growing at a CAGR of 13.81% during the forecast period (2024-2029).

The rising number of internet users, rapidly growing adoption of smartphones and smart gadgets, and the increasing concern about remote house monitoring are the key factors driving the growth of smart home security market. Furthermore, rising crime rates around the world are fueling industry growth.

  • The introduction of IoT and favorable policies created a solid basis for the smart home security market. By 2025, the GSMA predicts that China will likely account for around 4.1 billion IoT connections or about one-third of all IoT connections worldwide. In addition, programs like the Made in China 2025 strategy, the National New-type Urbanization Plan, and the Smart Cities Projects are anticipated to drive the growth of China's smart home security market. Most companies and vendors in China compete to stay dominant in the market as the overall demand for the installation of AI-powered security cameras in homes is growing massively, offering homeowners greater security features, such as timely intruder alarms or notifications when their loved ones arrive home.
  • According to Bunning's study, a prominent home improvement retailer and outdoor living products in Australia and New Zealand, smart home technology is growing in Australia, with around 49% of the population now having some form of this technology. The company's study also uncovered that 1 in 2 Australians use their smart home technology daily, with general security (61%) and protection against intruders (44%) the most significant drivers for uptake. Security camera systems are the biggest mover in the space, with Bunning's study predicting that most Australians would install some security device in their home in the next five years. However, with the numerous benefits of smart home security products, they could leave homeowners more vulnerable to digital threats, and these devices are potential points of entry for cybercriminals who wish to access personal data. These concerns are challenging the market growth.
  • Moreover, Google Assistants and Amazon Alexa are compatible with home security systems. Thermostats, smart locks, cameras, doorbells, wall-mounted touchscreen displays, smartphone apps, Google Assistants, and Alexa are all integrated into home security systems, in addition to others. The connectivity between these devices allows for constant home security. Including additional features such as carbon monoxide (CO) listeners, flood and freezing alarms, and other recent technologically enhanced security systems expands the potential for new markets for smart home security systems. Furthermore, Z-Wave-compatible smart home alarm systems use Wi-Fi-enabled cameras to monitor homes using sound detection and panoramic videos.
  • The Covid-19 pandemic significantly negatively affected the expansion of the worldwide home security systems industry. Due to production hiccups and temporary transportation system shutdowns, global sales declined precipitously during that period. The supply chain interruption in China caused a sharp fall in demand for home security systems, severely impacting key markets worldwide. Some reasons affecting demand in China include the drop in new development projects and the closure of production plants. However, as the market recovers in 2021, the US and China are expected to re-emerge as major countries in the home security systems market.

Smart Home Security Market Trends

Smart Camera and Monitoring Segment to Witness Significant Growth

  • Surveillance systems have gained considerable market traction in the recent past. The residential societies and different homeowners use these systems to check on various activities for safety and security purposes. Advanced intelligent surveillance systems (AISS) are replacing traditional surveillance systems. The latter is used to identify abnormal behavior and patterns via artificial intelligence technologies, pattern recognition, and computer vision.
  • This, in turn, enables high-accuracy monitoring of multiple scenarios by a few observers. Over the past few years, the video surveillance market has significantly transformed into third-generation video surveillance systems, moving to IP video from traditional analog video causing better processing power and improved compression algorithm. Further, smart home monitoring solutions are designed and implemented using emerging technologies, such as the Internet of Things (IoT). The growing use of IoT offers functions like electric control, environmental monitoring, indoor monitoring, abnormal alarm, historical information query, and many more.
  • Over the last few years, the adoption of IP cameras has increased owing to the growing demand for crisp image resolution and perimeter surveillance. The critical technologies adopted worldwide include CCTVs, command & control, private LTE communications, data storage, ANPR (automatic number plate recognition), video analytics, and supporting ICT equipment. These technologies have promoted the adoption of smart cameras and monitoring systems.
  • The smart home cameras and surveillance systems in the current marketplace can record HD videos and images at 1080x720 pixels for superior resolution. The camera is triggered when sounds or motions are detected. Also, two-way communication is possible via the camera as two-way speaking and listening are enabled.
  • According to the Federation of Indian Chambers of Commerce & Industry, the total number of constructed dwellings in India's metropolitan areas under the Pradhan Mantri Awas Yojana (PMAY, The Prime Minister's Housing Plan) reached 5.4 million in 2022. The program, which began in 2015, mostly consists of housing complexes. In 2020, the need for housing facilities for the urban poor was expected to be over 11 million dwelling units.
Smart Home Security Market - Leading Use Habits of Home Security Camera System Owners, in Percentage, United States, 2022

