DUBLIN, April 27, 2022–(BUSINESS WIRE)–The “Intelligent Home Security Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The intelligent home security market is projected to grow at a CAGR of 24.58% during the forecast period to reach US$13.404 billion by 2027, from US$2.877 billion in 2020.
The prime reason driving the market growth for an intelligent home security system is the rising construction of smart homes for a better standard of living. Home security systems are required to protect the residential area from unwanted threats. Furthermore, increasing internet penetration coupled with rising internet-of-things technology has enabled the enhancement of these security systems, which is anticipated to create robust demand in the industry. Growing multi-complex and social living systems have raised security concerns, hence the need for intelligent home security systems.
Raised standards of living and increased disposable income have led to the adaption of technology in everyday life, including security systems at home for security as well as convenience. The rising crime rate and the growth in the geriatric population have raised serious concerns and led to the adoption of intelligent security systems at home. Technological advancement in the industry is expected to attract consumers. These factors are expected to play a crucial role in the market growth of the intelligent home security industry. However, significant installation, maintenance, and miscellaneous costs associated with the technology are predicted to hinder market growth, particularly in low and middle-income countries.
With the increased population, demand in the residential construction industry is anticipated to shoot up. Smart homes, a major end-user of intelligent home security systems, account for a significant share of the residential construction market.
The prime factor which is expected to drive lucrative growth in the intelligent home security market is the rising construction of smart homes. With the rise in the population, demand for smart homes is expected to surge at a significant level. The United States predicts that the global population will increase to 9.5 billion by 2050, from 7.5 billion in 2019.
Population growth is expected to drive demand for residential construction, including smart homes. Further, with technological advancement, consumers today prefer smart homes that have various advanced technologies over traditional homes. It is estimated that smart home construction will grow at a CAGR of around 20% between 2021 and2025. Positive growth in the industry is expected to be driven by promising growth in the intelligent home security market.
Furthermore, increased smart home and smart city construction projects across the Asia Pacific region are projected to drive the market. In India, the government has recognised 99 cities that have the potential to become smart cities and contribute significantly towards the GDP. These cities are under the planning and adoption of advanced technology, including smart home devices, that is expected to boost the domestic intelligent home security market. Similarly, in China, the government invested US$255 billion in the reconstruction of Shantytown, which is expected to renovate or reconstruct 6 million households, upgrading them with smart home devices. In Saudi Arabia, the construction of King Abdullah Economic City, which is a US$100 billion project, is expected to increase the market prospects.