Even during the Covid-19 pandemic, when global markets plummeted, smart home security systems sales continued to grow substantially.
Many homeowners find comfort and peace of mind in having the extra protection of a smart home security system. Knowing when something threatening is happening in your home from anywhere in the world and controlling the situation is invaluable. Even during the Covid-19 pandemic, when global markets plummeted, smart home security systems sales continued to grow substantially.
Data from BuyShares.co.uk illustrates that smart home security systems could hit revenues of over $15 billion by 2021, which would mean a jump of over 27% in just one year. Forecasts predict that this trend will continue for a few more years until 2023, with revenues increasing by 40% to a total of over $21 billion.
Smart Devices Selling Like Hotcakes
The sale of motion sensors, door locks, and surveillance services with connections to smart homes form part of the smart-home security market, with security cameras as the top seller. Along with these devices, water and smoke sensors are also top sellers.
These smart devices are assisted by mobile apps, giving users access to the device’s status and operation. Many of these devices are user-friendly and easy to set up. Even users who are not very tech-savvy will enjoy the many easy-to-use security solutions available to them in today’s market.
The Pandemic’s Effect on Sales
Well before the pandemic hit, the global smart-home security market’s revenues were already on a steady upward trajectory. With sales of over $5 billion in 2017 to almost $10 billion by 2019, 2020 sales reached nearly $12 billion, indicating that the Covid-19 pandemic had little impact on slowing sales.
Statistics show that the global smart-home security systems market will likely grow to $3.2 billion in 2021. This trend will continue over the next few years, with projected sales rising in 2023 by $6.1 billion. As 2025 comes to a close, the smart-home security market could get to over $27 billion.
A Statista survey showed that security cameras were the most popular product purchased. Security cameras have had a product penetration rate of over 2.5% in 2021. This figure is forecast to continue to rise to 4.3% by 2023. Smart locks make up a 1.9% penetration rate, and smoke detectors have a 1.6% product penetration rate.
The US Dominates the Smart Home Security Systems Market
The United States made up the largest market for smart home security sales in 2021, with over $5 billion in revenue occupying over 22 million smart homes. It is projected that by 2023, the United States revenues from this market will soar to over $6.5 billion. This figure represents one-third of the global market for home security sales in that year.
Following the US is Europe, with over $3 billion in sales from over 19 million homes in 2021. According to projections, the market in Europe will grow to 17.1% annually and generate sales of over $4 billion in value by 2023.
In 2021, China had a relatively small market share with around $2.8 billion in revenue. However, China will see significant growth by 2023, as the smart-home security market could see sales of $4.1 billion, or a 20.9% increase per year.