Smart Home Security Systems Market Report 2024 (Global Edition)

Global Smart Home Security Systems Market Report 2024 Market Size Split by Component Outlook: (Hardware, Software, Services), by Device Type Outlook: (Smart Alarms, Smart Locks, Smart Sensors and Dete...

Smart Home Security Systems Market Report Description

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Smart Home Security Systems Market Insights Video

Competitive Landscape of the Smart Home Security System Market

The smart home security system market is highly competitive, with major players leading through advanced technologies and comprehensive service portfolios. Emerging brands focus on affordable, DIY solutions to attract cost-conscious consumers. Companies compete on innovation, offering AI-driven analytics, integration with virtual assistants, and seamless mobile app controls. Strategic partnerships, acquisitions, and product diversification are common strategies. Regional players contribute by catering to localized needs, intensifying market competition globally.

In February 2023, Costco partnered with ADT to offer packages with a 13 and 9-piece system, both of which include Google Nest products. Professional installation and ADT's SMART monitoring are also part of these packages. (Source: https://newsroom.adt.com/corporate-news/adt-now-selling-smart-home-security-packages-at-costco) In July 2024, Xiaomi introduced its latest smart door lock, the Xiaomi Smart Door Lock 2 Face Recognition Version. This improved lock has various new capabilities, such as 3D structured light facial recognition, AI smart, and peephole functionality. (Source: https://www.mi.com/global/product/xiaomi-automatic-smart-door-lock/)

Top Companies Market Share in Smart Home Security Systems Industry: (In no particular order of Rank)

• Alarm.com
• Netgear
• ADT
• Hangzhou Hikvision Digital Technology Co.
• Ltd.
• Honeywell International Inc.
• Johnson Controls
• Samsung Electronics Co.
• Ltd.
• Amazon.com
• Inc.
• Robert Bosch GmbH
• Legrand
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Smart Home Security System Market

Which Region Dominates the Smart Home Security System Market in 2024?

According to Cognitive Market Research, North America currently dominates the Smart Home Security Systems market, and the region is expected to have significant growth during the projected period. This is due to high consumer awareness, widespread adoption of IoT technologies, and robust infrastructure.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR) due to rapid urbanization, increasing disposable incomes, and rising awareness of home safety.

The current report Scope analyzes Smart Home Security Systems Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Smart Home Security Systems

According to Cognitive Market Research, the global Smart Home Security System market size was estimated at USD 26215.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 10486.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Smart Home Security System market with a market size of USD 8273.61 million in 2024 and is projected to grow at a CAGR of 14.2% during the forecast period due to the rising concerns over home security and safety.
• The Canada Smart Home Security System market had a market share of USD 1258.34 million in 2024 and is projected to grow at a CAGR of 15.2% during the forecast period due to the advancements in IoT and AI technologies for enhanced system efficiency.
• The Mexico Smart Home Security System market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 954.24 million in 2024.

Europe Smart Home Security Systems

According to Cognitive Market Research, the global Smart Home Security System market size was estimated at USD 26215.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 7864.65 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.7% from 2024 to 2031.

• The United Kingdom Smart Home Security System market had a market share of USD 1321.26 million in 2024 and is projected to grow at a CAGR of 15.5% during the forecast period. In the UK, Smart Home Security System sales witness an upswing due to government initiatives and regulations promoting smart technologies.
• The France Smart Home Security System market is projected to witness growth at a CAGR of 13.9% during the forecast period, with a market size of USD 723.55 million in 2024.
• According to Cognitive Market Research, the German Smart Home Security System market size was valued at USD 1557.20 million in 2024 and is projected to grow at a CAGR of 14.9% during the forecast period. In Germany, Smart Home Security Systems surged due to the rising demand for convenient and remote home monitoring solutions.
• The Italy Smart Home Security System market is projected to witness growth at a CAGR of 14.1% during the forecast period, with a market size of USD 676.36 million in 2024.
• The Russia Smart Home Security System market is projected to witness growth at a CAGR of 13.7% during the forecast period, with a market size of USD 1219.02 million in 2024.
• The Spain Smart Home Security System market is projected to witness growth at a CAGR of 13.8% during the forecast period with a market size of USD 644.90 million in 2024
• The Luxembourg Smart Home Security System market is projected to witness growth at a CAGR of 14.8% during the forecast period, with a market size of USD 243.80 million in 2024.
• The Portugal Smart Home Security System market is projected to witness growth at a CAGR of 14.5% during the forecast period, with a market size of USD 165.16 million in 2024.
• The Greece Smart Home Security System market is projected to witness growth at a CAGR of 15.0% during the forecast period, with a market size of USD 94.38 million in 2024.
• The Rest of Europe's Smart Home Security System market is projected to witness growth at a CAGR of 13.4% during the forecast period, with a market size of USD 1219.02 million in 2024.

Asia Pacific Smart Home Security Systems

According to Cognitive Market Research, the global Smart Home Security System market size was estimated at USD 26215.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 6029.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Smart Home Security System market size was valued at USD 2713.30 million in 2024 and is projected to grow at a CAGR of 17.7% during the forecast period. Smart Home Security Systems surged in China due to the rising awareness of home security and safety concerns.
• The Japan Smart Home Security System market is projected to witness growth at a CAGR of 16.7% during the forecast period, with a market size of USD 832.08 million in 2024.
• The India Smart Home Security System market had a market share of USD 723.55 million in 2024 and is projected to grow at a CAGR of 20.0% during the forecast period due to the advancements in IoT and smart technology integration .
• The South Korean Smart Home Security System market is projected to witness growth at a CAGR of 17.3% during the forecast period, with a market size of USD 602.96 million in 2024.
• The Australian Smart Home Security System market is projected to witness growth at a CAGR of 17.9% during the forecast period, with a market size of USD 313.54 million in 2024.
• The South East Asia Smart Home Security System market is projected to witness growth at a CAGR of 19.2% during the forecast period, with a market size of USD 416.04 million in 2024.
• The Rest of Asia Pacific Smart Home Security System market is projected to witness growth at a CAGR of 18.0% during the forecast period, with a market size of USD 428.10 million in 2024.

