Trending News
Home / Industry / Smart Home Security Threats , countermeasures and Technology solutions and their Market growth

Smart Home Security Threats , countermeasures and Technology solutions and their Market growth

FBI has reported recent crime data: 7.9 million property crimes were committed in the nation in 2015. Property crimes resulted in losses estimated at $14.3 billion in 2015. Property crime rates have steadily declined over the last ten years. In 2005, 10.1 million property crimes were committed. In 2015, that number was down to 7.9 million.

 

There are three common threats that all homeowners face: Larceny, burglary, and motor vehicle theft. Of all property crimes in 2015, 71% of them were larceny-theft, 19.8% were burglaries, and 8.9% were motor vehicle theft. Larceny-theft: Larceny or theft occurs when someone takes property from another person. It doesn’t require entering a structure though. If a criminal takes a homeowner’s purse while she’s on her way into her home, for example, that’s larceny. Burglary: When a criminal enters a home with the intent to take things, it’s burglary. This requires entry into a structure. Motor vehicle theft: As the name suggests, motor vehicle theft happens when a car or truck is taken from a person’s home.

 

Most property crimes are crimes of opportunity. Criminals are looking to get in and out without getting caught. To a criminal, the best homes take very little time to get into. An unlocked door, an open window, or a garage door that’s unlocked give criminals entry to a home within seconds. Make sure it’s hard to get into your home. Start by closing and locking all entry points. While a criminal can pick a lock, it takes time to do so and most criminals don’t want to risk the time to get caught. A home security system is also a deterrent. The time necessary to bypass a security alarm is too great, which forces criminals to find another target. The more noise a criminal makes to get inside a home, the more likely he or she will be noticed. As a homeowner, you don’t want an intrusion to go undetected.

 

Homes with a security system sound an alarm during a break-in that certainly makes a criminal noticeable. Having a dog often deters criminals as well since they’re likely to bark and draw attention to their presence. To avoid getting caught, criminals keep a low profile. They hide in bushes or stand in unlit areas of a home before entering. In response, homeowners should keep their landscaping well-trimmed and add motion-sensing lights outside. Placing a camera in a visible place outdoors is a good deterrent as well. The last thing a criminal wants is to be caught on video. When it comes to safety, many homeowners do take steps to protect their homes. However, many people make avoidable mistakes. To help, here’s a list of common security mistakes that can be fixed.

 

Unlocked doors and windows pose a threat to any home. In some cases, doors are left unlocked on accident, when a homeowner is rushing to work, for example. In other cases, homeowners believe their neighborhood is safe and leave entry points unlocked knowingly. Even if a neighborhood is considered safe, giving criminals easy access to your home is never a good idea. Always lock your doors and windows.

 

One of the factors driving increased property crime rates is growth of smart homeas and IoT devices. The Internet of Things has made it easier than ever to set up a smart home in which you can remotely control your door locks, lights, thermostats, vacuums, lawn mowers, and even pet feeders, using your smartphone and an app. It’s also made it simple (and relatively affordable) to monitor your home from pretty much anywhere. Smart security systems are highly customizable and available as do-it-yourself kits or as full-blown setups that include professional installation and monitoring.

 

However, An estimated 80% of IoT devices are vulnerable to a wide range of attacks. Clearly, connecting traditionally ‘stand-alone’ smart devices such as lights, appliances and locks introduces numerous cyber security risks. Even connected baby monitors are vulnerable to digital intruders, as a number of horrified parents belatedly discovered when hackers spoke to their young children via compromised devices.

 

Security Threats

Smart Home Threats and Countermeasures

 

Man-in-the-middle: An attacker breaches, interrupts or spoofs communications between two systems. For example, fake temperature data ‘generated’ by an environmental monitoring device can be spoofed and forwarded to the cloud. Similarly, an attacker can disable vulnerable HVAC systems during a heat wave, creating a disastrous scenario for service providers with affected models.

Data and identity theft: Data generated by unprotected wearables and smart appliances provide cyber attackers with an ample amount of targeted personal information that can potentially be exploited for fraudulent transactions and identify theft.