North America is Expected to Hold Major Share

  • The United States is the prominent market in the North American region, owing to the growing adoption of smart home technology and products. According to the National Council for Home Safety and Security (Alarms.org) study, more than 3 in five Americans claim security is the top benefit of owning a smart home. Also, 57% of Americans stated that smart home technology products could save an average of 30 minutes daily.
  • According to New-Gen Apps, "The United States of America was able to conserve energy and reduce household consumption by 20% just by introducing smart homes and sensors." Furthermore, Thales Group's statistics state that 63 million U.S. households will have a home security system by 2024. Such growth prospectus is expected to drive the market's growth in the country.
  • Owing to the growing need for households to purchase smart locks as part of home security or home control system, companies in the market are developing partnerships. For instance, in June 2023, Volt, a smart home solutions provider, became a strategic partner with Ring, an Amazon company, as a preferred Ring dealer. This collaboration will likely give Volt customers enhanced access to Ring’s popular smart home security products, such as video doorbells and security cameras. With this partnership, Volt aims to strengthen its position to meet the increasing demand for advanced home security systems in the market.
  • As many consumers are opting to install do-it-yourself (DIY) smart home security systems, recent trends show continued strength in professional installation services in the United States market, primarily driven by remote workers' connected tech needs. As a result, companies are started selling smart home security packages in the United States. For instance, in February 2023, ADT partnered with Costco to offer packages that include 9-piece system and a 13-piece system, both of which include Google Nest products. These packages also include professional installation and ADT's award-winning SMART monitoring.
  • In October 2022, EZVIZ, a global smart home security company, launched its all-star lineup of battery-powered smart products for the Canadian market, including the DB2 Battery Doorbell Kit and CP4 Battery Door, Viewer. The DB2 Doorbell and CP4 Door Viewer are wireless for hassle-free setup and use. The easy installation and usage of home security appliances are driving the growth of Canada's smart home security market.
Smart Home Security Market - Growth Rate by Region

Smart Home Security Industry Overview

The smart home security market is highly fragmented due to low entry barriers. The major players in the market are ADT Inc., Honeywell International Inc., Johnson Controls International PLC, Hangzhou Hikvision Digital Technology Co. Ltd, and Abode Systems Inc., among others. Further strategic partnerships and innovations are the driving force for the industry, and the market is evolving faster in terms of technology and features.

  • July 2023 - Versuni, formerly known as Philips domestic appliances, has expanded into home safety products. The company launched its first-ever smart home security camera range in India, including three smart security cameras and a new Home Safety App. These new cameras help reduce false alarms, provide accurate alerts, and offer 24/7 control that allows viewing, recording, and responding to security events from anywhere.
  • June 2023 - Volt, a smart home solutions provider, formed a strategic partnership with Ring, an Amazon company, as a preferred Ring dealer. With this collaboration, Volt will get customers enhanced access to Ring’s popular smart home security products, such as video doorbells and security cameras.
  • March 2023 - ADT Inc., among the most trusted brands in smart home and small business security, made available the new ADT Self Setup Smart Home Security System, which is the most advanced and complete DIY system and the first fully integrated DIY offering from ADT and Google. The new system integrates Google Nest smart home products with ADT security and life safety technology as well as ADT SMART Monitoring with the convenient control of the new ADT+ app.

Smart Home Security Market Leaders

  1. ADT Inc.

  2. Honeywell International Inc.

  3. Johnson Controls International PLC

  4. Hangzhou Hikvision Digital Technology Co. Ltd

  5. Abode Systems Inc.

*Disclaimer: Major Players sorted in no particular order

Smart Home Security Market Concentration
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Smart Home Security Market News

  • April 2023 - Apple has been awarded a patent (US 11,619,991 B2) for software that would give its HomePod digital assistant the ability to understand a recognized person’s voiced instruction and facial signals as a single command. Simultaneously, Aqara, a new startup introduced its video doorbell, which has facial recognition and can disguise a home occupant’s voice when conversing remotely with someone at the door.
  • December 2022 - Alarm.com has released Smart Arming, a new feature that intelligently arms and disarms Alarm.com powered home security systems based on user activity. Users select the time of day they generally want their system armed at night (e.g., after 11 p.m.), disarmed in the morning (e.g., at 7 a.m.), and then go about their regular routines.

