Smart Home Security Market To Hit $1.4B By 2029
The global connected home security market is expected to surpass US$400 million by the end of 2019, and is estimated to reach a global value of US$1.4 billion by the end of 2029, according to a new study.
Conducted by consulting firm Persistence Market Research, the report highlights vital macroeconomic and forecast factors that are estimated to drive the growth of the global connected home security market.
It found that the market is expected to grow at a compound annual growth rate of 12% between 2019 and 2029 – buoyed by growing adoption of smart homes solutions and the proliferation of IoT devices.
The report also discusses the restraints that are expected to hamper the global market, along with potential opportunities and latest trends in the market across the value-chain.
On the basis of the connected device, the connected home security market is segmented into smart TVs, smart thermostats, smart speakers, smart locks, internet security cameras, and other connected devices.
Of these segments, internet security cameras are estimated to dominate the global market, thanks to the emerging awareness regarding security threats across the globe.
The market analysis based on application reveals the key application areas, including intrusion and anti-malware protection, device detection and management, phishing and fraud prevention, network security, and other applications.
Intrusion and anti-malware protection are projected to be the strongest in this space throughout the forecast period.
In terms of regional analysis, East Asia and Europe are estimated to grow with a dominant share in the global connected home security market over the forecast period.
According to the report, the market is characterised as consolidated owing to the presence of a limited number of solution providers of connected home security across the globe, and it found that emerging participants will account for a 30% share in the global market.
Moreover, the global market’s leading players are adopting business expansion, acquisition and collaboration strategies in a bid to capture a significant share of the market.
Key players identified across the value-chain of the market included McAfee, LLC, D-Link Corporation, Symantec, Bitdefender, Commscope (ARRIS), Cisco Systems, F-Secure, Avast Software, Honeywell International and Trend Micro.