DUBLIN--(BUSINESS WIRE)--The "Intelligent Home Security Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The intelligent home security market is projected to grow at a CAGR of 23.27% during the forecast period to reach US$12.846 billion by 2026, from US$2.970 billion in 2019.
The prime reason driving the market growth for an intelligent home security system is the rising construction of smart homes for a better standard of living. Home security systems are required to protect the residential area from unwanted threats. Furthermore, increasing internet penetration coupled with rising internet-of-things technology has enabled the enhancement of these security systems, which is anticipated to create robust demand in the industry. growing multi-complex and society living system has raised security concerns, and hence of intelligent home security systems.
Raised standard of living and increased disposable income has led to the adaption of technology in everyday life, including security systems at home for security as well as convenience. The rising crime rate and growth in the geriatric population have raised serious concerns and led to the adoption of intelligent security systems at home. Technological advancement in the industry is expected to attract consumers. The factors are expected to play a crucial role in the market growth of the intelligent home security industry. However, significant installation, maintenance, and miscellaneous costs associated with the technology are estimated to hinder market growth, particularly in low and middle-income countries.
With the increased population, demand in the residential construction industry is anticipated to shoot up. Smart homes, a major end-user of intelligent home security system, accounts for a significant share of the residential construction market.
The prime factor which is expected to drive lucrative growth in the intelligent home security market is the rising construction of smart homes. With the rise in population, demand for smart homes is expected to surge at a significant level. The United States predicts that the global population will increase to 9.5 billion by 2050, from 7.5 billion in 2019.
The population growth is expected to drive demand for residential construction, including smart homes. Further, with technological advancement, consumers today prefer smart homes having various advanced technology, over the traditional home. It is estimated that smart home construction will grow at a CAGR of around 20% between 2021 to 2025. Positive growth in the industry is expected to derive promising growth in the intelligent home security market.
Furthermore, increased smart home and smart cities construction projects across the Asia Pacific region are projected to escalate the market. In India, the government has recognized 99 cities that have the potential to become smart cities and contribute significantly towards the GDP. These cities are under planning and adoption of advanced technology, including smart home devices, that is expected to boom the domestic intelligent home security market. Similarly in China, the government invested US$255 billion in the reconstruction of Shantytown, which is expected to renovate/ reconstruct 6 million households, upgrading them with smart home devices. In Saudi Arabia, the construction of King Abdullah Economic City, which is a US$100 billion projected, is expected to increase the market prospects.
The coronavirus pandemic negatively impacted the intelligent home security market. nationwide lockdown resulted in a halt in the construction industry, which decreased the market demand.
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