According to Stratistics MRC, the Global Smart Home Security Market is accounted for $618.63 million in 2017 and is expected to reach $3,223.20 million by 2026 growing at a CAGR of 20.1% during the forecast period. Evolving consumer safety and security preferences, up surge in the penetration of connected homes, and growing high net worth population of market players across the globe are the major factors fuelling the market growth. However, cost increasing factors such as relying on electricians or other service providers are expected to restrain the growth of Smart Home Security market.
Smart home security uses devices such as linking sensors, features and other appliances connected to the Internet of things (IoT) that can be remotely monitored, controlled or accessed and provide services that respond to the needs of the users. It stands for self-monitoring analysis and reporting technology. The technology was originally developed by IBM and was referred to as predictive failure analysis. It allows users to control and monitor their connected home devices from Smart home apps, smartphones, or other networked devices. Users can remotely control connected home systems whether they are home or away. This allows for more efficient energy and electric use as well as ensuring your home is secure.
Based on application, big villa segment 3. is going to have a lucrative growth during the forecast period owing to the continous demand from the consumers. By Geography, Asia Pacific region is estimated to have a lucrative growth during the forecast period due to the increasing adoption of cloud-based technologies and increased awareness of security. Population growth, urbanization, the standard of living, and increased public spending on smart cities will further boost growth in this region.
Some of the key players profiled in the Smart Home Security market include Alphabet, Amazon, Apple, Comcast, FrontPoint Security Solutions, Honeywell, LiveWatch Security, Robert Bosch and Samsung.
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