According to the latest news, the home security market, including big names such as Comcast, Honeywell Total Connect and Verizon and others, is set to grow by 48.06 percent during 2016-2020.
The connected home security market includes many popular products such as night-vision 3D video cameras, motion sensors, electronic locks, burglar alarms and home-monitoring devices. These products are heavily dependent on home-integrated networks that are pivotal in the effective working of these home security systems.
The expected growth of this market is due to the decrease in hardware prices, involvement of smartphones, advances in wireless standards, improved bandwidth and apps for accessing home systems. To meet demands, market leaders are allotting more time and investment in expanding their channels, multiplying their product line and leveraging on the trend of home automation to provide homeowners with enhanced security.
Other prominent vendors in the market are: Alarm.com, August Butterfleye, Canary, Cocoon, Frontpoint, Control4, G4S, Goji, Korner, Kuna, Kwikset, LifeShield, MivaTek, Nest (Dropcam), Panasonic, Petzi, Piper, Protect America, Samsung, Secom, Securitas, SimpliSafe, Vivint, Withings, and Xfinity.
“According to the report [by Research and Markets], the growing demand for home security systems and the recent increase in smartphone penetration will aid in the growth of this market during the predicted period.”
Adding to the report by Research and Markets, it is also noted that the advent of the Internet of Things (IoT) has increased the number of connected devices globally, fueling the growth spurt in this industry. However, a major drawback faced by the connected home security systems industry is that they are powered by Wi-Fi enabled devices that are powered by cloud technology, where, privacy is still a major cause of concern with regards to adopting smart home technology.
An analyst from the search team said:
“Home cloud solutions provide ubiquitous and collaborative benefits, despite its major data management concerns. With the increasing adoption of smart home systems worldwide, the home cloud technology market has been witnessing an upsurge in its market value. This increase in the demand for home cloud technology will, in turn, impel the market potential for the connected home security system market during the estimated period.”
This study was conducted using an objective combination of primary and secondary information including inputs from key participants in the home security industry. The report contains a comprehensive market and vendor landscape in addition to SWOT analysis of the key vendors.