2019: The Year To Make Your Home Smarter
Smart Home Security Systems used to be considered a luxury in the United States, however with improvements in technology and increasing competition in the electronics market have made these security systems more accessible than ever. In the last year, sales of smart home security devices are skyrocketing. The market size of Smart Home Security was 670 million US dollars and it is expected to reach 2660 million US dollars by the end of 2025.
Current Market Drivers
The drivers supporting and pushing the growth of the smart home market are broadly based on growing consumer awareness. The value of having connected devices in ones home is also increasing. More specifically some of these drivers are:
• Consumers are increasingly focused on having home security. Studies have consistently shown that one of the primary motivating factors for consumers in buying connected home technology has been to keep their smilies safe. Products and services such as IP security cameras, smart locks, and automatic notifications sent directly to your mobile phone are becoming integral parts of the smart home.
• There is a growing consumer awareness of the utility of smart hub products such as the Amazon Echo and Google home. These devices have moved beyond simply being smart speaker systems and can now control other smart home products while being the centerpiece.
• Connected energy management devices now offer greater functionality with money-saving capabilities and their easy to use reputation. Demand for devices such as smart thermostats, smart lighting systems, and smart washers and dryers have increased significantly over the past two years.
Current Market Challenges
On the other hand, the concept of the smart home is still viewed with a healthy dose of skepticism. Here are some of the challenges holding back the smart home market:
• Defining the value proposition of the smart home remains uncertain and problematic. Consumer surveys consistently show skepticism about the real value of having connected devices throughout the home. Frequent questions and comments consist of, “If I need to adjust the temperature in my home, why wouldn't I just do it manually?” and “Why would I ever need a smart doorbell?”
• The price of both smart home service packages and some leading smart home devices are often viewed as too high. On the service provider side, support for smart home services usually requires an existing subscription to either a security service or a broadband service.
Over the next several years, we are forecasting solid, but not meteoric, growth in the number of U.S. smart homes. Fueled by an expanding number of connected devices in the home, coupled with the desire to allow these devices to communicate and interoperate, we are projecting U.S. smart homes to exceed 35 million by 2021.
Looking for a Smart Home Security System?
Limitless Security Solutions offers the best-in-class solutions to monitor, protect, and automate your home. Our systems are more than just a smart app with the ability to incorporate some, or all, of your electronics into a seamless system. Limitless Security Solutions has the ability to connect all the key devices in your home on one platform- making security easier and more convenient than ever. Your system is professionally configured, installed, and supported so you get the most out of it from day one.