The Worldwide Intelligent Home Security Industry is Expected to Reach $13.4 Billion by 2027
DUBLIN, April 29, 2022 /PRNewswire/ -- The "Intelligent Home Security Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The intelligent home security market is projected to grow at a CAGR of 24.58% during the forecast period to reach US$13.404 billion by 2027, from US$2.877 billion in 2020.
The prime reason driving the market growth for an intelligent home security system is the rising construction of smart homes for a better standard of living. Home security systems are required to protect the residential area from unwanted threats. Furthermore, increasing internet penetration coupled with rising internet-of-things technology has enabled the enhancement of these security systems, which is anticipated to create robust demand in the industry. Growing multi-complex and social living systems have raised security concerns, hence the need for intelligent home security systems.
Population growth is expected to drive demand for residential construction, including smart homes. Further, with technological advancement, consumers today prefer smart homes that have various advanced technologies over traditional homes. It is estimated that smart home construction will grow at a CAGR of around 20% between 2021 and2025. Positive growth in the industry is expected to be driven by promising growth in the intelligent home security market.
Furthermore, increased smart home and smart city construction projects across the Asia Pacific region are projected to drive the market. In India, the government has recognised 99 cities that have the potential to become smart cities and contribute significantly towards the GDP. These cities are under the planning and adoption of advanced technology, including smart home devices, that is expected to boost the domestic intelligent home security market. Similarly, in China, the government invested US$255 billion in the reconstruction of Shantytown, which is expected to renovate or reconstruct 6 million households, upgrading them with smart home devices. In Saudi Arabia, the construction of King Abdullah Economic City, which is a US$100 billion project, is expected to increase the market prospects.
Hence, it is forecasted that lucrative growth in the residential construction industry, especially in the smart home industry, will drive market growth during the forecasted period. Furthermore, it is expected that rising internet penetration and technological advancement in the industry will create new prospects for the market.
North America and the European regions are projected to hold a dominating share of the market. However, the Asia Pacific intelligent home security market is expected to grow at the fastest rate. But the significant cost is anticipated to constrain the market's growth in many low-income countries.
Geographically, the global intelligent home security market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia-Pacific region. During the forecasted period, the North American and European intelligent home security markets are expected to dominate the market owing to the wider adoption of technology and rising construction of smart homes. But, the Asia Pacific region is predicted to grow at the fastest rate with surging internet and technology penetration. However, significant costs may hinder the market's growth in low-income countries.
The coronavirus pandemic negatively impacted the intelligent home security market. The Nationwide lockdown resulted in a halt in the construction industry, which decreased the market demand.
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SOURCE Research and Markets