Smart Home Security Global Market Report 2022 from buzai232's blog

Smart Home Security Global Market Report 2022

The global smart home security market is expected to grow from $2.69 billion in 2021 to $3.27 billion in 2022 at a compound annual growth rate (CAGR) of 21.6%. The market is expected to reach $6.81 billion in 2026 at a CAGR of 20.1%.To get more news about smart homes, you can visit securamsys.com official website.

The smart home security market is driven by increasing crime rates across the globe. With the increasing crime rates, the consumers are increasingly focusing on safety and security systems especially in residential areas. Smart home devices such as smart alarms, smart cameras, and smart lockers are being preferred by the households to be more safe and secure.

According to home burglary statistics, 88% of all burglaries are residential in nature and there is 300% possibility of theft in homes without security systems. According to a NCRB's 2019 crime statistics, in 2019, 1,833 violent crimes were registered in the Himachal.

The high installation costs of smart home security devices is restraining the growth of smart home security market. Being a relatively new technology, the setup cost for smart home security systems and the cost of other related expenses such as utilities, maintenance, and repair of the technology are high as well.

Cost of home security devices depends on the plan of the installation and size of the property. Installation of alarm systems and security cameras is more expensive when compared to other smart home security devices. The basic smart home security system consisting of a burglar alarm, thermostat, outdoor lighting and a backdoor lock which can be controlled from remote device costs $2,500. And an advanced and high-end security and home automation systems cost $1.8 million. For instance, in 2019, the cost range for installation of basic security cameras is $663 - $2,019.

Smart home security systems manufacturers are increasingly integrating technologies with visual recognition based on AI (Artificial Intelligence) in security devices. AI is developing to a new stage where the security confirmation and authentication will be processed from face and visual recognition.

Home security systems such as consumer video cameras are integrated with AI technology with a new security validation framework to enhance safety and security through facial recognition, fingerprints and voice recognition. AI is proposed to be applied in smart alarms to create databases of all incoming alerts, which then could be analyzed to predict false alarms.

California's Senate Bill 327, states the security regulations to be followed for all devices that connect to the internet including smart home security systems. The bill requires the manufacturer of such a device to be equipped with appropriate security features, designed to prevent unauthorized access, modification, or information disclosure.