The connected home security system market report considers the revenue generated of various types of alarms (fire alarms and burglar alarms), digital electronic locks, sensors, video cameras, video monitoring systems, and detectors (fire detector, CO detector, and HVAC detector).
Connected home security system market is high growth potential of home-based cloud solutions. Home-based cloud solutions provide ubiquitous and collaborative benefits, despite data management concerns.
The home-based cloud consists of three types of digital data, namely content (video, music, and pictures), productivity (e-mail, documents, and contacts), and sensors (data collected via smart meters, e-health devices, and other smart home devices). Increasing amount of data, mainly video, is responsible for the pressing need for remote storage and access.
Home-based cloud solution companies provide a vast array of offers such as interactivity, service personalization, and use across multiple screens
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The analysts forecast global connected home security system market to grow at a CAGR of 27.12% during the period 2017-2021. One driver in market is cost savings due to effective monitoring technology.
Smart homes enable interactive security systems that enhance security features for the users. Smart homes generally incorporate different automatic systems, including motion and window sensors, thermostats, light controls, and door lock controls that receive remote control signals and act upon them.
The price of connected security systems ranges from $100-$300 for a basic package that includes equipment but not service. The upfront deployment cost of a basic connected security system for an average household would be more than $500.
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Global connected home security system market: ADT, AT&T, Comcast, and Tyco Security Products. Other Prominent Vendors in the market are: Alarm.com, August Home, Butterfleye, Canary Connect, Cocoon Labs, Control4 Corporation, Deutsche Telekom, Frontpoint Security Solutions, G4S, Google, Honeywell International, ICONTROL NETWORKS (Piper), Indiegogo, Kuna Systems, Kwikset (Owned by Spectrum Brands), MivaTek, Nest (Dropcam), Panasonic, PatrolTag, Protect America, Samsung, SECOM, Securitas, SimpliSafe, Verizon Communications, Vivint, Vodafone, and Withings.
Further, the report states that one challenge in connected home security system market is privacy and security concerns. M2M technology facilitates communication among supply chain players for promoting easier inventory management.
It offers retailers a complete and innovative method of communication with clients to enable effective shopping experiences. An IoT system connects remote machines with systems, machines, and people.
However, if the number of interfaces linking the components is increased, the entire system becomes vulnerable to breaches. With the advent of M2M technology, the number of connected devices worldwide has increased expeditiously over the past few years.
All Wi-Fi enabled devices are now operated using cloud technology. While this makes operations simpler, privacy becomes a major concern.
With regard to smart homes, individuals focus on the security aspect while adopting any new technology. Public or unauthorized access to cloud information could lead to cyber threats and compromise the integrity of the entire system.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors