The global home Wi-Fi security device market is estimated to garner a significant revenue by the end of 2031 by growing at a CAGR of ~23% over the forecast period, i.e., 2022 – 2031.
Further, the market generated a significant revenue in the year 2021. The growth of the market is primarily attributed to the worldwide increasing safety and security concern for residents and residential goods. For instance, in 2020, approximately USD 17 billion worth property was reported stolen.
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Home Wi-Fi Security devices encompass smart home security devices and related services that allow the user to operate the security system via Wi-Fi enabled devices such as mobile phones, tablets, smart watch, and voice, which helps to secure homes from a distance as well. Such type of Wi-Fi security device is a combination of software and hardware devices designed to detect intervention or unauthorized access if a secure zone is infringed. Therefore, increasing number of smart homes with integrated smart home Wi-Fi security devices is leading the demand of these devices. For instance, there were approximately 260.55 million smart homes in the world by the end of 2021.
Surge in Wi-Fi penetration – Wi-Fi or internet is an integral part of today’s world. Internet is such a boon that provide numerous advantages in day to day life, from staying connected to learning a new skill and safeguarding homes. Currently, around 5 billion people have internet access across the globe.
Growing Use of Smartphones - The smartphones have transformed not only the paradigm of our communication but also transformed the way of our living. Now we use smartphones for several other activities too, including the security of our homes. For instance, the global smartphone user base is expected to reach 6 billion by 2022, representing a yearly growth of 5%.
Rising Trend of IoT Devices – With rising implementation of IoT devices in home security, now we are capable to manage and detect the security of our homes from anywhere. There were over 10.5 billion active IoT devices in 2021, and this figure is projected to surpass by 25 billion in 2030.
Growing Prevalence of Urbanization - The massive migration of people from rural to urban areas is scaling up the state of urbanization across the globe. The rise in urbanization is boosting the adaption of home Wi-Fi security devices to maintain the security and safeguard of residences. Around, 55% of world’s population is residing in cities and its estimated to increase 80% by 2050.
Increasing Integration of AI (Artificial Intelligence) - Currently, AI (Artificial Intelligence) is stepping in each field where technology is required to complete a task with a more sophisticated way. AI has progressed to the point where security verification and authentication are executed using face and visual recognition. So, increasing integration of AI (Artificial Intelligence) is revolutionizing the home Wi-Fi security device. For instance, the number of AI-powered voice assistants is expected to hit approximately 9 billion by 2023.
The global home Wi-Fi security device market is segmented and analyzed for demand and supply by product into smart locks and sensors, smart alarms, smart security cameras and monitoring system, and smart detectors, out of which, smart security cameras and monitoring system segment is expected to hold the highest growth over the forecast period owing to the globally increasing crime scenarios, and their enhanced security feature through facial recognition, voice recognition, and fingerprints. For instance, in the United States, the rate of violent crime has increased to approximately 48.20 per 100,000 residents by 2022.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global home Wi-Fi security device market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031, backed by the expansion of smart cities, rapid adoption of home Wi-Fi security devices in this region, and increasing investment in the research and development in the region. As per the World Bank statistics, in 2020, the yearly research and development expenditure in North America accounted for 2.63% of the total Gross Domestic Product (GDP).
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The global home Wi-Fi security device market is further classified on the basis of region as follows:
Our in-depth analysis of the global home Wi-Fi security device market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Surge in Wi-Fi penetration, growing use of smartphones, rising trend of IoT devices, and growing prevalence of urbanization are some major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~23% over the forecast period, i.e., 2022 – 2031.
High set up charges of home Wi-Fi security device, multiplicity of smartphones and security systems, and high data charges are estimated to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are ADT, Honeywell International Inc, ASSA ABLOY, Vivint, Inc., SimpliSafe, Inc., Axis Communications AB, NETGEAR Inc., Hangzhou Hikvision Digital Technology Co. Ltd, Cove Smart, LLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, component, application, and by region.
The smart security cameras and monitoring system segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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