Global Connected Home Security System Market 2017-2021
About Connected Home Security System
A smart home comprises of an internal network, home automation, and intelligent controls. It is generally defined as a home that is equipped with advanced and automated digital devices, home appliances, and equipment that are interconnected to each other facilitating sophisticated monitoring and control over the building's functions. It performs three different actions, namely remote status check, remote information, and remote control to implement any action by the resident from a remote location. For instance, the lighting, temperature, security, and door operations of a smart home can be controlled from a remote location with the necessary access. Smart homes provide a wide variety of applications such as home automation, home security, home cloud, energy management, and e-health services. The living experience of consumers is enhanced by comfort and convenience provided by smart homes.
Technavio’s analysts forecast the global connected home security system market to grow at a CAGR of 27.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global connected home security system market for 2017-2021. To calculate the market size, the report considers the revenue generated of various types of alarms (fire alarms and burglar alarms), digital electronic locks, sensors, video cameras, video monitoring systems, and detectors (fire detector, CO detector, and HVAC detector).
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Connected Home Security System Market 2017-2021
Technavio recognizes the following companies as the key players in the global connected home security system market: ADT, AT&T, Comcast, and Tyco Security Products.
Other Prominent Vendors in the market are: Alarm.com, August Home, Butterfleye, Canary Connect, Cocoon Labs, Control4 Corporation, Deutsche Telekom, Frontpoint Security Solutions, G4S, Google, Honeywell International, ICONTROL NETWORKS (Piper), Indiegogo, Kuna Systems, Kwikset (Owned by Spectrum Brands), MivaTek, Nest (Dropcam), Panasonic, PatrolTag, Protect America, Samsung, SECOM, Securitas, SimpliSafe, Verizon Communications, Vivint, Vodafone, and Withings.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is high growth potential of home-based cloud solutions. Home-based cloud solutions provide ubiquitous and collaborative benefits, despite data management concerns. The home-based cloud consists of three types of digital data, namely content (video, music, and pictures), productivity (e-mail, documents, and contacts), and sensors (data collected via smart meters, e-health devices, and other smart home devices). Increasing amount of data, mainly video, is responsible for the pressing need for remote storage and access. Home-based cloud solution companies provide a vast array of offers such as interactivity, service personalization, and use across multiple screens. For instance, Hulu and Spotify deliver multi-screen services, whereas Boxee integrates all sorts of locally stored online content, which helps users to share their preferences and content with friends on the social network. OTT players, such as Apple and Google, also provide multi-device and cloud-based solutions for personal information management. With the increasing adoption of smart home systems worldwide, the home-based cloud technology market has been witnessing an upsurge in its value that is close to 50% growth every year.”
According to the report, one driver in market is cost savings due to effective monitoring technology. Smart homes enable interactive security systems that enhance security features for the users. Smart homes generally incorporate different automatic systems, including motion and window sensors, thermostats, light controls, and door lock controls that receive remote control signals and act upon them. The price of connected security systems ranges from $100-$300 for a basic package that includes equipment but not service. The upfront deployment cost of a basic connected security system for an average household would be more than $500. Moreover, traditional home monitoring companies usually charge users an equipment fee of $100 and a monitoring fee of $20 per month. However, using DIY security products in place of professional security systems can ensure that the end-user saves approximately $700 over a period of 5 years.
Further, the report states that one challenge in market is privacy and security concerns. M2M technology facilitates communication among supply chain players for promoting easier inventory management. It offers retailers a complete and innovative method of communication with clients to enable effective shopping experiences. An IoT system connects remote machines with systems, machines, and people. However, if the number of interfaces linking the components is increased, the entire system becomes vulnerable to breaches. With the advent of M2M technology, the number of connected devices worldwide has increased expeditiously over the past few years. All Wi-Fi enabled devices are now operated using cloud technology. While this makes operations simpler, privacy becomes a major concern. With regard to smart homes, individuals focus on the security aspect while adopting any new technology. Public or unauthorized access to cloud information could lead to cyber threats and compromise the integrity of the entire system.
ADT, AT&T, Comcast, Tyco Security Products, Alarm.com, August Home, Butterfleye, Canary Connect, Cocoon Labs, Control4 Corporation, Deutsche Telekom, Frontpoint Security Solutions, G4S, Google, Honeywell International, ICONTROL NETWORKS (Piper), Indiegogo, Kuna Systems, Kwikset (Owned by Spectrum Brands), MivaTek, Nest (Dropcam), Panasonic, PatrolTag, Protect America, Samsung, SECOM, Securitas, SimpliSafe, Verizon Communications, Vivint, Vodafone, and Withings.