Intelligent Home Security Market - Forecasts from 2024 to 2029

The intelligent home security market is projected to grow at a CAGR of 15.79% over the forecast period to reach US$16.412 billion by 2029, increasing from estimated value of US$7.886 billion in 2024.

Intelligent or smart home security comprises solutions equipped with smart sensors, software, and detectors that provide warning alerts regarding housebreaking or any unknown perimeter breach. Such systems are essential to minimize the threat of house breaks.

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. Additionally, investments in IoT and artificial intelligence to bolster security have provided new growth prospects. Growing multi-complex and social living systems have raised security concerns, propelling the need for intelligent home security systems.

Intelligent Home Security Market Drivers:

• Growing housing crime and burglary has propelled the overall demand for intelligent home security.

Technological adoption in day-to-day routine, inclusive of securing houses, is witnessing significant growth. With ongoing investments in security solutions for residential settings, the trend will likely grow further in the future. Moreover, the rising crime rate, residential burglary, and assault against the geriatric population have raised serious concerns and led to the adoption of intelligent security systems at home. For instance, according to the Montogomery County Police Department, in 2023, the number of residential burglaries reached 823 in the country, representing a 13.7% increase compared to 724 instances reported in 2022.

Likewise, according to the Karnataka Police Department, in January 2023, the number of reported cases for burglary at residential premises stood at 224, signifying an increase of 38% over 164 cases reported in 2022 for the same month.

• Rising residential construction has accelerated the market growth.

The global population is experiencing a surge, accelerating the need for residential settings. Moreover, the demand for intelligent home security is poised to show an upward trajectory due to rapid urbanization followed by investment in private housing. Likewise, there has been a shift in the consumer preference for smart solutions to secure residential perimeters.

The prime factor that 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 significantly. According to the US Census Bureau, in June 2023, private housing completion stood at an adjustable rate of 1,468,000 units, which represented a 5.5% increase over 2022's housing completion rate for the same month.

Intelligent Home Security Market Restraints:

• High maintenance and lack of technical know-how can restrain the market growth.

Intelligent home security solutions integrate various hardware and software components with unique features. The degree of security depends on the features the product possesses, and to make security solutions more effective, the associated capital investment can be relatively high, which can increase the overall cost of production. Furthermore, significant installation, maintenance, and miscellaneous costs associated with the technology can also be high, hindering market growth, particularly in low and middle-income countries.

Intelligent Home Security Market Geographical Outlook

• North America and Asia Pacific is anticipated to account for a considerable market share

North America is projected to hold a considerable share of the market attributable to the booming housing market in major regional economies, namely the US and Canada. According to the US Census Bureau, in April 2023, Single-Family housing starts experienced 1.6% growth with an adjustable rate of 8,460,000 units. Likewise, according to Statistics Canada, in Q1 of 2024, housing start units stood at 52,859, representing an increase of 12.8% over Q1 of 2023.

Asia Pacific is poised to show the quickest growth fuelled by the ongoing implementation of residential construction projects in major economies, namely China, India, Japan, and South Korea, which is projected to drive the overall market demand. Moreover, countries like South Korea and Japan are at the forefront of technological innovations. They are actively supporting innovations, which is further set to pave the way for future market expansion.

Similarly, in China, the government invested US$255 billion in the reconstruction of Shantytown, which is expected to renovate or reconstruct 6 million households and upgrade them with smart home devices. In Saudi Arabia, the construction of King Abdullah Economic City, a US$100 billion project, is expected to increase the market prospects.

Intelligent Home Security Market Key Developments

• March 2024: Kudelski partnered with Infineon Technologies AG to develop a security solution for smart buildings and home ecosystems. The product will leverage Infineon's "OPTIGA(TM) Trust M MTR Secure Element" with Kudelski's "Matter Certificate Service".
• February 2024: Gentex Corporation launched the "HomeLink Smart Home" solution, which offers a comprehensive suite of smart homes and security products controlled by a single app. To provide a seamless user experience, the company has formed a collaboration with Alarm.com.
• November 2023: FIBARO formed a partnership with Yale, a leading security brand of ASSA ABLOY Group. The partnership would enable FIBARO to provide keyless access to Yale Smart Locks, such as the "Linus Smart Lock," which can be operated directly via the Yubii app.
• March 2023: ADT, in collaboration with Google, announced the availability of its smart home security solution, "ADF Self Setup." This solution integrates ADT's smart monitoring technology with Google's Nest smart home products. The ADF Self Setup enables users to customize the DIY system according to their smart home needs.
• October 2022: EE announced its partnership with home security experts Norton and Verisure, which formed part of EE's strategy to expand its smart home security products and services in the UK market. The products would be provided under "EE Smart Home Security", powered by Verisure.
• May 2022: Vivint Smart Home launched a series of products that would further enhance home security. The launched products included Outdoor Camera Pro, Doorbell Camera Pro, Indoor Camera Pro, and Spotlight Camera Pro, all of which are attached to Vivint's AI platform and provide a first-part data environment.

The Intelligent Home Security market is segmented as follows:

By Component

• Hardware
• Software

By Solution

• Medical Alert
• Access Control
• Video Surveillance
• Intercom

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Japan
• Others