Device hijacking: The attacker hijacks and effectively assumes control of a device. These attacks are quite difficult to detect because the attacker does not change the basic functionality of the device. Moreover, it only takes one device to potentially re-infect all smart devices in the home. For example, an attacker who initially compromises a thermostat can theoretically gain access to an entire network and remotely unlock a door or change the keypad PIN code to restrict entry.

Distributed Denial of Service (DDoS): A denial-of-service attack (DoS attack) attempts to render a machine or network resource unavailable to its intended users by temporarily or indefinitely disrupting services of a host connected to the Internet. In the case of a distributed denial-of-service attack (DDoS), incoming traffic flooding a target originates from multiple sources, making it difficult to stop the cyber offensive by simply blocking a single source. In fact, DDoS attacks are rising rapidly, primarily due to the lack of security in IoT Devices. The Mirai botnet attack was a massive distributed DDoS attack that left much of the internet inaccessible on the US east coast.

Permanent Denial of Service (PDoS):Permanent denial-of-service attacks (PDoS), also known as phlashing, is an attack that damages the device so badly that it requires replacement or reinstallation of hardware. BrickerBot, coded to exploit hard-coded passwords in IoT devices and cause permanent denial of service, is one such example. Another example could see fake data fed to thermostats in an attempt to cause irreparable damage via extreme overheating.

 

Depending on your needs you can go with a system that you monitor yourself, or pay a subscription fee to have your home surveilled 24/7 by professionals who will contact your local fire and police departments when alarms are triggered. You can even take advantage of on-demand monitoring services for when you’re away on vacation. Of course, the more coverage you have, the more you can expect to pay. If you’re not ready for a dedicated security system, there are plenty of individual devices available that let you monitor your home from anywhere using your phone or tablet, including indoor and outdoor security cameras, video doorbells, motion sensors, and smart locks.

 

The demand for home security systems integration services to dominate the home security systems market by services in 2019. Increasing digitization and optimization of operational costs for security infrastructure and Increasing dependence on the third-party service providers for the smooth and continuous working of all security products as well as for security assurance are major factors driving the growth of the market for security integration services.

 

A smart home security system connects to your Wi-Fi network so you can monitor and control your security devices using your smartphone and an app. Entry-level systems usually include some door and window sensors, a motion detector, and a hub that communicates with these devices using one or more wireless protocols such as Wi-Fi, Z-Wave, Zigbee, or a proprietary mesh network. You can add extra door, motion, and window sensors to provide coverage for your entire house and build a comprehensive system that includes door locks, garage door openers, indoor and outdoor surveillance cameras, lights, sirens, smoke/CO detectors, water sensors, and more.

 

Securing Smart Homes

Connected smart home devices should be protected by a comprehensive IoT security solution (device to cloud) that does not disrupt a Service provider or OEMs profitability or time to market. A comprehensive IoT security solution should include the following capabilities:

 

Secure boot

Secure boot utilizes cryptographic code signing techniques, ensuring that a device only executes code generated by the device OEM or another trusted party. Use of secure boot technology prevents hackers from replacing firmware with malicious versions, thereby preventing attacks.

 

Mutual authentication

Every time a smart home device connects to the network it should be authenticated prior to receiving or transmitting data. This ensures that the data originates from a legitimate device and not a fraudulent source. Cryptographic algorithms involving symmetric keys or asymmetric keys can be utilized for two-way authentication. This ensures that the data originates from a legitimate device and not a fraudulent source. Cryptographic algorithms involving symmetric keys or asymmetric keys can be utilized for two-way authentication. For example, the Secure Hash Algorithm (SHA-x) can be used for symmetric keys and the Elliptic Curve Digital Signature Algorithm (ECDSA) for asymmetric keys.

 

Secure communication (Encryption)

Protecting data in transit between a device and its service infrastructure (the cloud). Encryption ensures that only those with a secret decryption key can access transmitted data. For example, a smart thermostat that sends usage data to the service operator must be able to protect information from digital eavesdropping.

