International. The growing number of consumers who prefer a more effective and convenient way to secure their property has caused the rapid growth of the global smart home security market.
According to PreciseSecurity.com research, the expansion trend will continue in the following years, with the global shipment of home monitoring and security devices reaching more than 307 million units by 2023.
Home monitoring and security devices will grow at a CAGR of 18.4% in 2023.
The global smart home device market reached shipments of nearly 815 million units this year. Based on 2019 data, it is forecast to grow at a five-year CARG of 14.4% and reach 1.34 billion items by 2023. The most significant portion of that amount or 339.8 million units comes from the video entertainment category alone. However, surveys confirm that home security and monitoring devices are the sections that are expected to grow the most between 2019 and 2023.
In 2018, this market segment recorded 97.7 million units sold. Over the next twelve months, the same share of the market reached 156.6 million units purchased. Recent surveys indicate that home monitoring and security equipment such as smart locks, surveillance cameras and video doorbells will account for 22.1% of global shipments of smart home devices in 2023 with a CAGR of 18.4%.
Smart video doorbells are expected to reach $1.4 billion in spending by 2023.
Statistics show that video doorbells are one of the most common purchasing decisions among smart home buyers worldwide. This relatively young segment of the smart home market is forecast to reach $1.4 billion in spending globally by 2023.
Recent surveys show that video doorbells are the most sought-after smart home devices in U.S. broadband homes, as of 2019. Nearly 4 million video doorbells were sold in the United States during this year, with a forecast to reach 5.6 million units by 2023. Other common items among U.S. smart home buyers were smart speakers with voice assistants, smart light bulbs, and smart smoke detectors.
