Home Wi-Fi Security Device Market Trends

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)

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 â€“ 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 Trends