Connected Home Security Market Expected to Grow through 2024
The connected home security market is projected to grow through 2024 by a compound annual growth rate (CAGR) of at least 15%, according to multiple sources.
Reports from Technavio and Credence Research both project strong growth in the market, of which the US maintains the lion’s share. Technavio predicts that 34% of global growth will come from the US between 2020 and 2024.
Reports cite new monitoring features, reduced costs of monitoring services and an increased familiarity with smart devices among consumers as drivers of the projected growth. Some are more bullish than others: Technavio’s forecast considers growth through 2024 and predicts a 17% CAGR, while Credence Research predicted a slower 15% CAGR through the year 2026. Both could be right, with a stronger growth through 2024 that tapers off into 2026.
This strong upward trend points toward continued growth in the security markets despite the frightening past few months of pandemic-related economic shutdowns. These projections give another reason for integrators to keep their heads high and expect results from their persistence. The short term might seem uncertain, but the best guesses from market research suggest long term prosperity for the connected home security market.
A more in-depth, room-by-room look at the smart home opportunity is available from ESA. Download the full smart home analysis today.