 

Security monitoring and analysis

Captures data on the overall state of the system, including endpoint devices and connectivity traffic. This data is then analyzed to detect possible security violations or potential system threats. Once detected, a broad range of actions formulated in the context of an overall system security policy should be executed, such as quarantining devices based on anomalous behavior. This monitor-analyze-act cycle may execute in real time or at a later date to identify usage patterns and detect potential attack scenarios. It is critical to ensure that endpoints devices are secured from possible tampering and data manipulation, which could result in the incorrect reporting of events.

Security lifecycle management

The lifecycle management feature allows service providers and OEMs to control the security aspects of IoT devices when in operation. Rapid over the air (OTA) device key(s) replacement during cyber disaster recovery ensures minimal service disruption. In addition, secure device decommissioning ensures that scrapped devices will not be repurposed and exploited to connect to a service without authorization.

 

Security technologies

Security cameras

If you live in a small apartment and want to keep tabs on things when you’re not home, a security camera can get the job done for a lot less money than what you’ll pay for a full security system. Nearly all standalone security cameras connect to your home’s Wi-Fi so you can see what’s going on from your phone or tablet, and most have built-in sensors that detect motion and sound and will send push and email notifications when those sensors are triggered. You can usually tweak the camera’s motion sensitivity to prevent false alarms due to pet activity or passing cars if the camera is near a window, and you can create a schedule that turns the sensors on and off during certain hours of the day.

 

Some of the more expensive cameras are equipped with humidity and temperature sensors and will interact with other connected home devices such as thermostats and smart lighting systems. If you want to save some money, look for a camera with an SD card slot that allows you to record video when motion or sound is detected, but remember to save your recordings every so often before they are overwritten. Alternately, look for a camera that offers a cloud storage plan.

 

An outdoor camera is ideal for keeping an eye on what’s happening outside of your home. These devices are weatherproof and typically require a nearby GFCI (ground fault circuit interrupter) outlet to supply power, although there are a handful of battery-powered models out there. As with their indoor counterparts, outdoor cameras connect to your Wi-Fi network and allow you to view live video from your phone. They are fairly easy to install, but if you’re not familiar or comfortable with electrical wiring, you may want to have a professional electrician do the job.

 

Most outdoor cameras, like the Arlo Ultra, offer motion detection with push and email notifications, night vision, and cloud storage for event-triggered video, and some, like the Ring Floodlight Cam, pull double duty as floodlights or porch lights. Some models can even tell the difference between a passing car, an animal, and a person. Look for an outdoor camera that will integrate with other smart home devices such as garage door openers, external sirens, and smart switches.

 

Video Doorbell

Video doorbells offer an easy way to see who is at your door without having to open or even get close to the door. These devices connect to your Wi-Fi network and will send an alert when someone approaches your doorway. They’ll record video when the doorbell is pressed or when motion is detected, and usually offer two-way audio communication that allows you to speak with the visitor from anywhere via your phone.

 

Most video doorbells (like the RemoBell S) use your existing doorbell wiring (two low-voltage wires) and are fairly easy to install, but there are battery-powered models available (like the Ring Video Doorbell 2) that install in minutes. Some work with other smart devices such as door locks and sirens and support IFTTT and Alexa voice commands.

 

Look for a model that offers a high resolution (1080p), a wide angle lens (140 to 180 degrees), a night vision range up to 25 feet, and affordable cloud storage for recorded video. Sometimes it’s helpful to be able to see what happened just before or after a visitor approaches your door. For that, you’ll need a doorbell that uses pre-buffering to record the action taking place before motion is detected or the doorbell is pressed.

 

Smart Lock

A smart lock is typically part of a robust smart home security setup, but you don’t have to invest in a full-blown system to use one. If you’re using a home automation hub to control things like lighting and thermostats, you can add a Z-Wave or Zigbee smart lock to the system without much effort. Alternately, if you don’t have a home automation hub, look for a Wi-Fi or Bluetooth lock that comes with its own mobile app. Smart locks use standard pre-drilled holes and are fairly easy to install. Some models use your existing keyed cylinder and deadbolt hardware and attach to the inside of your door, while others require that you remove your existing interior and exterior escutcheons and replace the deadbolt and strike hardware.

