The smart home safety market share is expected to increase by USD 14.10 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 16.48%. This smart home safety market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The smart home safety market report also offers information on several market vendors, including ABB Ltd., Alphabet Inc., Carrier Global Corp., Cisco Systems Inc., Control4 Corp., Emerson Electric Co., General Electric Co., Haier Smart Home Co. Ltd., International Business Machines Corp., Legrand SA, LG Electronics Inc., Lutron Electronics Co. Inc., Microsoft Corp., Resideo Technologies Inc., Samsung Electronics Co. Ltd., Schneider Electric SE, Shenzhen Zhuohao Intelligent Electronic Development Co. Ltd., Siemens AG, Smartlabs Inc., and Panasonic Corp. among others. Furthermore, this report extensively covers smart home safety market segmentation by product (cameras and monitoring systems, alarms, locks and sensors, and detectors), service (professional installation and self-installation), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
What will the Smart Home Safety Market Size be During the Forecast Period?
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Smart Home Safety Market: Key Drivers, Trends, and Challenges
The adoption of cloud-based technologies is notably driving the smart home safety market growth, although factors such as safety and privacy concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart home safety industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Smart Home Safety Market Driver
The adoption of cloud-based technologies is one of the key drivers supporting the smart home safety market growth. Cloud-based services are used to store images captured by surveillance systems so that they can be used on-demand. They ensure a low cost of ownership and on-demand scalability without any additional cost to homeowners. The smart home cloud center platform can be categorized into three divisions, namely cloud service market, carrier market, and smart IoT gateway. These platforms provide features such as high-speed gaming, mobile app downloads, content transfer across regions, and multiple wireless user interfaces. Hence, smart homes have the potential of having a huge presence with the growth of cloud technology. Such factors of cloud-based technology will propel the smart home safety market growth during the forecast period.
Key Smart Home Safety Market Trend
Remote arming of the smart home alarm system is one of the key smart home safety market trends that is contributing to the market growth. Home security systems do not function effectively unless they are armed. Piper, the first all-in-one home security and home automation device manufactured by ICONTROL NETWORKS, features smart arming. This is a feature that allows users to set their system remotely from a mobile device. Piper and Life 360 partnered to develop the smart arming feature. The Piper app allows users to check if anyone is at home, and the alarm is set off when it detects that no one is at home but there is a movement within the premises. This app also gives notifications to inform homeowners about security developments via text, phone calls, and e-mail. The device uses a Z-wave compatible with Wi-Fi-enabled cameras to monitor the house with features like panoramic video and sound detection. These factors are driving the smart home safety market growth.
Key Smart Home Safety Market Challenge
Safety and privacy concerns is one of the factors hindering the smart home safety market growth. M2M technology facilitates communication among supply chain players for promoting easier inventory management. An IoT system connects remote machines with systems, machines, and people. However, if the number of interfaces linking the components is increased, the entire system becomes vulnerable to breaches. With the advent of M2M technology, the number of connected devices worldwide has increased expeditiously over the past few years. All Wi-Fi-enabled devices are now operated using cloud technology. While this makes operations simpler, privacy becomes a major concern. With regard to smart homes, individuals focus on the security aspect while adopting any new technology. Public or unauthorized access to cloud information could lead to cyber threats and compromise the integrity of the entire system. Such threats will impede the smart home safety market growth during the forecast period.
This smart home safety market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global smart home safety market as a part of the global technology hardware, storage, and peripherals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the smart home safety market during the forecast period.
Who are the Major Smart Home Safety Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- ABB Ltd.
- Alphabet Inc.
- Carrier Global Corp.
- Cisco Systems Inc.
- Control4 Corp.
- Emerson Electric Co.
- General Electric Co.
- Haier Smart Home Co. Ltd.
- International Business Machines Corp.
- Legrand SA
- LG Electronics Inc.
- Lutron Electronics Co. Inc.
- Microsoft Corp.
- Resideo Technologies Inc.
- Samsung Electronics Co. Ltd.
- Schneider Electric SE
- Shenzhen Zhuohao Intelligent Electronic Development Co. Ltd.
- Siemens AG
- Smartlabs Inc.
- Panasonic Corp.
This statistical study of the smart home safety market encompasses successful business strategies deployed by the key vendors. The smart home safety market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Emerson Electric Co. - Under the automation solutions segment, the company offers measurement and analytical instrumentation; valves, actuators, and regulators; industrial solutions; and process control systems and solutions.
- Emerson Electric Co. - The company offers smart home safety solutions that includes process control for process industries, scada systems, process control for power and water industries, cybersecurity, industrial control and software, field device software.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The smart home safety market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Smart Home Safety Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the smart home safety market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Which are the Key Regions for Smart Home Safety Market?
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31% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for the smart home safety market in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
The rising disposable income will facilitate the smart home safety market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the impact of COVID-19 was very severe in North America, especially in the US. Moreover, good internet connectivity and easy access to digital devices will drive the growth of the regional market during the forecast period.
What are the Revenue-generating Product Segments in the Smart Home Safety Market?
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The smart home safety market share growth by the cameras and monitoring systems segment will be significant during the forecast period. The cameras and monitoring systems segment has witnessed a proliferation of variants that use advanced technologies to fulfill the demands of customers. Replaceable and rechargeable batteries, as well as Wi-Fi connectivity, are some of the features integrated into these cameras. Motion and sound alerts, two-way talk, and activity logs are some more additional features instilled in the apps. Video quality is a major buying criterion for end-users. Such factors are expected to drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the smart home safety market size and actionable market insights on post COVID-19 impact on each segment.
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Smart Home Safety Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.48% |
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Market growth 2022-2026 |
$ 14.10 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
15.66 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 31% |
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Key consumer countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ABB Ltd., Alphabet Inc., Carrier Global Corp., Cisco Systems Inc., Control4 Corp., Emerson Electric Co., General Electric Co., Haier Smart Home Co. Ltd., International Business Machines Corp., Legrand SA, LG Electronics Inc., Lutron Electronics Co. Inc., Microsoft Corp., Resideo Technologies Inc., Samsung Electronics Co. Ltd., Schneider Electric SE, Shenzhen Zhuohao Intelligent Electronic Development Co. Ltd., Siemens AG, Smartlabs Inc., and Panasonic Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Smart Home Safety Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive smart home safety market growth during the next five years
- Precise estimation of the smart home safety market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the smart home safety industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart home safety market vendors
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