Home Security Sensors Market Trends

Growth Drivers

• Rising Danger of Security Threats and Crimes - More and more, new types of data theft are being accessed through homes, they can pose a significant security risk to homes which necessitates the use of security cameras that can alert individuals about suspicious movement around their home or business, even when they are away from the property.

• Growing Adoption of Advanced Technologies such as the Internet of Things (IoT) - By merging AI with IoT, smart home security is made possible that improves the functionality of doorbells, smart lights, CCTV cameras, and fire sensors which helps in detecting environmental changes and notify consumers, and keep an eye on the house. In addition to increasing home security, the Internet of Things (IoT) network, which is made up of embedded electronics, sensors, and software, also allows homeowners to have more access to their properties. It is projected that by 2030, there will be more than 28 billion Internet of Things (IoT) devices globally, nearly doubling from around 15 billion in 2020.

• Presence of Insurance Policies- Many insurance providers provide their consumers discounts when they buy home alarm systems since these companies understand that security solutions work well to discourage illegal activity.
• Increasing Demand for Smartphones- Homeowners desire to use smartphone applications to monitor and control their properties as it allows them to keep an eye on the house from anywhere at any time, and also aids in recording audio and video clips that are automatically saved to the cloud for convenient access whenever needed. For instance, in 2022, more than 38% of people globally owned a smartphone.

Challenges

• High Overall Expenditure - Installing a home alarm system can significantly improve a home's overall security, especially in light of theft and break-ins however these systems are increasingly complex systems, which often require professional installation, and also include the cost of the alarm control panel, cameras, and any additional devices, as well as sensors. Moreover, software updates, repairs, and sporadic battery replacements are typically included in maintenance fees, the cost of which may go up with additional capabilities like video surveillance, home automation, and remote access.

• Need for interoperability among various smart home devices

• Privacy Issues associated with home security sensors and potential vulnerabilities to cyber threats may limit the adoption