Remote Home Monitoring Systems Sector: Growth Drivers and Challenges
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
Remote Home Monitoring Systems Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
15.2% |
|
Base Year Market Size (2024) |
USD 37.8 billion |
|
Forecast Year Market Size (2037) |
USD 237.89 billion |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of remote home monitoring systems is evaluated at USD 42.68 billion.
Remote Home Monitoring Systems Market size was over USD 37.8 billion in 2024 and is poised to exceed USD 237.89 billion by 2037, growing at over 15.2% CAGR during the forecast period i.e., between 2025-2037.
North America industry is likely to dominate majority revenue share by 2037, due to advancements in technology and growth in the adoption of home automation products in the region to achieve a high standard of living and security.
The major players in the market are Ooma, Inc., SimpliSafe, Inc., Bosch Security Systems, Inc., Tyco International Ltd., Honeywell International Inc., among others.
