Persistence Market Research (PMR) recently published a market intelligence study that assesses growth of the connected home security market and projects its future growth parameters based on changing technological trends and consumer perception about internet-driven home security products. The PMR study finds that the global market for connected home security was valued at US$ 300 million in 2014, and with advent of advanced technologies and the rise in their penetration worldwide, it is likely to reach a valuation of ~US$ 400 million by 2019. While the development in the market has been steady in the past few years, the coming decade is expected to reflect unprecedented growth for this landscape, as it is expected to surpass US$ 1.4 billion by 2029, opines the PMR study.
In 2018, North America accounted for more than one-third revenue share of the global market for connected home security equipment, and the PMR study attributes the rise in technological advancements and adoption in the region for its positive growth prospects. However, the demand is expected to reach new heights in developing economies, mainly in East Asia and South Asia, as the construction industry is booming and consumers’ willingness to spend on home security is expected to create lucrative sales opportunities for stakeholders in the connected home security market in these regions.
The study finds that, with the increasing profitable opportunities in the landscape, new entrants are sprouting up in the developing markets for connected home security. As the technological penetration rises in these countries, small and medium-sized technology companies are expected to account for nearly 30% revenue share of the global market in the coming decade, finds the PMR study. The global market is expected to witness a rise in merger & acquisition activities among leading players in the security industry and small technology companies in the landscape, according to the study.
Introducing Internet Security Cameras to Become a Winning Imperative
With the increasing growth of the digital economy of the world, the penetration of internet services through broadband has increased dramatically in the past decade, mainly attributing to the substantial rise in connectivity. As a result of which, the adoption of internet security cameras are demonstrating high sales in connected home security market, finds that PMR study. Growing availability of a broad array of connected home security systems integrated with technologically advanced features is triggering market players to invest heavily in research & development (R&D) to bolster innovation and stay ahead of the competition, opines PMR.
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Furthermore, convenience and robust security are becoming among the top priorities for consumers, which is bolstering the popularity of voice-assisted internet security cameras with AI features. This is likely to reflect in an emerging trend in the market, opines the study. Furthermore, leading stakeholders are also introducing cloud-integrated software and services to reduce the risks of cyber-attack and threats, ultimately to stay ahead of the competition. However, in the coming years, market players are also likely to introduce innovation in other connected home security systems involving devices such as smart locks and smart thermostats, projects the PMR study.