Smart home with security features provides their owners a peace of mind, knowing that if potential trouble is detected, they will be immediately notified and can take complete control of what to do next to minimize the damage. Although the COVID-19 did influence the global smart home security market, revenues of the entire sector continued growing substantially.
According to data presented by BuyShares.co.uk, smart home security systems are expected to hit $15.1 billion in revenue in 2021, a 27.4% jump in a year. The increasing trend is set to continue in the following years, with revenues rising by 40% to $21.2 billion by 2023. The smart home security market includes the sale of motion sensors, door locks, security cameras, surveillance services connected to a broader smart home, water or smoke sensors and digitally-connected devices for burglar prevention or other security issues.
Even before the pandemic, the revenues of the global smart home security market had been growing at a steady pace, rising from $5.7 billion in 2017 to nearly $10 billion in 2019, revealed the Statista survey. Last year, this figure rose to $11.9 billion despite the effects of the COVID-19 pandemic. Statistics show global smart home security systems revenue is expected to grow by $3.2 billion in 2021. However, the following years are set to witness even impressive growth, with revenues rising by another $6.1 billion by 2023. By 2025, the entire market is projected to reach $27.3 billion value.
Security cameras are the single most-purchased product in the security segment, with a product penetration rate of 2.6% in 2021. By 2023, this figure is expected to rise to 4.3%. Smart locks ranked second with a 1.9% penetration rate this year. Smoke detectors follow with a 1.6%, respectively.
The United States represents the world’s largest smart home security market with over $5 billion in revenue and 22.7 million smart homes in 2021. By 2023, the U.S. revenues are expected to jump to $6.5 billion, or one-third of global smart home security revenues that year. Europe comes second, with over $3 billion in revenue and 19.6 million households in 2021. The European market is expected to grow by 17.1% annually and hit a $4.2 billion value in the next two years.
The smallest region in this comparison is China, with a 2021 revenue of $2.8 billion. However, the country is set to witness the most significant revenue growth or almost 20.9% per year. By 2023, the Chinese market is expected to reach $4.1 billion value.
