International. Smart home security systems are expected to reach $15.1 billion in revenue in 2021, an increase of 27.4% in one year. The upward trend is forecast to continue in the coming years, with revenue increasing 40% to $21.2 billion in 2023, according to data presented by Buy Shares.
Although COVID-19 influenced the global smart home security market, revenues across the sector continued to grow substantially.
Smart security cameras, the most purchased individual product in the security segment
The smart home security market includes the sale of motion sensors, door locks, security cameras, surveillance services connected to a wider smart home, water or smoke sensors, and digitally connected devices for the prevention of theft or other security issues.
Like other smart devices, these solutions come with mobile apps for wireless access and device status information. In addition, many of them can be configured without special knowledge, which makes these products interesting for a wider audience looking for affordable and easy-to-use security solutions.
Even before the pandemic, revenue from the global smart home security market had been growing at a steady pace, going from $5.7 billion in 2017 to nearly $10 billion in 2019, Statista's survey revealed. Last year, this figure rose to US%11.9 billion, despite the effects of the COVID-19 pandemic.
Statistics show that global revenue from smart home security systems is expected to grow by $3.2 billion in 2021.However, the following years will witness even more impressive growth, with revenues rising by another $6.1 billion by 2023. By 2025, the entire market is projected to reach a value of $27.3 billion.
Statista's survey also confirmed that security cameras are the most purchased product in the security segment, with a product penetration rate of 2.6% in 2021. By 2023, this figure is expected to rise to 4.3%. Smart locks ranked second with a penetration rate of 1.9% this year. It is followed by smoke detectors with 1.6%, respectively.
U.S. Market Leads in Revenue, China to Witness Highest Growth
The United States represents the world's largest smart home security market with more than $5 billion in revenue and 22.7 million smart homes in 2021. By 2023, U.S. revenue is expected to rise to $6.5 billion, or one-third of global smart home security revenue in that year.
Europe ranks second only to the United States with more than $3 billion in revenue and 19.6 million households in 2021. The European market is expected to grow by 17.1% annually and reach a value of US$4.2 billion over the next two years.
The smallest region in this comparison is China, with revenues in 2021 of $2.8 billion. However, the country is poised to witness the most significant revenue growth or nearly 20.9% annually. By 2023, the Chinese market is expected to reach a value of US$4.1 billion.
Source: Buy Shares.