Smart Home Security Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitutes

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Assessment of Impact of COVID-19 on the Market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Integration of Drones with Personal Security Features

      2. 5.1.2 High Adoption of DIY (Do It Yourself) Home Security Systems for Cost-effective Solutions

    2. 5.2 Market Restraints

      1. 5.2.1 High Initial Costs and Cybersecurity Concerns

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Component

      1. 6.1.1 Hardware

      2. 6.1.2 Software

      3. 6.1.3 Services

    2. 6.2 By Device Type

      1. 6.2.1 Smart Alarms

      2. 6.2.2 Smart Locks

      3. 6.2.3 Smart Sensors and Detectors

      4. 6.2.4 Smart Camera and Monitoring System

      5. 6.2.5 Other Device Types

    3. 6.3 By Communication Module

      1. 6.3.1 Professional Monitored

      2. 6.3.2 Self Monitored

    4. 6.4 By Geography

      1. 6.4.1 North America

        1. 6.4.1.1 United States

        2. 6.4.1.2 Canada

      2. 6.4.2 Europe

        1. 6.4.2.1 Germany

        2. 6.4.2.2 United Kingdom

        3. 6.4.2.3 Norway

        4. 6.4.2.4 Denmark

        5. 6.4.2.5 Rest of Europe

      3. 6.4.3 Asia-Pacific

        1. 6.4.3.1 China

        2. 6.4.3.2 Japan

        3. 6.4.3.3 South Korea

        4. 6.4.3.4 Rest of Asia-Pacific

      4. 6.4.4 Latin America

        1. 6.4.4.1 Mexico

        2. 6.4.4.2 Brazil

        3. 6.4.4.3 Rest of Latin America

      5. 6.4.5 Middle East and Africa

        1. 6.4.5.1 United Arab Emirates

        2. 6.4.5.2 Saudi Arabia

        3. 6.4.5.3 South Africa

        4. 6.4.5.4 Rest of Middle East and Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles*

      1. 7.1.1 ADT Inc.

      2. 7.1.2 Honeywell International Inc.

      3. 7.1.3 Johnson Controls International PLC

      4. 7.1.4 Hangzhou Hikvision Digital Technology Co. Ltd

      5. 7.1.5 Abode Systems Inc.

      6. 7.1.6 Frontpoint Security Solutions LLC

      7. 7.1.7 Vivint Smart Home Inc.

      8. 7.1.8 Simplisafe Inc.

      9. 7.1.9 Zmodo Technology Corporation Ltd

      10. 7.1.10 Ring LLC (Amazon.com Inc.)

  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Smart Home Security Industry Segmentation

Smart home security employs IoT-enabled gadgets to enable customers to monitor and manage their home's security, including door access and surveillance. Smart home security uses an assortment of IoT-enabled technologies to enable consumers to monitor and manage the security of their houses remotely.

The smart home security market is segmented by component (hardware, software, services), device type (smart alarms, smart locks, smart sensors and detectors, smart camera and monitoring systems), communication module (professionally monitored, self-monitored), and geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Component
Hardware
Software
Services
By Device Type
Smart Alarms
Smart Locks
Smart Sensors and Detectors
Smart Camera and Monitoring System
Other Device Types
By Communication Module
Professional Monitored
Self Monitored
By Geography
North America
United States
Canada
Europe
Germany
United Kingdom
Norway
Denmark
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East and Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Smart Home Security Market Research Faqs

The Smart Home Security Market size is expected to reach USD 32.46 billion in 2024 and grow at a CAGR of 13.81% to reach USD 61.97 billion by 2029.

In 2024, the Smart Home Security Market size is expected to reach USD 32.46 billion.

ADT Inc., Honeywell International Inc., Johnson Controls International PLC, Hangzhou Hikvision Digital Technology Co. Ltd and Abode Systems Inc. are the major companies operating in the Smart Home Security Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Smart Home Security Market.

In 2023, the Smart Home Security Market size was estimated at USD 27.98 billion. The report covers the Smart Home Security Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Home Security Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Smart Home Security Industry Report

Statistics for the 2024 Smart Home Security market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Smart Home Security analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Smart Home Security Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)