Market Trends of Smart Home Security Industry
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.
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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.
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