Connected Home Market Set to Grow at 12.8% CAGR, Reaching $220.12 Billion by 2034

Intrusion & Anti-Malware Protection Accounts for Over One-Third Revenue of Connected Home Security Solution Providers: Fact.MR Report

Fact.MR, in its latest industry report, reveals that the global connected home security market is estimated to reach a value of US$ 9.97 billion in 2024. The market has been forecasted to advance rapidly at a CAGR of 17.5% between 2024 and 2034.

Constant evolution of smart home technologies and growing awareness of safety issues are driving explosive demand for linked home security systems worldwide. Using smartphones and other devices, homeowners can now remotely monitor and secure their properties using these systems, providing them with previously unheard-of power and peace of mind. The attraction of linked security systems has increased due to their integration with other smart home elements such as voice assistants, thermostats, and lighting. These systems can be tailored to meet the security demands and living scenarios in different environments, from rural estates to urban apartments.

As a result of better Internet infrastructure and falling technological prices, the market is growing globally for these systems. With the growing middle class prioritizing home security, adoption is happening especially quickly in emerging markets. The COVID-19 pandemic increased this tendency further, as more individuals valued being able to monitor their homes, especially for intrusion and anti-malware protection. Worldwide demand for these sophisticated, networked security systems is growing, and this trend is expected to continue over the coming years as well, with North America leading the way, closely followed by East Asia.

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Key Takeaways from Market Study

• The global connected home security market is forecasted to reach a size of US$ 49.96 billion by 2034.The market in Canada is forecasted to progress at a CAGR of 18.5% through 2034.
• The East Asia market is foreseen to expand at a CAGR of 17.8% between 2024 and 2034.In East Asia, both China and Japan are foreseen to have a combined market share of more than 75% by 2034-end.
• Based on different components, the services segment is estimated to hold a market share of 64.1% in 2024.

“North America will be a key regional market for connected home security systems, currently accounting for around one-third of the global market share, which is set to only increase further going ahead,” says a Fact.MR analyst.

TV Assistant and Remote Controlling of Houses

While mesh networking increases coverage and dependability, integration with voice assistants such as Alexa and Google Home has made system administration easier. Crisp, clear surveillance is possible even in low light due to the latest, incredibly small cameras with 4K resolution and night vision.Blockchain technology is being used to improve privacy and data security, allaying customer fears about hackers. In the meanwhile, 5G connection is allowing for less latency and quicker, more responsive systems.

Backed by these advancements, linked home security is becoming more widely available, efficient, and user-friendly, which will appeal to more customers worldwide. The need for these cutting-edge security systems is only going to increase as smart city projects and urban population growth accelerate, changing the global landscape of home protection.

Rising Demand for Modern Home Automation Appliances Driven by IoT Integration

The rise of the Internet of Things (IoT) is fueling the global demand for modern home automation appliances. By seamlessly connecting devices and systems, IoT has ushered in the era of connected homes, providing unparalleled convenience, efficiency, and innovation, which is significantly contributing to the growth of the connected home market.

IoT-powered smart home appliances, including thermostats, lighting systems, security cameras, and entertainment devices, offer users enhanced control and customization. These innovations allow for remote monitoring, scheduling, and automation, creating a smarter and more efficient living environment.

The global shift towards IoT-driven home automation reflects an increasing consumer desire for smart solutions that prioritize comfort, security, and energy efficiency. As technology evolves and connectivity becomes ubiquitous, the success of connected home appliances is expected to skyrocket, shaping the future of modern living worldwide.

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Key Market Players:

• Honeywell
• Siemens
• Johnson Controls
• Schneider Electric
• ASSA ABLOY
• Amazon
• Apple

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the connected home security market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on component (software/platform, services), connected device (smart TVs, smart thermostats, smart speakers, smart locks, Internet security cameras), and application (intrusion & anti-malware protection, device detection & management, phishing & fraud prevention, network security), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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