Global Market for Smart Home Safety and Security Solutions Estimated to Grow to Over $40 Billion by 2033
Adoption of SHSS technology will continue to grow as the costs for hardware, installation, and monitoring continue to decline
A new report from Guidehouse Insights examines the global market for smart home safety and security (SHSS) solutions.
In recent years, the safety and security technology used in smart homes has created new and innovative products such as smart doorbells and smart door locks, enhanced the performance of existing safety and security products, and embedded wireless connectivity to make self-installation a viable option. According to a new report from Guidehouse Insights, the global market for SHSS is expected to grow from $24.2 billion in 2024 to $40.4 billion in 2033 at a compound annual growth rate (CAGR) of 5.9%.
“New technologies are of immense value to homeowners globally, and increasingly to renters as well, and they are expected to drive penetration of security services to levels that were unimaginable until recently,” says Willian Hughes, principal research analyst with Guidehouse Insights. “As the costs for hardware, installation, and monitoring continue to decline, we expect adoption of SHSS technology will continue to grow. The presence of more SHSS systems makes the population safer and will encourage more smart home adoption as the different smart home applications become increasingly integrated.”
A major new trend is for residents to install and monitor their own systems. This shift away from residential security contractors lowers costs and offers residents a new sense of agency over their homes. For those residents that rely on monitoring services, their costs are lower, in part because companies are able to sell anonymized data from smart home monitoring to interested consumer product companies, according to the report.
The report, Safety and Security for Smart Homes, analyzes the global market for SHSS solutions, focusing on a range of connected devices and the market dynamics between DIY (do-it-yourself) and professionally installed solutions. The report provides an analysis of key market drivers, barriers, trends, and the competitive landscape, and includes global market outlooks for unit sales and revenue from 2024 through 2033. An executive summary of the report is available for free download on the Guidehouse Insights website.
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* The information contained in this press release concerning the report, Safety and Security for Smart Homes, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.