The global smart home security market is projected to witness significant growth, thanks to presence of large number of operating in this market. The prominent players are adopting various strategies in order to strengthen their presence across the globe, finds Transparency Market Research. Some of the key players functioning in this market are Amazon, Ingersoll Rand, Legrand, and ADT. The major players are also adopting various strategy in order expand their product portfolio and maintain their presence across the globe.
As per a report by TMR, the revenue generated by the global smart home security market stood at US$ 1491.77 Mn in 2018. The market is projected to touch valuation of US$ 7950.94 Mn by the end of 2027. The global smart home security market is expected to expand at a CAGR of 20.6% during the course of forecast period from 2018 to 2027.
Safety and Security Segment of Types to Propel Smart Home Security Market
On the basis of types, the safety and security segment is likely to dominate the global smart home security market in 2018. This segment is expected to account for 21% share in the global market during the assessment period. From the geographical point of view, Europe is likely to lead the global smart home security market. This is owing to increasing adoption of security device in luxury villas, mid-range homes, and luxury apartments.
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Increasing Security Concern in Luxury Vilas to Drive Global Smart Home Security Market
The growing usage of smart home security device in luxury apartments, luxury villas and mid-range apartment is expected to drive demand market demand in the coming years. Several of these devices already have microphones and speakers in it and the presence of these applications in device are other factor promoting market growth. Comparatively low deployment rate of the smart home security is one of prime factor supporting growth of the global smart home security market in the coming years. DIY home security solutions in which homeowners monitor and install system by their own are another driving factor promoting growth of the overall market.
The wireless integration and other smart homes features that offer greater convenience and flexibility for the consumer are one of the key factor influencing demand. There has been wide range adoption of safety and security application in the luxury villas and this is one of the key factor promoting growth in the global smart home security market. The growing demand for self-automated smart device is other factor triggering demand for the smart home security market in the coming years. However, growing disposable income among the population is another factor positively supporting growth of this market in the year to come.