Global Smart Home Security Market Report 2021: COVID-19

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New York, September 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Smart Home Security Global Market Report 2021: COVID-19 Growth And Change To 2030” – https: //www.reportlinker. com / p06151586 /? utm_source = GNW
$ 49 billion in 2020 to $ 2.7 billion in 2021 at a compound annual growth rate (CAGR) of 8.4%. The growth is mainly due to companies resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 5.05 billion in 2025 at a CAGR of 16.9%.

The smart home security systems 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.

The security devices produced include devices such as smart alarms, smart cameras, smart locks, smart sensors and others. This contract does not include the installation of these devices and / or the integration with the domestic installation.

The smart home security market covered in this report is segmented by product into smart alarms, smart camera and surveillance system, smart locks and sensors, smart detectors. It is also segmented by application into independent homes, apartments, condominiums and by component in hardware, software, service.

The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.

The high installation costs of smart home security devices are holding back 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.

Basic smart home security system consisting of burglar alarm, thermostat, exterior lighting and backdoor lock that can be controlled from a remote device costs 2,500 $. And an advanced, high-end home automation and security 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 visual recognition technologies based on AI (artificial intelligence) into security devices. AI is moving to a new stage where security confirmation and authentication will be processed 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 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 provider of home security and automation systems, introduced the SimCam security and home automation camera which uses “SimCam Alloy” AI to recognize faces and monitor pets. , objects and others.

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 growing demand for home security products globally.

Ring is a smart home and security systems company that manufactures home security devices, video doorbells, indoor and outdoor security cameras, and other products. Ring was founded in 2012 and is headquartered in Santa Monica, California, United States.

The smart home security market is driven by increasing crime rates across the world. With increasing crime rates, consumers are increasingly focusing on security and safety systems, especially in residential areas.

Households prefer smart home devices like smart alarms, smart cameras, and smart lockers. in homes without a security system.

According to 2019 NCRB crime statistics, in 2019, 1,833 violent crimes were recorded in Himachal compared to 1,861 identified in 2018.

California Senate Bill 327 sets out 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 against 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 come into force on January 1, 2020 in California, United States.

The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.
Read the full report: https://www.reportlinker.com/p06151586/?utm_source=GNW

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