Remote Home Monitoring Systems Market Highlights 2020-2029
The remote home monitoring systems market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Remote monitoring systems include a vast range of monitor and control home devices such as lights, windows, home appliances, security alarms, utility meters, thermostats, doors, and other devices, which is expected to drive market growth. Furthermore, the growth of the market can also be attributed to the rapid increase in the use of connected devices and smartphones. Additionally, the integration of IoT and wireless technologies in smart homes has also broadened the use of remote home monitoring systems in the recent years.
The market is segmented based on systems into video surveillance systems, fire protection systems, entrance control systems, access control systems, intruder alarm systems, and others, out of which, the video surveillance system segment is anticipated to grab the most significant share by the end of 2029 on account of growing theft rates and major advancements in video camera quality, recording capability, and affordability of this system.
Based on operating system, the android segment in the global remote home monitoring systems market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that open-source software is installed on android smartphone devices for free. As a result, a considerable portion of the population worldwide tend to choose android operating systems as it offers more features to users.
Remote Home Monitoring Systems Market Regional Synopsis
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in North America holds the largest market share due to the advancements in technology and growth in the adoption of home automation products in the region to achieve a high standard of living and security. As per the analysis of National Association of Home Builders (NAHB), in 2019, 46% of US-based Millennials have at least one smart home products in the United States. Furthermore, Asia-Pacific is expected to be the fastest-growing market with a significant CAGR followed in the forecast period. The region’s market is expected to witness growth owing to rapid urbanization with the development of smart cities. Besides this, smart home evolution and mass commercialization have led to a large-scale modification in this market.
The global remote home monitoring systems market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global remote home monitoring systems market includes the following segments:
By Systems
- Video surveillance systems
- Fire protection systems
- Entrance control systems
- Access control systems
- Intruder alarm systems
- Others
By Sensors
- Motion sensors
- Water sensors
- Window and door sensors
- Environmental sensors
- Glass break sensors
- Others
By Installation
- Professionally-Installed and Monitored
- Self-Installed and Professionally Monitored
- Do-It-Yourself (DIY)
By Operating System
- iOS
- Android
- Windows
Growth Drivers
- Increasing adoption of the IoT technology in the smart homes
- Rising trend toward safe, energy efficient, convenient and luxurious residences
- Rise in urbanization and increase in the consumer expenditures for the lifestyle products
Challenges
- High installation, maintenance and operational costs
- Complexity in an integration of home automation system with devices and technical issues with installation
Top Featured Companies Dominating the Market
- Honeywell International Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Ooma, Inc.
- Johnson Controls International PLC (Tyco Security Products)
- SimpliSafe, Inc.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Schneider Electric
- Samsung Electronics Co. Ltd.
- General Electric (GE)
- Bosch Security Systems, Inc.
- ADT
