More and more people are investing in home security, and a new study expects that trend to continue in the years to come. A recent report from Technavio expects spending on home security to hit $15.6 billion globally in 2021.
The study cites the growing penetration of smartphones as a major driver for the home security market. The always-on connection of mobile networks offers more ways to monitor security systems from anywhere, giving users more control and insight from their systems.
The study found that systems from AT&T and Comcast will likely lead the 27 percent growth in terms of raw numbers, thanks to their integrations with other home networking products. ADT and Tyco Security Products will also continue to be big names in the coming years.
However, smaller players offering DIY solutions and better deals will really help the market grow with younger users and those who never considered home security systems, helping consumers who had eschewed home security due to the cost and complexity of getting secured.
Within the home security market, cameras and monitoring systems are likely to be one of the largest growth segments. Not only do cameras provide evidence if something goes wrong, but they also serve as a deterrence for criminals breaking in in the first place. And monitoring lets professionals take over when you’re too busy to check a notification on your smartphone.
The Internet of Things is also helping security systems get smarter with more sensors and connections than ever before. Smart locks are set to explode in the coming years, and sensors and detectors that connect to lighting or heating gadgets in addition to security systems will help that segment proliferate.
Alarms, which currently make up the lion’s share of the market, will likely still be the largest segment in coming years, as they provide clear benefits like alerting neighbors or users inside the home of a problem. However, other segments will likely grow much faster as the tech behind them becomes cheaper and more effective.
The bottom line is that there are just more options for consumers to feel secure than ever before. And with falling peacefulness around the world, people are taking any measures they can afford to increase their safety.