Connected Home Security Market

Connected Home Security Market Outlook (2024 to 2034)

Worldwide revenue from the connected home security market is projected to reach US$ 9.97 billion in 2024. As per a new study done by Fact.MR, the market has been forecasted to advance at a high-value CAGR of 17.5% to surge to a value of US$ 49.96 billion by the end of 2034.

Connected home security is a system that connects all the devices that work together to secure and monitor a home. These systems generally include a variety of technological types of equipment, including security cameras, motion detectors, door & window sensors, smart locks, and a central home hub that combines all of these components.

The central hub can be accessed through a smartphone app or web interface, which makes it easier for the user to check out their home security from anywhere anytime. The goal of connected home security is to provide a comprehensive & convenient solution for securing a home, making it easier for homeowners and businesses to protect their properties and also have a look at the safety of their loved ones, leading to the overall growth of connected home security market size.

With an increasing number of smart homes across the world, connected home security market growth is projected to be rapid over the next ten years. Key players are focusing on adding new interfaces that are user-friendly and more sophisticated, making them accessible to a wider range of consumers.

• In North America, two key markets - the United States and Mexico - are forecasted to advance at CAGRs of 18.1% and 18.5%, respectively, between 2024 and 2034.
• The East Asia market is becoming stronger as the share of the region jumped from 24.7% in 2019 to 26.7% in 2024.
• Among all the applications, phishing and fraud prevention is one of the primary reasons for the installation of connected home securities. The segment is foreseen to hold a market share of 14.3% in 2024, which is a 1% increase from the 2019 share of 13.2%.

Report Attributes	Details
Connected Home Security Market Size (2024E)	US$ 9.97 Billion
Forecasted Market Value (2034F)	US$ 49.96 Billion
Global Market Growth Rate (2024 to 2034)	17.5% CAGR
East Asia Market Growth Rate (2024 to 2034)	17.8%
North America Market Value (2034F)	18.19 Billion
Software/Platform Segment Growth Rate (2024 to 2034)	17% CAGR
Network Security Segment Value (2034F)	US$ 6.44 Billion
Key Companies Profiled	Cisco Systems, Inc.; F-Secure Corporation; Avast Software; Trend Micro; Honeywell International Inc.; McAfee, LLC; Bitdefender; ADT; Front Point Security Solutions; Ring; Protect America; SimpliSafe; Apple; Google; Ooma; Visonic; D-Link Corporation; Symantec Corporation (Broadcom); Commscop (ARRIS)

Why are Connected Home Security Solutions So Popular in Today’s World?

“Generative AI Enhancing Functioning of Home Security Solutions”

Since the introduction of generative AI, daily life has become more convenient, secure, and efficient. This has become even more evident in smart home security solutions. AI has the potential to improve smart home security and take it to a whole new level. It can take proactive measures to safeguard the property and can identify potential security solutions that homeowners overlook.

By utilizing technologies such as motion detection, machine learning, and facial recognition, generative AI is having a positive impact on a wide range of industries. It makes it easier to identify potential threats and distinguish between known faces and potential intruders. Apart from this, the market for home security solutions is also increasing as other language models get added to generative AI, making them understand human nature better and warn homeowners with no false alarms but accurate predictions of what’s going on inside the house.

“DIY Trend Complementing Market Expansion”

Quick adoption of do-it-yourself solutions is also bolstering to the growth of this industry. DIY smart security systems are gaining a lot of popularity due to their remarkable success in terms of pricing, ease of installation, and giving customers the power to secure their homes. Users can easily monitor remotely and receive timely notifications on their phones or other electronic devices with the aid of DIY systems. They benefit from having a connection to their homes, which gives them comfort when they're away.

Changing security requirements and other basic stuff can be added to the device over time. These adoptions are expected to continue driving the market as consumers seek accessible and cost-effective ways to increase security in their homes.

What is a Cause of Concern in Connected Home Security?

“Concerns about Data Theft”

Though most users are sure these home security solutions are extremely secure, many are still wary of trusting companies that provide such solutions. Customers are fearful of having their personal and sensitive information compromised through connected devices. On top of that, another major challenges faced by distributors is the lack of standardization and interoperability among connected home security devices. This makes it very difficult for consumers to trust and integrate with the different devices and systems.

Country-wise Analysis

The United States, China, Canada, and South Korea account for significant connected home security market shares.

How is the Market in Canada Expected to Fare?