 

Smart locks can be opened and closed using a mobile app and will send a notification when someone locks or unlocks a door, and most allow you to create permanent and temporary access schedules for family members and friends based on specific hours of the day and days of the week. Features to look for include geofencing, which uses your phone’s location services to lock and unlock the door, voice activation using Siri (HomeKit), Google Assistant, or Amazon Alexa voice commands, support for IFTTT, and integration with other smart home devices such as video doorbells, outdoor cameras, thermostats, smoke alarms, and connected lighting.

 

There are plenty of smart lock models to choose from, including keyless no-touch locks, touch-screen locks, combination keyed and touchpad locks, and locks that you can open using a biometric fingerprint reader. Our current top pick is the Ultraloq U-Bolt Pro.

 

App  lets you use your smartphone as your command center to arm and disarm the system, create rules, add and delete components, and receive push notifications when alarms are triggered. Most apps also allow you to do things like view live and recorded video, lock and unlock doors, change thermostat settings, and silence alarms. Some apps will even use your phone’s location services to automatically arm and disarm the system according to your physical location. The more expensive systems usually come with a wall-mounted panel that acts as a communications hub, with a touch-screen display that allows you to do everything the app does. The display lets you communicate with a professional monitoring service when an alarm is triggered and view video from any of the installed security cameras.

 

Technology trends

In a perfect world, all home security components would use the same wireless standard to communicate with the main hub, but factors such as power requirements, signal range, price, and size make it virtually impossible to settle on just one. For example, smaller components such as door/window sensors typically use Z-Wave or Zigbee technology because they don’t require a lot of power and can be powered by smaller batteries. They also operate in a mesh topology and can help extend the range of networked devices. However, neither protocol provides the bandwidth that you get with Wi-Fi, which is why it is usually used in security cameras to provide smooth video streaming, and in other devices that require a fat pipe. Moreover, Z-Wave and Zigbee devices are connected and controlled using a hub, while Wi-Fi devices can be connected directly to your home network and controlled with an app. Finally, Z-Wave and Zigbee devices use AES 128 encryption, and since they operate in a closed system with a dedicated hub, they offer more security than Wi-Fi devices.

 

The emergence of IoT has led to the development of miniaturized sensors and actuators and low-power wireless communication technologies. Besides, the growing adoption of the internet, tablets, and smartphones is paving the way for the introduction of IoT in home security, with the use of smart applications. The IoT has enhanced the quality of products and the consistency of automation systems. Mobile devices and the web act as an interface for the connection of security systems to the cloud; the integration of home security systems with cloud helps in remote monitoring of homes or other infrastructure.

 

The recent advancements in smart sensing and actuating devices, and relevant communication technologies such as Bluetooth Low Energy (BLE), ZigBee, and ANT have eased the integration of IoT in home security systems. The successful integration of the IoT network, which facilitates remote, real-time, and automated monitoring of the home environment, has helped in the development of smart homes. Thus, the wireless technology-enabled security systems are among the major advancements in the field of home security solutions and IoT, which are widely preferred by the homeowners to ensure effective protection. The wireless access to several security options, such as access control, and fire and gas detection systems, offers flexibility, convenience, and assurance to consumers. Wireless control over the smart home devices has increased consumers’ likelihood of purchasing these devices.

 

The introduction of security solutions based on data-driven machine learning and AI is the emerging trend in the home security systems market. The intelligent virtual assistants (IVA), such as Alexa and Google, have already been integrated by companies in different home security systems. The surveillance cameras today use AI and deep learning to empower security with more reliability and accuracy. For instance, Hangzhou Hikvision Digital Technology (China) launched DeepinView Camera Series enabled with the deep learning feature to provide accurate and consistent video content analytics (VCA) performance. The key benefits of this new technology include human body detection, facial recognition, people counting, and vehicle management. The AI-based deep learning and computer vision predict the occurrence of a crime before the actual event. The system can recognize the owners of the house. It learns the residing family’s daily routine, especially with the families having frequent visitors, and any unusual event. AI powers the surveillance cameras enabling them to analyze live video.

