Smart home security market to more than double by 2032, driven by smart cameras and AI
From GlobeNewswire: 2025-02-24 09:10:00
The Smart Home Security Market was valued at $72.42 billion in 2023 and is expected to reach $169.63 billion by 2032, growing at a CAGR of 9.96%. Key trends include the popularity of smart cameras and AI-driven surveillance systems, leading to a reduction in security incidents and high retention rates for smart home security systems. Leading market players include ADT, Vivint, Ring, and SimpliSafe among others. Intelligent Video Surveillance leads the market, while Access Control Systems are expected to witness the highest growth. Hybrid protocols dominate the market, but Wireless Protocols are set to experience the highest growth. The Commercial segment currently dominates the market, while the Residential segment is expected to witness the highest growth due to increased penetration of smart home solutions. Residential security solutions are a crucial aspect of modern smart homes, with easy smartphone integration. The Smart Home Security Market includes smart intruder alarms, video surveillance, access control systems, and more. Asia Pacific leads in growth, driven by urbanization and smart security adoption, accounting for 36.5% of the market in 2023.
IoT-connected security systems are on the rise in Asia Pacific, with countries like India incorporating smart surveillance features. Japan has long been implementing high-end security solutions, with brands like Panasonic leading the charge. The region’s focus on intelligent home security is due to evolving security threats and rapid urbanization.
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Read more at GlobeNewswire: Smart Home Security Market Size to Reach USD 169.63 Billion