Connected home security market buoyed by growing use of smart homes solutions and IoT devices
According to a study, the global connected home security market was valued at approximately US$ 300 million (€271 million) in 2014, and is expected to surpass US$400 million (€361 million) by the end of 2019.
The connected home security market is expected to grow at a compound annual growth rate (CAGR) of roughly 12% between 2019 and 2029, and is estimated to reach a global value of around $1.4 billion (€1.2 billion) by the end of 2029.
The report on the global connected home security market contains vital macroeconomic and forecast factors that are estimated to drive the growth of the global connected home security market. The report on the connected home security market also discusses the restraints that are expected to hamper the global market, along with potential opportunities and latest trends in the market across the value chain.
Emergence of IoT devices to boost the connected home security market
By component, the global connected home security market is segmented into software/platform and services. However, services in connected home security can be further divided into integration & deployment, training & consulting, and maintenance & support. Moreover, software/platform in connected home security can enable users to protect their smart devices from various type of viruses and malwares.
On the basis of the connected device, the connected home security market is segmented into smart TVs, smart thermostats, smart speakers, smart locks, internet security cameras, and other connected devices. The internet security cameras segment is estimated dominate the global market owing to an emerging awareness regarding security threats across the globe. The inherent aim behind the installation of connected home security is to provide safety to smart home devices. Therefore, many companies are shifting towards adoption of cybersecurity solutions to secure connected homes devices on the cloud without the risks of cyber threats.
The market analysis based on application reveals the key application areas, including intrusion and anti-malware protection, device detection & management, phishing & fraud prevention, network security, and other applications. The intrusion and anti-malware protection segment is projected to dominate throughout the forecast period.
Regional analysis of the connected home security market classifies the market in seven regions, namely North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. In these regions, East Asia and Europe are estimated to grow with a paramount share in the global connected home security market over the stipulated time period. However, North America and South Asia are also representing a healthy potential for the connected home security market owing to the new business opportunities in their respective regions.
Emerging market participants to account for 30% revenue shares
The global connected home security market is characterised as consolidated owing to the presence of a limited number of solution providers of connected home security across the globe. For in-depth analysis, study has broken down the market structure up to three levels: Tier 1, Tier 2, and Tier 3. Here, Tier 3 players are estimated to account for a 30% share in the global market of connected home security across the world. Moreover, leading players in the global market are adopting business expansion, acquisition, and collaboration strategies in a bid to capture a significant share of the global market.
- In 2019, D-Link and McAfee announced the D-Link AC2600 Wi-Fi Router Powered by McAfee (DIR-2680), an all-in-one solution that automatically increases security for devices on the home network.
- In 2019, Commscope completed its acquisition of Arris International plc. With this acquisition, the company is expected to drive profitable growth in new markets and shape the future of wired and wireless communications.
Some of the key players identified across the value chain of the global connected home security market include McAfee, LLC, D-Link Corporation, Symantec Corporation, Bitdefender, Commscope (ARRIS), Cisco Systems, Inc., F-Secure Corporation, Avast Software s.r.o, Honeywell International Inc., and Trend Micro Incorporated.
These insights are based on a report on Connected Home Security Market by Persistence Market Research.
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