As hardware, installation, and monitoring costs continue to fall, adoption of SHSS technology will continue to grow.
BOULDER, Colo. , June 20, 2024 /PRNewswire/ — A new report from Guidehouse Insights examines the global market for smart home safety and security (SHSS) solutions.
In recent years, safety and security technologies used in smart homes have led to innovative new products such as smart doorbells and smart door locks, improved the performance of existing safety and security products, and made self-installation feasible by incorporating wireless connectivity. According to a new report from Guidehouse Insights, the global SHSS market is expected to grow from $24.2 billion in 2024 to $40.4 billion by 2033, at a compound annual growth rate (CAGR) of 5.9%.
“New technologies are extremely valuable to homeowners around the world and are increasingly valuable to renters as well, and we expect the adoption of security services to grow to levels that were unimaginable until recently,” said William Hughes, principal research analyst at Guidehouse Insights. “As the costs of hardware, installation and monitoring continue to fall, we expect adoption of SHSS technology to continue to grow. More SHSS systems will make residents safer, and the integration of various smart home applications will drive smart home adoption.”
A new big trend is emerging: residents are installing and monitoring their own systems. This shift away from home security companies lowers costs and gives residents a new sense of control over their own homes. For residents who rely on monitoring services, costs are lower, in part because companies can sell the anonymous data they gain from smart home monitoring to interested consumer product companies.
The report, “Smart Home Safety and Security,” analyzes the global market for SHSS solutions, focusing on a range of connected devices and market trends between DIY (do-it-yourself) and professionally installed solutions. The report provides key market drivers, barriers, trends, and competitive landscape analysis, and also includes unit and revenue forecasts for the global market from 2024 to 2033. The executive summary of the report is available to download free of charge from the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights is the proprietary market intelligence division of Guidehouse, providing research, data and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are based on in-depth analysis of the global clean technology market. The team's research methodology combines supply-side industry analysis, primary end-user research and demand assessment with in-depth research of technology trends to provide a comprehensive view of emerging resilient infrastructure systems. For more information about Guidehouse Insights, please visit www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to public and commercial markets, with a broad range of capabilities in management, technology and risk consulting. Combining public and private sector expertise, Guidehouse helps clients address their most complex challenges and navigate significant regulatory pressures with a focus on transformation, business resilience and technology-driven innovation. Through a range of services, including advisory, consulting, outsourcing and digital services, we create scalable, innovative solutions that help clients overcome complexity and position themselves for future growth and success. The company has more than 16,000 professionals in more than 55 locations worldwide. Guidehouse is driven by seasoned professionals with proven and diverse expertise in traditional technology, emerging technology, market and agenda-setting issues that drive national and global economies. For more information, please visit www.guidehouse.com.
*The information provided in this press release regarding the “Smart Home Safety and Security” report is a summary and reflects Guidehouse Insights' current expectations based on market data and trend analysis. Market forecasts and expectations are inherently uncertain and actual results may differ materially from those set forth in this press release or report. Please read the entire report for a complete understanding of the assumptions underlying the report's conclusions and the methodology used to prepare the report. Guidehouse Insights and Guidehouse undertake no obligation to update the information contained in this press release or report.
For further information, please contact:
Cecil Fradkin of Guidehouse Insight
+1.646.941.9139
(email address protected)
Source: Guidehouse Insights