“Rapid Adoption of IoT in the Country”

Attribute	Canada
Market Value (2024E)	US$ 474.5 Million
Growth Rate (2024 to 2034)	18.5% CAGR
Projected Value (2034F)	US$ 2.58 Billion

Both consumers and suppliers know the usefulness of IoT devices, and this has made it easier to connect and control various devices in a home, including security systems. On top of this, there is a rise in home invasions in the country as inflation peaks. More people are becoming aware of this, and thus, home security solutions are rising fast across the country. Connected home solutions allow workers to have a sense of peace in their hectic lifestyle. These security solutions make sure to keep the home safe when the homeowners are busy in their work lives.

How is the Market in China Expected to Perform Over the Next Decade?

“Automation Factor Making Home Security Solutions Popular”

Attribute	China
Market Value (2024E)	US$ 1.20 Billion
Growth Rate (2024 to 2034)	18.8% CAGR
Projected Value (2034F)	US$ 6.73 Billion

Home security solutions make everything automated and allow homeowners to have a feeling of peace and just relax after work. The uptake of smart home security is being driven by people's desire for convenience and automation in their daily lives. User experience and usability are improved by features such as voice control integration and automated notifications with other smart home devices. All these factors are attracting more people in China to switch to automated security instead of ensuring safety themselves.

Category-wise Evaluation

The market is segmented into components and applications; there are various applications of security home solutions, including intrusion and anti-malware protection, device detection and management, and network security.

Which Segment Will Account for High Revenue Generation?

“Security Services Key Focus Area of Market Players”

Attribute	Services
Segment Value (2024E)	US$ 6.39 Billion
Growth Rate (2024 to 2034)	17.4% CAGR
Projected Value (2034F)	US$ 32.72 Billion

Security services are more widely used compared to software and platforms among end users for security purposes. The rise in cyber threats and intrusions has led to an increased demand for security services that offer comprehensive protection and proactive monitoring. More end users prefer security services for their effectiveness in safeguarding against evolving threats and providing round-the-clock support.

Which Application Leads the Way in This Business?

“Intrusion and Anti-Malware Protection Widely Sought After”

Attribute	Intrusion & Anti-malware Protection
Segment Value (2024E)	US$ 3.84 Billion
Growth Rate (2024 to 2034)	18.1% CAGR
Projected Value (2034F)	US$ 19.43 Billion

Home security solutions are gaining prominence in the market due to their significant role in intrusion detection and anti-malware protection. With increasing concerns about home security in several parts of the world, these solutions offer peace of mind to users by providing real-time monitoring, instant alerts, and seamless integration with other smart home devices. The rise in smart home adoption and the need for protecting personal spaces have contributed to the growing popularity of home security solutions in the market, and thus, is increasingly becoming a key connected home security market trend.

Business Rivalry

Key players in the connected home security industry are focusing on introducing new products, including electronic security systems.

• Costco partnered with ADT to offer packages with a 13- and 9-piece system, both of which include Google Nest products.
• SimpliSafe expanded the use of its quick protection technology to give clients access to quicker and more efficient emergency response. By offering a superior emergency response using software and a highly skilled professional monitoring agent, the Fast Protect portfolio of features and solutions promises to enhance the alarm experience.
• Roku launched new smart home devices, including indoor/outdoor webcams, floodlight cams, 360° indoor cams & both indoor & outdoor plugs, in October 2021
• Kaspersky launched a new solution for smart home security to provide complete protection against a broad range of possible risks such as device malfunctions, targeted attacks, and covert surveillance, in September 2021.
• SimpliSafe, a provider of smart home security systems, announced the launch of the Smart Alarm Wireless Indoor Security Camera and 24x7 live guard protection, in June 2023.
• Ring, an Amazon subsidiary, collaborated with Volt, a supplier of smart home solutions, as an ideal Ring dealer. As a consequence of this partnership, Volt users are benefiting from Ring's well-known smart home security devices, including security cameras and video doorbells, from June 2023.
• In March 2023, ADT unveiled the ADT Self Setup Smart Home Security System, an improved DIY system from Google and ADT that is fully integrated.

Fact.MR provides detailed information about the price points of leading connected home security solution providers positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Connected Home Security Market Research

• By Component:

  • Software/Platform
  • Services
    • Integration & Deployment
    • Training & Consulting
    • Maintenance & Support

• By Connected Device:

  • Smart TVs
  • Smart Thermostats
  • Smart Speakers
  • Smart Locks
  • Internet Security Cameras
  • Others

• By Application:

  • Intrusion & Anti-Malware Protection
  • Device Detection & Management
  • Phishing & Fraud Prevention
  • Network Security
  • Others

• By Region:

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa