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The increasing crime rates across the globe are expected to drive innovation in smart home security manufacturing, thus driving the market during the forecast period.

The global smart home security market is expected to grow from $3.27 billion in 2022 to $3.96 billion in 2023 at a compound annual growth rate (CAGR) of 21.0%. The global smart home security market size is expected to grow to $8.39 billion in 2027 at a CAGR of 20.6%.

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Global Smart Home Security Market Segments Include:

• By Product: Smart Alarms, Smart Camera and Monitoring System, Smart Locks and Sensors, Smart Detectors
• By Application: Independent Homes, Apartments, Condominiums
• By Component: Hardware, Software, Service
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global smart home security market in 2021.

Major Market Players in the smart home security market include ADT, Amazon, Honeywell International, Hangzhou Hikvision Digital Technology, Frontpoint Security Solutions, Ring, Samsung, Vivint Smart Home Security.

The high installation costs of smart home security devices is restraining the growth of smart home security market. Being a relatively new technology, the setup cost for smart home security and the cost of other related expenses such as utilities, maintenance, and repair of the technology are high as well. Cost of home security devices depends on the plan of the installation and size of the property. Installation of alarm systems and security cameras is more expensive when compared to other smart home security devices. The basic smart home security system consisting of a burglar alarm, thermostat, outdoor lighting and a backdoor lock which can be controlled from remote device costs $2,500. And an advanced and high-end security and home automation systems cost $1.8 million. For instance, in November 2022, according to an article published by Safewise, a US-based provider of information and tools on internet security and home safety, monitoring costs for a home security system range from $5 to $65 per month, with an average of $32 per month. Installation costs range from $0 to $200, and basic equipment costs $350; individual equipment costs between $5 and $400.

The Smart Home Security Global Market Report 2023  provides a smart home security market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The smart home security market forecast analyzes smart home security market size, smart home security market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Smart home security is a group of physical and technological components that work together to allow users to remotely monitor and manage their houses in real-time, alerting homeowners to strange behaviour or unwanted attempts to enter doors or windows.

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