Zion Research has published a new report titled “Connected Home Security Device Market by Type (Detection Devices, Sensors, Security Camera, Door Locks, Access Control and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2015-2021.” According to the report, global demand for connected home security device market was valued at around USD 2.50 billion in 2015 and is expected to reach approximately USD 7.90 billion in 2021, growing at a CAGR of slightly above 18.3% between 2016 and 2021.
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Connected home has the capability to rig up a system of networked devices to communicate with each other and accept remote commands which make human life easier. The combination of technological advances, large ICT players entering the market and the widespread availability of smartphones enable connected home services to penetrate further in the market simultaneously the security devices for connected home.
Rapidly increased smartphone penetration, trends towards the adoption of the internet of thing (IoT) , the significant reduction in hardware cost are the major driving factors expected to provide significant growth for connected home security device market in coming years. Well designed and smartphone friendly apps for operating security device system is also expected to favor the market growth. In addition, the increase in the demand for home cloud technology paired with the emergence of new players with product differentiation and innovative technology is expected to record strong growth for connected home security device market in the forecast period. However, lack of awareness in most of the African countries may restrict the growth of the market. Nonetheless, technological advancement is expected to attract huge untapped area and likely to open new doors for the connected home security device market.
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Security camera and door locks type segment together dominated type segment of the connected home security device market in 2015 owing to reduced hardware cost coupled with smartphone-friendly mobile apps. Availability of sensor with innovative technology such as motion sensor, accelerometer sensors is expected to fuel the growth of sensor segment in the forecast period. Detection device and access control type segment also expected to experience significant growth in years to come.
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North America was the largest market for connected home security device market in 2015. This growth is mainly attributed to the high technology adoption rate paired with better consumer awareness. Europe is expected to be one of the fastest growing regions in coming year. Rising disposal income in countries like China, Japan, and South Korea is projected to witness considerable growth over the forecast period in Asia Pacific region.
The key players operative in the global connected home security device market includes Hager Group Daitem Atral E-Nova, ,Tyco , Essence, UTC / Interlogix , GE, Honeywell Google Nest , Apple , Samsung, Paradox , Philips Hue and RISCO Group amongst others.
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