Home Wi-Fi Security Device Market: Growth Drivers and Challenges
Growth Drivers
- 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.
Challenges
- High Set Up Charges of Home Wi-Fi Security Device
- Multiplicity of Smartphones and Security Systems
- High Data Charges
Home Wi-Fi Security Device Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
22.7% |
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Base Year Market Size (2024) |
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Forecast Year Market Size (2037) |
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Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
Home Wi-Fi Security Device Market size is likely to expand at more than 22.7% CAGR during the forecast period i.e., between 2025-2037.
Surge in Wi-Fi penetration, growing use of smartphones, rising trend of IoT devices, and growing prevalence of urbanization will propel the market growth.
North America industry is expected to account for largest revenue share by 2037, backed by 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.
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.