 

1. Professional Home Security Systems

While many systems use wireless components that are installed using double-sided tape, some high-end systems use components that require professional installation. These soup-to-nuts systems typically cost considerably more than DIY systems and offer 24/7 professional monitoring, but you may have to enter into a multi-year contract and pay a hefty termination fee if you break it. They usually use touch-screen hubs that contain RF, Wi-Fi, Zigbee, and Z-Wave radios, allowing them to communicate with and control a multitude of components including door and window sensors, door locks, glass break detectors, indoor and outdoor cameras, light switches, motion and water detectors, smoke/CO alarms, thermostats, video doorbells, and a host of other home automation devices.

 

With a professionally monitored system, when a smoke or intrusion alarm is triggered, an agent will first try to reach you via the two-way control panel before calling your listed phone number. If you fail to respond, the agent will call 911 to dispatch an emergency responder to your home. The nice thing about professionally installed systems is you don’t have to lift a finger; after you’ve placed your order a technician will come to your home, set everything up for you, and show you how the system works. It’s important to note that in some areas you may have to file for a permit to have a security system installed in your home.

 

2. High growth potential of home cloud solutions

Any smart security system worth its salt offers components that work together in a seamless environment and can be manipulated using customized rules. For example, you can create rules to have the lights turn on when motion is detected, have your doors unlock when a smoke alarm goes off, and have a camera begin recording when a sensor is triggered. Some systems store recorded video locally on an SD card or a solid state drive, while others offer cloud storage. Locally stored video is a good choice for do-it-yourselfers on a budget, but you have to be careful not to overwrite video you may need later. Cloud storage makes it easy to store and access recorded video, but it can cost hundreds of dollars per year depending on your subscription. Some systems offer both cloud storage and local storage, and some provide a dedicated storage drive that gives you DVR capabilities with time-lapse recording, which makes it easy to find a video event that took place at a specific point in time.

 

According to Technavio, home cloud solutions consist of three types of digital data: content (video, music and pictures), productivity (email, documents and contacts) and sensors (data collected through smart meters, e-Health devices and other smart home devices). Increasing the amount of data, primarily video, is creating a strong demand for remote storage and access. “Home cloud solution companies provide a vast array of offers such as interactivity, service personalization, and multi-screen usage,” Rakesh Kumar Panda, a lead analyst from Technavio’s M2M and connected devices research team, said in a statement. “For instance, Hulu Plus and Spotify deliver multi-screen services, whereas Boxee integrates various locally stored and online content that helps users share their preferences and content with friends by integrating their social network information.”

3. Remote arming of the smart home alarm system

Technavio’s research states that home security systems do not function effectively unless they are armed. Piper an all-in-one home security system offered by Icontrol Networks, features smart arming that allows users to set their system remotely through the Piper app. The arming via app feature was a collaboration of Icontrol and Life 360.

The app allows users to check if anyone is at home and sets the alarm when it detects the home is vacant. It also provides notifications to inform the law enforcement by text, phone call and email, should it detect untoward behavior. Piper uses a Z-Wave compatible and Wi-Fi-enabled camera to monitor residencies by panoramic video and sound detection.

4. Integration of pocket drones with personal security features

Pocket-sized drones fly at an altitude of 20 feet and can capture vital identification information of an assailant. Their control devices have a built-in biometric scanning system to prevent an assailant from operating or stealing the device. Their recharge system can be deployed in less than 20 seconds. Pocket-sized drones can be controlled using radio controllers or through Android phones with a USB port.

5. Adoption of cloud-based technologies

Smart home security systems are based on the centralized control of the home gateway where the intelligence has shifted onto cloud networks. Cloud-based services decrease the complexity of software issues in the devices and diminish the interoperability of devices in a simpler way. Most residential users are rapidly adopting cloud-based residential security solutions that are user-friendly, self-monitoring and can be operated from remote location.

