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Home Wi-Fi Security Device Market Size & Share, by Product (Smart Locks, Sensors, Smart Alarms, Smart Security Cameras, Monitoring System, Smart Detectors); Component (Hardware, Software, Services); Application (Independent Homes, Apartments, Condominiums) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 152
  • Published Date: Sep 30, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Home Wi-Fi Security Device Market size is likely to expand at more than 22.7% CAGR during the forecast period i.e., between 2024-2036.

Further, the home Wi-Fi security device market generated a significant revenue in the year 2021. The growth of the market is primarily attributed to the worldwide increasing safety and security concern for residents and residential goods. For instance, in 2020, approximately USD 17 billion worth property was reported stolen.

Home Wi-Fi Security devices encompass smart home security devices and related services that allow the user to operate the security system via Wi-Fi enabled devices such as mobile phones, tablets, smart watch, and voice, which helps to secure homes from a distance as well. Such type of Wi-Fi security device is a combination of software and hardware devices designed to detect intervention or unauthorized access if a secure zone is infringed. Therefore, increasing number of smart homes with integrated smart home Wi-Fi security devices is leading the demand of these home Wi-Fi security device market. For instance, there were approximately 260.55 million smart homes in the world by the end of 2021.

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Home Wi-Fi Security Device Market: Growth Drivers and Challenges

Growth Drivers

  • Surge in Wi-Fi penetration – Wi-Fi or internet is an integral part of today’s world. Internet is such a boon that provide numerous advantages in day to day life, from staying connected to learning a new skill and safeguarding homes. Currently, around 5 billion people have internet access across the globe.
  • Growing Use of Smartphones - The smartphones have transformed not only the paradigm of our communication but also transformed the way of our living. Now we use smartphones for several other activities too, including the security of our homes. For instance, the global smartphone user base is expected to reach 6 billion by 2022, representing a yearly growth of 5%.
  • Rising Trend of IoT Devices – With rising implementation of IoT devices in home security, now we are capable to manage and detect the security of our homes from anywhere. There were over 10.5 billion active IoT devices in 2021, and this figure is projected to surpass by 25 billion in 2030.
  • Growing Prevalence of Urbanization - The massive migration of people from rural to urban areas is scaling up the state of urbanization across the globe. The rise in urbanization is boosting the adaption of home Wi-Fi security devices to maintain the security and safeguard of residences. Around, 55% of world’s population is residing in cities and its estimated to increase 80% by 2050.
  • Increasing Integration of AI (Artificial Intelligence) - Currently, AI (Artificial Intelligence) is stepping in each field where technology is required to complete a task with a more sophisticated way. AI has progressed to the point where security verification and authentication are executed using face and visual recognition. So, increasing integration of AI (Artificial Intelligence) is revolutionizing the home Wi-Fi security device. For instance, the number of AI-powered voice assistants is expected to hit approximately 9 billion by 2023.

Challenges

  • High Set Up Charges of Home Wi-Fi Security Device
  • Multiplicity of Smartphones and Security Systems
  • High Data Charges

Home Wi-Fi Security Device Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

22.7%

Regional Scope
  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Home Wi-Fi Security Device Segmentation

The global home Wi-Fi security device market is segmented and analyzed for demand and supply by product into smart locks and sensors, smart alarms, smart security cameras and monitoring system, and smart detectors, out of which, smart security cameras and monitoring system segment is expected to hold the highest growth over the forecast period owing to the globally increasing crime scenarios, and their enhanced security feature through facial recognition, voice recognition, and fingerprints. For instance, in the United States, the rate of violent crime has increased to approximately 48.20 per 100,000 residents by 2022.

Our in-depth analysis of the global home Wi-Fi security device market includes the following segments

By Product
  • Smart Locks and Sensors
  • Smart Alarms
  • Smart Security Cameras and Monitoring System
  • Smart Detectors

By Component
  • Hardware
  • Software
  • Services

By Application
  • Independent Homes
  • Apartments
  • Condominiums

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Home Wi-Fi Security Device Industry - Regional Synopsis

North America Market Statistics

Regionally, the global home Wi-Fi security device market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is predicted to dominate majority revenue share by 2036, backed by expansion of smart cities, rapid adoption of home Wi-Fi security devices in this region, and increasing investment in the research and development in the region. As per the World Bank statistics, in 2020, the yearly research and development expenditure in North America accounted for 2.63% of the total Gross Domestic Product (GDP).   

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Companies Dominating the Home Wi-Fi Security Device Landscape

    • ADT
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Honeywell International Inc.
    • ASSA ABLOY
    • Vivint, Inc.
    • SimpliSafe, Inc.
    • Axis Communications AB
    • NETGEAR Inc.
    • Hangzhou Hikvision Digital Technology Co. Ltd
    • Cove Smart, LLC
    • Bosch Service Solutions GmbH

In the News

  • August 3rd, 2022: ADT is expected to sell, install, and service the indoor Google Nest Cam, outdoor Nest Cam, Nest Cam with floodlight, Nest Wi-Fi, and Nest Thermostats, as well as Nest speakers and displays.
  • August 9th, 2022: ASSA ABLOY has acquired J Newton Enterprises Inc, a leading company in Florida that distributes and services pedestrian doors.  

Author Credits:  Abhishek Verma


  • Report ID: 152
  • Published Date: Sep 30, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Surge in Wi-Fi penetration, growing use of smartphones, rising trend of IoT devices, and growing prevalence of urbanization are some major factors driving the growth of the market.

The market is anticipated to attain a CAGR of ~23% over the forecast period, i.e., 2022 – 2031.

High set up charges of home Wi-Fi security device, multiplicity of smartphones and security systems, and high data charges are estimated to hamper the market growth.

The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

The major players in the market are ADT, Honeywell International Inc, ASSA ABLOY, Vivint, Inc., SimpliSafe, Inc., Axis Communications AB, NETGEAR Inc., Hangzhou Hikvision Digital Technology Co. Ltd, Cove Smart, LLC, and others.
Home Wi-Fi Security Device Market Report Scope

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