The proliferation of consumer Internet of Things and cloud-based services is creating a technological revolution for the home security industry
BOULDER, Colo.--(BUSINESS WIRE)--#ConnectedDevices--A new report from Navigant Research examines the global market for home security and automation solutions, providing global market forecasts quantifying shipments and revenue, through 2028.
The professional security market is a mature, established industry with a proven business model that has successfully operated for decades. However, this market is going through a significant transition as technology creates a shift from traditional professional security monitoring to solutions based on interactive services. Click to tweet: According to a new report from @NavigantRSRCH, revenue for home automation and security is expected to increase from $41.5 billion in 2019 to $71.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
“The proliferation of consumer Internet of Things (IoT) and cloud-based services is creating a technological revolution among a variety of industries, including home security,” says Neil Strother, principal research analyst with Navigant Research. “In this industry, technology is driving a market transformation based on a clear value proposition, increased affordability, and new capabilities and added value.”
According to the report, this technological revolution has led to the development of other dynamics in the security industry. Do-it-yourself (DIY) solutions are emerging as an affordable alternative to professionally monitored solutions, which are bringing customers into the security world that may have otherwise been left out of the market. Additionally, non-traditional players are also exploring security as a means of creating value as their traditional business models are threatened by disruption.
The report, Smart Home Automation and Security, analyzes the global market for home security and automation solutions, focusing on a range of connected devices, including motion, door, and window sensors; garage door controllers; door locks; video doorbells; cameras; monitoring and installation services; and market dynamics between DIY and professionally installed solutions. This report provides an analysis of key market drivers, barriers, trends, and the competitive landscape. It includes global market forecasts quantifying shipments and revenue through 2028. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Guidehouse, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Smart Home Automation and Security, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.