The global smart home safety market is expected to register a CAGR of 17.27% during the forcast period 2020-2025
NEW YORK, Nov. 3, 2020 /PRNewswire/ --
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- Smart home safety devices can be connected to Wi-Fi and accessed from anywhere using smart devices, such as smartphones, smartwatches, or voices. The smart home safety market is driven by the increasing crime rates across the world, which is forcing the people to focus on security and safety systems, especially in residential areas.
- According to the FBI, a burglar strikes every 25.7 seconds in the United States adding up to two burglaries every minute and over 3,300 burglaries per day. Further, only 24% of Americans have a home security system to protect their property from burglary.
- As per 2019 Continental Automated Buildings Association's survey, primary motivations for adopting the Smart Home technology across North America resulted in 51% opting for safety and security purposes. And, as per Alarm.org, the official site of the National Council for Home Safety and Security, the 63% home safety product buyers want smart locks and alarms for their home safety purposes.
- With the growing adoption of smart home devices, including safety devices, data leaks have also been observed to have increased significantly. This has been led by using ransomware and phishing to expose personally identifiable information. In 2019, over 3,000 Ring camera customers' personal data was leaked. Therefore, customers are expected to continue to prioritize privacy for smart home safety solution adoption.
Key Market Trends
Growing Awareness Regarding Home Security Systems
- The growing consumer propensity toward the adoption and usage of the connected devices is augmenting the demand in the market studied. For instance, as per Jaze Networks, the global internet-connected devices per person in 2020 were at 6.58 and number for connected devices per person is expected to reach 15 by 2030.
- Furthermore, the statistics from the National Council for Home Safety and Security, suggests that currently, 47% of millennials in the United States own smart devices, while 70% of those who already have one smart product portrayed likeliness to opt for other smart devices as well.
- Also, according to the Continental Automated Buildings Association (CABA), the installed bases of smart home devices in the United States are expected to reach 2691.8 million in 2023 from 1224.7 million in 2018. Similarly, the significant sales of smart home safety devices, such as video doorbell and security cameras, are augmenting growth, in lieu of rise of IoT and sophistication/innovation in security devices.
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Asia-Pacific Accounts for Significant Market Share
- China is at the forefront when it comes to the adoption of the latest technological innovation. The increasing adoption of AI technology leads to a rise in demand for the smart home market in the country. The State Council of China recently detailed its strategy to become the leading AI superpower by 2030, by building a USD 150 billion national AI industry in the future.
- The favorable policies and the onset of IoT laid a solid foundation for the smart home market in the country. GSMA estimates that China may account for approximately 4.1 billion IoT connections, which is almost one-third of the global IoT connections, by 2025. Furthermore, initiatives, such as Smart Cities Projects, National New-type Urbanization Plan, and the Made in China 2025 strategy, are expected to fuel China's smart home safety market.
- As more and more AI-powered security cameras are installed in homes, providing homeowners improved security features, including timely intruder alerts or notifications when their loved ones arrive home, companies are fighting for a stake in this market.
- Wuhan-headquartered computer vision company, SimShine, founded in 2017, is one of them. Its new line of home security cameras, named SimCam, adopts AI edge computing, a technology that supports cloud-free data storage and analysis. In a competitive market, where established companies, like Amazon-owned Ring, Chinese electronics vendor Xiaomi, and Netgear's Arlos, are all strong players, SimShine aims to differentiate by providing AI security cameras with enhanced latency and better privacy protection.
Competitive Landscape
The Smart Home Security Market is highly fragmented, largely due to the low entry barriers. Further strategic partnerships and innovations are the driving force for the industry, and the market is evolving at a faster pace both in terms of technology and features. Key players are ADT Inc. and Honeywell International Inc. Recent developments in the market are -
- Sep 2020 - Hangzhou Hikvision Digital Technology Co. Ltd launched its new generation of wireless alarm systems, the AX PRO which delivers comprehensive alarm solutions for both residential and commercial applications. It includes a compact panel hub for a wide range of detectors and peripherals, covering intrusion detection, video verification, smoke detection, flood detection, and home automation.
- Mar 2020 - Ring Inc. Introduced two new video doorbells and its new, innovative pre-roll technology with battery-powered doorbells. Ring Video Doorbell 3 and Ring Video Doorbell 3 Plus are the latest additions to Ring's Video Doorbell lineup, for security and convenience to users' homes. Both new products include privacy zones, which allow users to black out portions of the camera's field-of-view from recording, and audio/motion detection toggles to disable recording as needed. It also announced its next generation Ring Chime and Chime Pro, which enable customers to hear audible ring notifications throughout their home.
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