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 monitor and control home devices such as lights, windows, home appliances, security alarms, utility meters, thermostats, doors, and other devices. The growth of the market can also be attributed to the rapid increase in the use of connected devices and smartphones. The integration of IoT and wireless technologies in smart homes has also broadened the use of remote home monitoring systems. For instance, In November 2019, ABB launched IoT Dashboard for mid-sized commercial building automation solutions.
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 2021 on account of growing theft rates and major advancement in video camera quality, recording capability, and affordability than other systems.
Based on the operating system, an 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 offering more features to users.
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 the growth in the adoption of home automation products in the region to achieve a high standard of living and security. Furthermore, Asia-Pacific is expected to be the fastest-growing market with a significant CAGR followed by Western Europe and Middle East & Africa in the forecast period. These regions are also witnessing 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. CLICK TO DOWNLOAD SAMPLE REPORT
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.
The global remote home monitoring systems market is further classified on the basis of region as follows:
Our in-depth analysis of the global remote home monitoring systems market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising trend toward safe, energy efficient, convenient and luxurious lifestyle are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Complexity in the integration of home automation system with devices and technical issues with installation are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the developments in the technology and higher adoption of smart home security and monitoring products.
The major players dominating the remote home monitoring systems market are Ooma, Inc., SimpliSafe, Inc., Bosch Security Systems, Inc., Tyco International Ltd., Honeywell International Inc. among others.
The company profiles are selected on the basis of 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 systems, sensors, installation, operating system and region.
With respect to systems, video surveillance system segment is anticipated to hold the largest market share growing theft rates and major advancement in video camera quality, recording capability and affordability than other systems.
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