Adoption of SHSS technology will
continue to grow as the costs for hardware, installation, and
monitoring continue to decline
BOULDER, Colo.,
June 20,
2024 /PRNewswire/ -- A new report from Guidehouse
Insights examines the global market for smart home safety and
security (SHSS) solutions.
In recent years, the safety and security technology used in
smart homes has created new and innovative products such as smart
doorbells and smart door locks, enhanced the performance of
existing safety and security products, and embedded wireless
connectivity to make self-installation a viable option. According
to a new report from Guidehouse Insights, the global market for
SHSS is expected to grow from $24.2
billion in 2024 to $40.4
billion in 2033 at a compound annual growth rate (CAGR) of
5.9%.
"New technologies are of immense value to homeowners globally,
and increasingly to renters as well, and they are expected to drive
penetration of security services to levels that were unimaginable
until recently," says Willian
Hughes, principal research analyst with Guidehouse Insights.
"As the costs for hardware, installation, and monitoring continue
to decline, we expect adoption of SHSS technology will continue to
grow. The presence of more SHSS systems makes the population safer
and will encourage more smart home adoption as the different smart
home applications become increasingly integrated."
A major new trend is for residents to install and monitor their
own systems. This shift away from residential security contractors
lowers costs and offers residents a new sense of agency over their
homes. For those residents that rely on monitoring services, their
costs are lower, in part because companies are able to sell
anonymized data from smart home monitoring to interested consumer
product companies, according to the report.
The report, Safety and Security for Smart Homes, analyzes
the global market for SHSS solutions, focusing on a range of
connected devices and the market dynamics between DIY
(do-it-yourself) and professionally installed solutions. The report
provides an analysis of key market drivers, barriers, trends, and
the competitive landscape, and includes global market outlooks for
unit sales and revenue from 2024 through 2033. An executive summary
of the report is available for free download on the Guidehouse
Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of
Guidehouse, provides research, data, and benchmarking services for
today's rapidly changing and highly regulated industries. Our
insights are built on in-depth analysis of global clean technology
markets. The team's research methodology combines supply-side
industry analysis, end-user primary research, and demand
assessment, paired with a deep examination of technology trends, to
provide a comprehensive view of emerging resilient infrastructure
systems. Additional information about Guidehouse Insights can be
found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting
services to the public sector and commercial markets, with broad
capabilities in management, technology, and risk consulting. By
combining our public and private sector expertise, we help clients
address their most complex challenges and navigate significant
regulatory pressures focusing on transformational change, business
resiliency, and technology-driven innovation. Across a range of
advisory, consulting, outsourcing, and digital services, we create
scalable, innovative solutions that help our clients outwit
complexity and position them for future growth and success. The
company has more than 16,000 professionals in over 55 locations
globally. 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, Safety and Security for Smart
Homes, is a summary and reflects the current
expectations of Guidehouse Insights 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 Guidehouse Insights nor Guidehouse
undertakes any obligation to update any of the information
contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse
Insights
+1.646.941.9139
cfradkin@scprgroup.com
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SOURCE Guidehouse Insights