The smart-home security market is set for a CAGR of 16.2% moving from $25.8bn in 2022 to $112.6bn by 2032, according to Allied Market Research.

Smart-home security involves the use of various IoT-enabled technologies to allow consumers to manage and monitor their home security remotely. These systems can control surveillance inside and around the home as well as the accessibility to the doors if the home is equipped with smart locks. In addition, these systems let users control their residences in real time, alerting homeowners of any unusual activity or unauthorised attempts to open doors or windows.

In contrast to conventional home security systems, smart security systems continue to monitor and issue alarms even when they are disabled.

Companies operating in the smart-home security market include Abode Systems, ADT, Assa Abloy, Frontpoint Security, Hangzhou Hikvision Digital Technology, Honeywell, Ingersoll Rand, Johnson Controls, Robert Bosch and Vivint Smart Home. These players have adopted various development strategies such as business expansion, product launches and partnerships, which help drive the growth of the industry globally.

North America dominated the market in 2022, as this region has witnessed significant adoption and investment in smart-home security systems, driven by factors such as technological advancements, increasing consumer awareness and the presence of key market players. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is due to the rapid growth in urbanisation among individuals and increases in investment in smart city projects, which also increase security.

Moreover, with the growth of urbanisation, there is an increasing demand for intelligent home security systems that can improve home safety and efficiency. This includes motion sensor detectors for individuals, home monitoring, notifications and alerts of suspicious behaviour, and the ability to lock doors or windows remotely using a phone.

Overall, the market is driven by the need for intelligent and automated security systems that can provide security in real time, enabling individuals to make informed decisions and act based on behaviour.

Based on application, the condominiums and apartments segment held the highest market share in 2022, accounting for nearly three-quarters of market revenue, and is estimated to maintain its leadership throughout the forecast period. This is due to the rise in the adoption of smart-home security tools. However, the independent homes segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032. This is attributed to the growth in the penetration of IoT devices in independent homes.

Based on components, the hardware segment dominated the market in 2022 and is expected to continue this trend during the forecast period. The rise in concerns regarding effective security, including property damage and personal belongings safety, is the major driver for the growth of the hardware segment. However, software segments are expected to grow most during the forecast period. The growth in demand for connected devices and internet technology is one of the primary reasons enterprises are increasing their investments in software.

Based on device type, the smart cameras and monitoring system segment accounted for the largest share in 2022, contributing to nearly two-fifths of the smart home security market revenue, as advances in technologies enable smart cameras to provide a visual representation of the home and allow remote monitoring from any place. However, the smart sensors and detectors segment is expected to portray the largest CAGR of 21.1% from 2023 to 2032 and is projected to maintain its lead during the forecast period. This is because smart sensors and detectors are used in a wide range of scenarios such as smart grids, combat reconnaissance, exploration, and many scientific applications such as monitoring and control mechanisms.

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