LONDON, Sept. 30, 2019 /PRNewswire/ -- TheBusinessResearchCompany.com offers Smart Home Security Global Market Report 2019 from its research database. The global smart home security market was valued at about $2.14 billion in 2018, and is expected to grow to $4.37 billion at an annual growth rate of 19.6% through 2022. The smart home security market is driven by increasing crime rates across the globe. With the increasing crime rates, the consumers are increasingly focusing on safety and security systems especially in residential areas. Smart home devices such as smart alarms, smart cameras, and smart lockers are being preferred by households to be more safe and secure. According to home burglary statistics of 2018, 88% of all burglaries are residential in nature and there is a 300% possibility of theft in homes without security systems. In 2018, according to a Congressional Research Service report on recent violent crime trends in the United States, violent crime and homicide rates have been increased by 7% and 21% respectively in the US from 2014 to 2016.
High Installation Costs Of Smart Home Security Devices Will Hinder Market Growth
The high installation costs of smart home security devices is restraining the growth of the smart home security market. Being a relatively new technology, the setup cost for smart home security systems and the cost of other related expenses such as utilities, maintenance, and repair of the technology are high. Cost of home security devices depends on the plan of the installation and size of the property. Installation of alarm systems and security cameras is more expensive when compared to other smart home security devices. The basic smart home security system consisting of a burglar alarm, thermostat, outdoor lighting and a backdoor lock which can be controlled from remote device costs $2,500. An advanced and high-end security and home automation system can cost $1.8 million. In 2019, the cost range for installation of basic security cameras was between $663 - $2,019.
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Integration Of Artificial Intelligence With Smart Home Security Devices
Smart home security systems manufacturers are increasingly integrating technologies with visual recognition based on AI (Artificial Intelligence) in security devices. AI is developing to a new stage where the security confirmation and authentication will be processed from face and visual recognition. Home security systems such as consumer video cameras are integrated with AI technology with a new security validation framework to enhance safety and security through facial recognition, fingerprints and voice recognition. AI is proposed to be applied in smart alarms to create databases of all incoming alerts, which then could be analyzed to predict false alarms. For instance, in 2019, SimCam Lab, a home security and automation system provider, presented the SimCam home security and home automation camera that utilizes AI "SimCam Alloy" for recognizing faces and monitoring pets, objects and others.
Regulatory And Competitive Landscape Of The Smart Home Security Devices Market
In the US, California's Senate Bill 327, states the security regulations to be followed for all devices that connect to the internet including smart home security systems. The bill requires the manufacturer of such a device to be equipped with appropriate security features, designed to prevent unauthorized access, modification, or information disclosure. The bill states that the information collected by the device should be appropriate and protected from unauthorized use. Also, if the device needs to be used outside the local area network, the user should generate a new password other than the one allotted to it by default, in order to prevent attack by hackers. This bill is proposed to be effective from January 1, 2020, in California, US.
Major players in the smart home security market are ADT, Amazon, Honeywell International, Hangzhou Hikvision Digital Technology and Frontpoint Security Solutions. Companies have been investing in merger and acquisition activity to strengthen and expand their businesses. In July 2018, Amazon acquired Ring, a home security company for $1 billion. This acquisition would expand Amazon's product portfolio and help capitalize on the increasing demand globally for home security products. Ring is a smart home automation and security systems company manufacturing home security devices, video doorbells, indoor & outdoor security cameras and other products. Ring was founded in 2012 and is headquartered in Santa Monica, California, US.
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