According to Technavio’s latest market research study, the global connected home security system market is expected to grow at a CAGR of more than 27% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global connected home security system market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the product type
The top three revenue contributing product segments are discussed below
Global connected home security system market by alarms: The growth alarms segment of the global connected home security system market is fueled by the rising adoption of intruder alarms by consumers across the globe. Industry analysts at Technavio anticipate trends such as the emergence of home automation, cloud-based services, and the entry of telecom stalwarts into the market to favor growth of the global connected home security system market by alarms over the next four years.
“The primary factors driving the growth of the alarms segment in the market include the recovery in the construction market that is making smart homes available to buyers, more awareness about connected home security products, the prominence of wireless products, and enhanced battery life of products,” says Amit Sharma, a lead analyst at Technavio for research on IT security.
Global connected home security system market by cameras and monitoring systems: Many analog-based camera users are expected to switch to IP-based cameras, which offer the option of storing video footages on the cloud or other integrated platforms. The enhanced capability of remote monitoring using smartphones will also propel growth of this market segment. As consumers become more vigilant about home security, the market for HD and advanced cameras is likely to grow during the forecast period.
Global connected home security system market by locks and sensors: The locks and sensors segment of the market will grow at a steady pace due to emerging trends like smart locks. Instead of mechanical door locks, consumers are opting for entrance automation. Vendors in the market space are leveraging this trend by expanding product lines with offerings that can be easily integrated with digital and mobile platforms.
The top vendors operating in the global connected home security system market are:
Tyco Security Products
Other prominent vendors in the market include Alarm, August Home, Butterfleye, Canary Connect, Cocoon Labs, Control4, Deutsche Telekom, Frontpoint Security Solutions, G4S, Google, Honeywell International, ICONTROL NETWORKS, Indiegogo, Kuna Systems, Kwikset, MivaTek, Nest, Panasonic, PatrolTag, Protect America, Samsung, SECOM, Securitas, SimpliSafe, Verizon Communications, Vivint, Vodafone, and Withings.