New York, March 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Smart Home Security Global Market Report 2022” – https://www.reportlinker.com/p06246496/?utm_source=GNW
com, Canary connect, AT&T, August Home, Google, Butterfeye, Tyco security products, Livewatch security, G4S, Cocoon labs, Legrand and Ingersoll Rand.
The global smart home security market is expected to grow from $2.69 billion in 2021 to $3.27 billion in 2022 at a compound annual growth rate (CAGR) of 21.6%. The change in growth trend is mainly due to the companies stabilizing their production after meeting the demand which increased exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $6.81 billion in 2026 with a CAGR of 20.1%.
The smart home security system market includes the sale of smart home security devices and related services. Smart home security devices can be connected to Wi-Fi and accessed from anywhere using smartphones, smartwatches or voice.
Security devices produced include devices such as smart alarms, smart cameras, smart locks, smart detectors and others. This market does not include the installation of these devices and/or the integration with the domestic installation.
The main products of smart home security systems are smart alarms, smart cameras and surveillance systems, smart locks and sensors, and smart detectors. A smart alarm is a system that uses wireless technology, home networks and mobile phones to integrate day-to-day security. life today.
The components of smart home security systems are hardware, software and services. The different types of applications are in independent houses, apartments and condominiums.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The smart home security market is driven by rising crime rates across the globe. With rising crime rates, 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 preferred by households to be more safe and secure. According to home burglary statistics, 88% of all burglaries are residential in nature and there is a 300% chance of theft. in homes without a security system.
According to 2019 crime statistics from NCRB, in 2019, 1,833 violent crimes were recorded in Himachal.
High installation costs of smart home security devices are restraining the growth of the smart home security market. Being a relatively new technology, the cost of installing smart home security systems and the cost of other related expenses such as utilities, maintenance and repair of the technology is also high.
The cost of home security devices depends on the installation plan and the size of the property. Installing alarm systems and security cameras is more expensive than installing other smart home security devices.
The basic smart home security system consisting of a burglar alarm, thermostat, outdoor lighting and a backdoor lock that can be controlled remotely costs $2,500. And an advanced, high-end security and home automation system costs $1.8 million. For example, in 2019 the cost range for installing basic security cameras is $663 to $2,019.
Manufacturers of smart home security systems are increasingly integrating technologies with visual recognition based on AI (artificial intelligence) into security devices. AI is developing to a new stage where security confirmation and authentication will be handled from facial and visual recognition.
Home security systems such as consumer video cameras are integrated with AI technology with a new security validation framework to improve safety and security through facial recognition, fingerprints and voice recognition. It is proposed to apply AI in smart alarms to create databases of all incoming alerts, which could then be analyzed to predict false alarms.
For example, in 2019, SimCam Lab, a security and home automation system provider, introduced the SimCam security and home automation camera that uses “”SimCam Alloy”” AI to recognize faces and monitor pets, objects and others.
California Senate Bill 327 outlines security rules 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 disclosure of information.
The bill states that the information collected by the device must be appropriate and protected from unauthorized use. In addition, if the device is to be used outside the local network, the user must generate a new password other than the one assigned to him by default. , in order to prevent hacker attacks.
This bill is expected to go into effect on January 1, 2020 in California, USA.
In September 2021, Security Alarm Corporation (SAC), a commercial and residential systems integration company, acquired Alert Alarm Systems Plus, Inc. (AASP) of Sarasota FL. The objective behind this acquisition is to expand the company’s Gulf Coast and AASP market. Alert Alarm Systems Plus, Inc. offers security monitoring equipment and monitoring services.
The countries covered in the Smart Home Security System market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06246496/?utm_source=GNW
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