Smart Home Security Market Size, Share, Growth, Forecast 2032

Smart home security refers to the integration of technology and devices to enhance the safety, security, and monitoring of a residential property. It involves the use of connected devices, sensors, cameras, and systems that allow homeowners to remotely monitor and control various aspects of their home's security, such as intrusion detection, surveillance, access control, and emergency response. The goal of smart home security is to provide homeowners with greater control, convenience, and peace of mind by leveraging the capabilities of the Internet of Things (IoT) and modern technology.

The smart home security market has been experiencing significant growth as more consumers adopt connected devices and seek to enhance the security and convenience of their homes. As of my last knowledge update in September 2021, here are some key factors that were expected to influence the growth of the smart home security market.

The global smart home security market size was evaluated at US$ 5.28 Billion in 2023, set to reach US$ 13.49 Billion by 2032 at a CAGR of about 11% from 2024 to 2032.

with a CAGR of nearly 11% between 2024 to 2032.

Europe is speculated to hold an appalling share of the market. The smart homes market in the region accounted for USD 17,400 million and is expected to depict an annual growth rate of 20%. Moreover, the market amounts to approximately 35 million smart homes. These homes are already equipped with the basic infrastructure needed to install a smart security system. Furthermore, the smart home securities market in the region accounts for USD 3000 million as of 2019 and is expected to grow further. In addition, the growing need for energy saving and low carbon emission solutions has led people to adopt these systems. Thus, the region facilitates a strong foundation for the market.

The market constitutes of companies such as Honeywell International, Vivint Smart Home Security, Hangzhou Hikvision Digital Technology, ADT Corporation, Frontpoint Security Solutions, Ingersoll Rand, SimpliSafe, Legrand, Robert Bosch GmbH, Protect America, Amazon, Ring, and Samsung among others.