Intelligent Home Security Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Component (Hardware, Software), By Solution (Medical Alert, Access Control, Video Surveillance, Intercom), And By Geography - Forecasts From 2022 To 2027

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 recognized 99 cities that have the potential to become smart cities and contribute significantly to 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.

Hence, it is forecasted that lucrative growth in the residential construction industry, especially in the smart home industry, will drive market growth during the forecasted period. Furthermore, it is expected that rising internet penetration and technological advancement in the industry will create new prospects for the market.

North America and the European regions are projected to hold a dominating share of the market. However, the Asia Pacific intelligent home security market is expected to grow at the fastest rate. But the significant cost is anticipated to constrain the market’s growth in many low-income countries.

Geographically, the global intelligent home security market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia-Pacific region. During the forecasted period, the North American and European intelligent home security markets are expected to dominate the market owing to the wider adoption of technology and rising construction of smart homes. But, the Asia Pacific region is predicted to grow at the fastest rate with surging internet and technology penetration. However,  significant costs may hinder the market’s growth in low-income countries.

Covid-19 Insights

The coronavirus pandemic negatively impacted the intelligent home security market. The  Nationwide lockdown resulted in a halt in the construction industry, which decreased the market demand.

Key Developments

• 2021, Acquisition Allegion plc, a  Dublin-based global leader in home security systems, acquired the assets of Astrum Benelux B.V., a European Software Expert, to enhance its seamless access control technology. The company also acquired assets from Netherlands-based WorkforceIT for effective and efficient workforce management technology.
• January 2021, Acquisition. Allegion acquired Yonomi, a technology company, to expand its portfolio of seamless access technology. The latter is an innovative firm on the IoT cloud platform.
• January 2019, Product Launch. Dublin-based Allegion plc announced the launch of the company’s first-ever WiFi-enabled deadbolt, the Schlarge® Encode Smart WiFi Deadbolt. The technology is capable of working with Amazon and Ring devices.

Intelligent Home Security Market Scope:

Report Metric	Details
Market size value in 2020	US$2.877 billion
Market size value in 2027	US$13.404 billion
Growth Rate	CAGR of 24.58% from 2020 to 2027
Base year	2020
Forecast period	2022–2027
Forecast Unit (Value)	USD Billion
Segments covered	Component, Solution, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	Johnson Controls, Honeywell International Inc., Robert Bosch Smart Home GmbH,   Alarm.com Incorporated, Nexia, Allegion, Assa Abloy, Nortek Control
Customization scope	Free report customization with purchase

Market Segmentation:

• By Component
  • Hardware
  • Software
• By Solution
  • Medical Alert
  • Access Control
  • Video Surveillance
  • Intercom 
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Taiwan
    • Indonesia
    • Others

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Frequently Asked Questions (FAQs)

Q1. What will be the intelligent home security market size by 2027?
A1. The intelligent home security market is projected to reach a market size of US$13.404 billion by 2027.

Q2. What is the size of the global intelligent home security market?
A2. Intelligent Home Security Market was valued at US$2.877 billion in 2020.

Q3. What are the growth prospects for the intelligent home security market?
A3. The global intelligent home security market is projected to grow at a CAGR of 24.58% during the forecast period.

Q4. What factors are anticipated to drive the intelligent home security market growth?
A4. The prime reason driving the intelligent home security market growth is the rising construction of smart homes for a better standard of living.

Q5. Which region holds the maximum market share of the intelligent home security market?
A5. The North American and European regions are expected to dominate the intelligent home security market owing to the wider adoption of technology and rising construction of smart homes.

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