Connected Home Security System Market to Record USD 13.31 Bn Growth | ADT Inc., Alarm.com Holdings Inc., and Alphabet Inc. emerge as dominant players | Technavio
NEW YORK, Jan. 7, 2022 /PRNewswire/ -- Connected Home Security System Market Facts at a Glance-
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According to the recent market study by Technavio, the Connected Home Security System Market Size is expected to increase by USD 13.31 billion from 2020 to 2025, progressing at a CAGR of 17.07% during the forecast period. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
North America will register the highest growth rate, occupying 33% of the global market share. The US and Canada are the key markets for connected home security systems in North America. The market growth in this region will be slower than the growth of the market in APAC and Europe.
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The connected home security system market is fragmented. Key vendors are holding a larger proportion of the market share and are actively investing in R&D to offer technologically advanced products. There is also a considerable influx of private label brands and startups offering DIY connected home security systems.
ADT Inc.: The company offers a wide range of home security systems which include digital security panels, entryway contacts, wireless keychain remote, motion detector, and many more.
Alarm.com Holdings Inc.: The company offers smarter home security systems and video monitoring solutions that can be customized, and controlled from anywhere.
Alphabet Inc.: The company offers various products which include Nest Mini, Nest Hub, Nest Audio, and many more under the brand Google.
AT and T Inc.: The company offers smart home security systems that provide professionally monitored home security with home safety features.
Comcast Corp.: The company offers home security service, by adding cameras that provide security and automation under the brand Xfinity.
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Regional Market Outlook
The connected home security system market growth in North America will be significant during the forecast period. The growth of the connected home security system market in North America can be attributed to the increasing demand for energy management solutions, availability of low-cost devices, and rising wireless DIY installations.
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Latest Drivers & Trends Driving the Market-
Conventional connected home monitoring systems are highly expensive and the service providers generally charge equipment fees, installation fees, and monthly maintenance fees. Hence, end-users in the market are preferring DIY-connected home monitoring systems as they help them achieve significant cost savings. Also, the control signals sent over wireless GSM devices ensure reliable and faster communication between end-users and home security systems. Such cost and operational benefits are increasing the adoption of DIY connected home security systems, thereby driving market growth.
Home-based cloud technology has been witnessing substantial growth over recent years. The market is observing an almost 50% upsurge in its value every year. The growth can be attributed to the increasing adoption of smart home systems across the world, driven by increasing volumes of data, especially video. This is creating a strong demand for remote storage and access, which is driving the adoption of home-based cloud solutions. All these factors are expected to have a positive impact on the growth of the connected home security systems market during the forecast period.
Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.
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