South America Smart Home Security Systems

According to Cognitive Market Research, the global Smart Home Security System market size was estimated at USD 26215.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 1310.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Smart Home Security System market size was valued at USD 561.01 million in 2024 and is projected to grow at a CAGR of 16.2% during the forecast period. Smart Home Security Systems flourished in Brazil due to the increasing adoption of Internet of Things (IoT) devices.
• Argentina's Smart Home Security System market had a market share of USD 220.21 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period due to the government initiatives and incentives for smart technology .
• Colombia Smart Home Security System market is projected to witness growth at a CAGR of 15.4% during the forecast period, with a market size of USD 116.66 million in 2024.
• Peru Smart Home Security System market is projected to witness growth at a CAGR of 15.8% during the forecast period, with a market size of USD 107.48 million in 2024.
• Chile Smart Home Security System market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 94.38 million in 2024.
• The Rest of Latin America's Smart Home Security System market is projected to witness growth at a CAGR of 14.7% during the forecast period, with a market size of USD 211.03 million in 2024.

Middle East and Africa Smart Home Security Systems

According to Cognitive Market Research, the global Smart Home Security System market size was estimated at USD 26215.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 524.31 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.9% from 2024 to 2031..

• The GCC Countries Smart Home Security System market is projected to witness growth at a CAGR of 16.7% during the forecast period, with a market size of USD 224.40 million in 2024. Smart Home Security System sales flourish due to the rising adoption of IoT and smart devices.
• The Egypt Smart Home Security System market is projected to witness growth at a CAGR of 16.2% during the forecast period, with a market size of USD 55.05 million in 2024.
• The South Africa Smart Home Security System market is projected to witness growth at a CAGR of 16.9% during the forecast period, with a market size of USD 82.84 million in 2024. Smart Home Security System sales flourished in South Africa due to government initiatives and infrastructure development.
• The Turkey Smart Home Security System market is projected to witness growth at a CAGR of 15.4% during the forecast period, with a market size of USD 45.09 million in 2024.
• The Nigeria Smart Home Security System market is projected to witness growth at a CAGR of 15.0% during the forecast period, with a market size of USD 55.05 million in 2024.
• The Rest of the MEA Smart Home Security System market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 61.87 million in 2024.

Smart Home Security Systems Market Analysis

How are Segments Performing in the Global Smart Home Security System Market?

Smart Home Security System Market Component Segment Analysis

According to Cognitive Market Research, hardware is likely to dominate the Smart Home Security System Market over the forecast period due to the critical role of devices like cameras, sensors, and alarms in ensuring home safety. These components form the backbone of security systems, offering tangible functionality. Continuous innovation in hardware, such as high-resolution cameras and smart sensors, drives consumer preference and market dominance.

The services are the fastest-growing segment in the Smart Home Security System Market due to increasing demand for professional monitoring, installation, and maintenance. Subscription-based models, offering 24/7 surveillance and cloud storage, attract consumers seeking convenience and reliability. Growth is further driven by customized service packages and advancements in remote assistance technology.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Smart Home Security Systems Industry. Request a Free Sample PDF!

Smart Home Security System Market Device Type Segment Analysis

According to Cognitive Market Research, the smart cameras and monitoring systems segment holds the largest share of the market due to their real-time surveillance capabilities, user-friendly interfaces, and integration with mobile devices. Features like motion detection, two-way communication, and cloud storage enhance convenience and security, making them the preferred choice for homeowners seeking comprehensive and accessible safety solutions.

In the Smart Home Security System Market, the smart sensors and detectors sector has been expanding at a rapid pace due to their versatility, cost-effectiveness, and integration capabilities. These devices offer real-time alerts for motion, fire, gas leaks, and more, enhancing safety. Increased adoption of IoT and smart technologies further drives their rapid market expansion.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Smart Home Security Systems Communication Module Outlook: Segment Analysis

Smart Home Security System Market Communication Module Segment Analysis

According to Cognitive Market Research, the professionally monitored segment holds the largest market share due to its comprehensive, 24/7 monitoring services, which provide enhanced security and peace of mind. These systems offer rapid emergency response, expert installation, and regular maintenance, making them a preferred choice for homeowners seeking reliable, high-level protection against potential threats.

In the Smart Home Security System market, the rapidly growing sector is the self-monitored systems category due to their affordability, ease of installation, and control. Consumers prefer these DIY solutions as they eliminate monthly monitoring fees while offering remote access through mobile apps, aligning with the growing demand for cost-effective and flexible security options.

• Professional Monitored
• Self Monitored

Author's Detail

Manoj Phagare

Senior Research Analyst at Cognitive Market Research

LinkedIn

Profile

• Worked on several market, industry & business research projects, on various models such as Syndicated, Custom, Subscriptions and Consults
• Proficient in secondary research and familiar with all paid research databases
• Proficient in primary research and handling client queries through mails and calls
• Expertise in statistical techniques used in data forecasting, possess strong grip on all aspects of market engineering & data analysis
• Expertise in checking feasibility of projects based on Request for Proposal (RFPs) of clients
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• Gained team-work skills in coordinating with the sales teams for business development and meeting needs of a variety of clients hand-in-hand with promoting sales.

Author's Conclusion