The development of intelligent home security systems is being spurred on by the prospect of satellite-enabled systems and cloud-based technologies.
The global smart home security solutions market is gaining traction driven by growing demand for wireless locks and alert systems, advancements in internet-enabled technologies and the growing adoption of cloud-based security technologies.
Home security solutions, which include alarm systems, video surveillance systems, access control systems and integrated home networks are all playing a key role in the market.
Growing rates of crime in some areas are behind the demand for more secure homes and building, with demand particularly strong for security cameras, audio-visual surveillance systems and home integrated security systems.
The connected home
Growth in the smart home security solutions market is also driven by the trend towards digitisation, growing demand for security equipment, advancements in new technologies, and increasing adoption of connected technologies such as the Internet of Things (IoT) by providers of home security solutions.
Technological innovations, such as security automation in building infrastructure and government initiatives like smart city projects, are also contributing to the rising adoption of smart home security solutions.
In addition, advancements in wireless standards, the rising proliferation of smartphones, and falling hardware prices are also fuelling growth in the home security solutions market.
Smart security systems based on IoT are advancing with the development of home security systems, such as home alarm set-ups, surveillance cameras, home safes and motion sensors on doors and windows.
Satellite video surveillance
The ability of smart connected devices to monitor and secure a home opens up a range of possibilities for homeowners and the emergence of IoT is having a positive impact on satellite-enabled sensors in security and surveillance. It is expected this technology will add value to the consumer.
Adoption of IoT in security and surveillance comes with the promise of many benefits, such live video surveillance, remote control and management of surveillance devices, smarter security decisions based on real-time data and improve security systems and processes.
Challenges and key players
However, the market for smart security is highly fragmented due to the presence of several large and small vendors. The development of new technologies as well as new products is expected to intensify competitiveness, putting pressure on key industry players to distinguish their product and service offerings through clear and unique value propositions.
Some businesses are worthy of mention. Axis Communications is considered one of the front-runners in the smart security market. Its products include video encoders, physical access control products and video management software. Bosch Security Systems offers equipment for video surveillance, intrusion, and fire detection applications. Honeywell Security is considered a global leader in security and automated solutions for commercial and residential purposes. NICE Systems, has an extensive product and solution offering at a global level to diverse markets including as banking, telecommunication, insurance and retail.