The best way to protect a smart home is with a smart home security system. Rapid developments in areas like IoT and AI have transformed the home security market enabling the development of new smart solutions in home protection. After analyzing the upward trends of general home security systems and understanding their share in the smart home market, it’s clear that smart home security solutions offer an opportunity for OEMs that should not be ignored.
Home Security Surge
Since the invention of the first home security system in 1966, technological advancements have enabled the creation of secure and efficient systems that are becoming more commonplace in homes today. A result of time and product development, experts project the value of the home security market will be $74.75 billion by 2023, a significant increase from its $45.58 billion valuation in 2018. Recent developments in IoT and wireless capabilities have also contributed to the growth of this market.
Smart Security for the Smart Home
The same technology that has transformed the way consumers interact with their homes is also changing the way they protect them. Under the umbrella that is smart home technology, smart security systems are rapidly growing in popularity and capabilities. Experts are projecting the smart home security market to climb well past its 2017 $670 million valuation to reach $2.66 billion by 2025. In fact, smart home security systems are expected to make up 19.4% of the smart home market by 2022, further exemplifying this segment’s climb.
Opportunity for OEMs
Many OEMs are already racing to capture a slice of this growing market segment by producing fully-comprehensive smart home security systems. New players like Ring and Netatmo feature a range of security accessories behind their flagship smart video doorbells and accompanying applications. Major home security companies like ADT have also bought into the excitement, announcing the launch of their smart home security platform in early 2019.
While some adoption barriers do exist in the form of data security concerns and underdevelopment of apartment security systems, the convenience of smart technology will likely outweigh these apprehensions and continue contributing to this segment’s growth.
As both OEMs and consumers alike continue developing and adopting smart home security systems, ensure your staff is IPC certified and prepared to meet the demand of the everchanging consumer electronics landscape. Contact the knowledgeable professionals at EPTAC to enroll in a certification course at a training center near you, today!
For over 30 years, EPTAC has been a leading provider of solder training and IPC certification. We provide professionals with the tools and training they need to advance their careers and improve their businesses. With 14 locations across North America, our solutions and instructional staff provide an easy access to knowledge that will enhance your business model and help you meet and exceed industry demands. For more information call 800.643.7822 or contact us.