“Cloud-based services are also used to store images captured by surveillance systems that can be used on demand. It ensures low cost of ownership and on-demand scalability without any additional cost for homeowners,” Rakesh stated.

 

 

Home Security market

The global home security systems market size was valued at USD 53.6 billion in 2020 and is expected to reach USD 78.9 billion by 2025, at a CAGR of 8.0% during the forecast period. The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems, the emergence of the Internet of Things (IoT) and wireless technologies and increasing adoption of IP cameras for video surveillance amid COVID-19 crisis.

 

 

The smart home security market is driven by increasing crime rates across the globe. With the increasing crime rates, the consumers are increasingly focusing on safety and security systems especially in residential areas. Smart home devices such as smart alarms, smart cameras, and smart lockers are being preferred by households to be more safe and secure. According to home burglary statistics of 2018, 88% of all burglaries are residential in nature and there is a 300% possibility of theft in homes without security systems. In 2018, according to a Congressional Research Service report on recent violent crime trends in the United States, violent crime and homicide rates have been increased by 7% and 21% respectively in the US from 2014 to 2016.

 

These systems are equipped mainly with cameras, alarms, monitoring devices, locks, detectors, sensors to meet the need of any unwanted activities such as theft or burglary. Given the enhanced competences of connected home security systems, devices with multiple features are encouraging its adoption across a wider range of consumer demographics. This in turn is expected to facilitate the growth of global connected home security system market worldwide.

 

Based on product type, cameras and monitoring systems demonstrated largest market share in the global connected home security system market in 2017. The segment expected to grow at a substantial rate in the years to come. Camera and monitoring systems are the most popular home security products. Increasing incidents of house robbery and thefts is encouraging the house owners to invest into enhanced safety and security solutions with efficient & effective cameras and monitoring systems. As a result, widespread adoption of these products is supplementing its growth in the connected home security system market.

 

video surveillance systems accounted for the largest market share of the market. Video analytics enhances the performance of video surveillance systems through real-time event detection, post-event analysis, and statistical data extraction while saving manpower costs and increasing the effectiveness of the surveillance system operations. Video analytics algorithms may be implemented to analyze recorded video, which is a challenging and time-consuming task for a human operator, especially in cases where the volume of video data to be removed is huge. Through the rapid analysis of a recorded video, video analytics can pinpoint an event in the recorded video and retrieve the relevant video segment from the stored video.

 

The pandemic COVID-19 has severely impacted the growth of the global home security systems market. Global sales are expected to decline by 5–10% in this fiscal year, depending upon the progression of the virus spread. The impact of COVID-19 on major markets such as the US and China has been significantly adverse, as supply chain disruption in China has resulted in a decline in the demand for home security systems. The decrease in the number of new construction projects and the closure of manufacturing facilities are some of the factors affecting the demand in China. The market in the US is expected to show stronger growth in comparison to other countries in the Americas region. Still, a decline in the adoption of security systems in the short term and ongoing trade tension with China are expected to affect the growth of the home security systems market in the region.

 

In the past few years, there has been an unprecedented growth in the number of devices being connected to the internet. All these internet connected devices forms a part of IoT infrastructure which allows them to send and receive data among themselves. As a result, rising need of having seamless connectivity and proliferation of remote monitoring have aided the growth of connected home security systems market worldwide. Rising fears about security in residential areas coupled with increasing consumer familiarity with smart devices, the potential solutions they provide has prompted several homeowners to invest in the advanced security measures. The connected home security systems offers an extensive range of features to alert the owners and avert the harm through emergency notifications.

 

The high installation costs of smart home security devices is restraining the growth of the smart home security market. Being a relatively new technology, the setup cost for smart home security systems and the cost of other related expenses such as utilities, maintenance, and repair of the technology are high. Cost of home security devices depends on the plan of the installation and size of the property. Installation of alarm systems and security cameras is more expensive when compared to other smart home security devices. The basic smart home security system consisting of a burglar alarm, thermostat, outdoor lighting and a backdoor lock which can be controlled from remote device costs $2,500. An advanced and high-end security and home automation system can cost $1.8 million. In 2019, the cost range for installation of basic security cameras was between $663 – $2,019.

