The global connected home security system market is expected to grow at a CAGR of 48.06 percent during the period 2016-2020, according to a report by Research and Markets.
Connected home security solutions include night-vision 3D video cameras, electronic locks, motion sensors, burglar alarms and monitoring devices. Home-integrated networks play a vital role in effective functionality of these security systems.
Connected home security market innovations such as decreased hardware prices, advances in wireless standards, smartphone penetration, improved bandwidth and well-positioned apps for accessing home systems are fueling the growth of this market. Vendors are expanding their distributions channels and R&D expenditure to improve their product offerings and leverage on the trend of home automation to provide homeowners with enhanced security.
According to the report, the growing demand for home security systems and the recent increase in smartphone penetration will aid in the growth of this market during the predicted period.
Further, the report states that with the advent of IoT, the number of connected devices worldwide has increased significantly over the past few years. All Wi-Fi-enabled devices operate on cloud technology where privacy is one of the major concerns when adopting smart home technology.
The report also listed the following companies as key vendors: ADT, AT&T, Comcast, Honeywell Total Connect and Verizon.
This was originally published on CE Pro's sister site Security Sales & Integration.