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Albany, New York, March 19, 2019 (GLOBE NEWSWIRE) -- According to a new market research report published by Transparency Market Research the global smart home security market is expected to reach value of US$ 7,950.94 Mn by 2027, expanding at a CAGR of 20.6% from 2019 to 2027. According to the report, the global market would continue to be influenced by a range of macroeconomic and market-specific factors. In terms of demand, Asia Pacific would continue to lead the global smart home security market, with the market in the region expanding at a CAGR of over 24% from 2019 to 2027. The market in Asia Pacific is expected to witness significant growth during the forecast period, due to the continuously increasing adoption of apartments and villas in the region.
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Focus on smart devices driving the global smart home security market
At present, consumers seek smart devices that can automate by themselves. Vacation or away modes in ‘My Nest Thermostat’ have the capability to understand and act when the individual is away and perform actions accordingly, for example, turning the thermostat up or down; setting lighting; setting alarms; and detecting motion. Set-it-and-forget-it items turn on the outside lights at dusk and turn them off at sunrise. They water plants as per the schedule, except when it rains. Motion detectors turn on lights when the individual enters a room and unlocks the door when the individual gets close. All these items require little or no interaction, but they can make a significant difference in terms of quality of life. They also offer security and energy savings. In addition, all the above-mentioned applications require data, applications, and sensors to work together to allow devices to work on their own.
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Global Smart Home Security Market: Scope of Report
The global smart home security market has been segmented in terms of type and application. According to the research study, among types, the safety & security system segment held the maximum market share in 2018. It is anticipated to expand at a CAGR of above 21% from 2019 to 2027. The segment has been sub-classified into: video surveillance and access control. The video surveillance sub-segment is anticipated to remain dominant throughout the forecast period. Among applications, the apartment segment is expected to register a significant CAGR of above 20% during the forecast period. On the other hand, the big villa application segment held the maximum market share in 2018 and the similar trend is expected to be continue during the forecast period.
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In terms of revenue, Europe held the leading share of the global market for smart home security in 2018. The market in the region is anticipated to expand at a remarkable CAGR of 18.6% during the forecast period. Rising implementation of security devices in luxury villas, luxury apartments, mid-range homes, and mid-range apartments is anticipated to drive the smart home security market in Asia Pacific from 2019 to 2027. The market in Asia Pacific is anticipated to register the maximum growth rate during the forecast period. In 2018, in terms of revenue, China held a major share of the Asia Pacific smart home security market, followed by Japan. However, in terms of revenue generation, the market in India is anticipated to expand at a significant CAGR during the forecast period. Increasing urbanization, growth of the middle-income population, and increase in disposable income in the country are likely to create lucrative opportunities for the smart home security market in India during the forecast period.
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Global Smart Home Security Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global smart home security market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Some of the key players operating in the global market are ADT, Amazon, Honeywell, Ingersoll Rand, and Legrand. Various business strategies are being adopted by market leaders. Companies are focusing on expanding their business by developing strategic partnerships and by offering innovative solutions.
The global smart home security market has been segmented as follows:
Global Smart Home Security Market, by Type
Global Smart Home Security Market, by Application
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