 

The high cost associated with the installation and maintenance of home security systems is expected to be the key factor limiting the growth of the market. Customers are increasingly becoming aware of the benefits of home security systems; at the same time, they are skeptical of making investments since the prices of security systems are still not affordable for many consumers. Expensive hardware and cost of ownership have hampered the adoption of home security systems. Expensive hardware and consultation regarding the use of these systems increase the installation cost. Moreover, the cost of ownership will be even higher as it includes maintenance charges, monitoring subscription fees, the replacement cost of parts, as well as installation costs. The monthly subscription fees charged by third-party monitoring players range from USD 150 to USD 1500. In addition to this, the cost incurred by residents installing home security systems varies with customization demanded to add extra features and services, such as two-way communication, smart video monitoring (including AI and other advanced image sensors), and cellular back up. Moreover, the software installed in the home security systems for advanced analytics is expensive, which also adds to the overall cost of security devices.

 

Major Chinese manufacturers of home security systems are headquartered in Hubei province, the epicenter of the pandemic, impacting domestic vendors such as Hikvision, ZKTeco, and Dahua with labor shortages and production delays throughout the country. The effect the coronavirus will have on the global supply of security equipment will largely depend on how the situation in China stabilizes and by when the factories resume operations. Furthermore, the chances of a trade war between the US and China have led many American suppliers to stockpile products and components manufactured in China cautiously.

 

Americas to hold the largest share of the market, in terms of value, in 2019. The largest size of the American market is attributed to the early adoption of home security systems in this region. Moreover, the region is home to major companies functional in the market, such as Johnson Controls (US), Honeywell (US), and UCT (US). Also, the prominent monitoring security service providers—such as ADT (US), Vivint (US), and Protect America (US)—generate the majority of their revenues from this region. Moreover, economically and technically developed countries, such as the US and Canada, hold a large number of households with high disposable income. Additionally, the introduction of IoT and the development of smart cities have fueled the growth of the home security systems market in the region.

 

The major players operating in the smart home market are ADT LLC. (ADT) (US), Honeywell International Inc. (Honeywell) (US), Johnson Controls International plc. (Johnson Controls) (US), HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO. LTD. (HANGZHOU HIKVISION DIGITAL TECHNOLOGY) (China), ASSA ABLOY AB (ASSA ABLOY) (Sweden), SECOM CO. LTD. (SECOM) (Japan), Robert Bosch GmbH (Robert Bosch) (Germany), United Technologies Corporation (United Technologies) (US), Godrej and Boyce Mfg. Co. Ltd. (Godrej & Boyce) (US), Alarm.com Incorporated (Alarm.com) (US), Allegion Plc. (Allegion) (Republic of Ireland), Control4 Corporation (Control4) (US), Schneider Electric SE. (Schneider Electric) (France), Legrand Pvt Ltd. (Legrand) (France), Asea Brown Boveri Ltd. (ABB) (Switzerland), Comcast Corporation (Comcast) (US), STANLEY Convergent Security Solutions, Inc. (STANLEY Convergent Security Solutions) (US), Nortek Security & Control LLC (Nortek Security & Control) (US), and Vivint, Inc. (Vivint) (US). Besides, the other key companies, including innovators and start-ups in the home security systems market, are Armorax (US), Nest Labs, Inc. (Nest Secure) (US), Loop Labs, Inc. (Notion) (US), Canary Connect, Inc. (Canary) (US), Scout Security Inc. (Scout) (US), Simplisafe (US), and Cacoon (US). A few of the major strategies adopted by these players to compete in the smart home market include product launches and development, partnerships, and mergers and acquisitions.

 

References and Resources also include:

https://www.pcmag.com/picks/the-best-smart-home-security-systems

https://www.alarms.org/best-home-security-systems/

https://www.rambus.com/iot/smart-home/

 

 

About Rajesh Uppal

Check Also

Software Defined Radio (SDR) market for Commercial and Military

A radio is any kind of device that wirelessly transmits or receives signals in the …

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!