Research: Smart Home Security Technology Sales Will Continue to Grow in 2022-2024

Research: Smart Home Security Technology Sales Will Continue to Grow in 2022-2024

  • Nov 03, 2021

Sales of networked cameras, video doorbells, and smart speakers/smart displays will exceed 250 million units in 2022-2024. That's according to Parks Associates.

The firm's data estimates that between 2022 and 2024, more than 250 million networked cameras, video doorbells, and smart speakers/smart displays will be sold in the US. The industry report "Context is King: Video & Audio Analytics" examines how video and audio analytics are evolving and impacting the smart home user experience, including driving adoption of new devices and attached services.

“Consumers want the often difficult combination of peace of mind, privacy, and convenience with monitoring and independent living solutions,” said Chris White, Sr. Analyst, Parks Associates. “With video and audio analytics, standard devices such as video doorbells and networked cameras have expanded capabilities, providing more value and context to consumers.”

Video and audio gathered near access points are the most prominent and traditional monitoring activity, but increasingly consumers desire more monitoring beyond the entrance/exits of homes. Parks Associates’ latest consumer data also reveals 68% of network camera owners have cameras installed outside the home.

“Consumers are increasingly turning to networked cameras and video doorbells to provide the sense of security and peace of mind traditionally provided by full-fledged security systems,” White said. “Approximately a third of network camera owners report relying on their devices more heavily due to the COVID-19 crisis.”

Parks Associates notes the recent announcement that ASSA ABLOY, a leader in access controls, will purchase Spectrum Brands’ hardware and home improvement business for $4.3 billion underscores the drive to add new use cases and user experiences within a product portfolio. Video and audio analytics reach the consumer through a complex set of verticals that includes chipset makers, AI software companies, and pro-monitoring or storage companies, with opportunities for revenue growth across the value chain, especially in monitoring, maintenance, and upgrades.

Featured

  • The Future is Happening Outside the Cloud

    For years, the cloud has captivated the physical security industry. And for good reason. Remote access, elastic scalability and simplified maintenance reshaped how we think about deploying and managing systems. But as the number of cameras grows and resolutions push from HD to 4K and beyond, the cloud’s limits are becoming unavoidable. Bandwidth bottlenecks. Latency lags. Rising storage costs. These are not abstract concerns. Read Now

  • The Impact of Convergence Between IT and Physical Security

    For years, the worlds of physical security and information technology (IT) remained separate. While they shared common goals and interests, they often worked in silos. Read Now

  • Unlocking Trustworthy AI: Building Transparency in Security Governance

    In situations where AI supports important security tasks like leading investigations and detecting threats and anomalies, transparency is essential. When an incident occurs, investigators must trace the logic behind each automated response to confirm its validity or spot errors. Demanding interpretable AI turns opaque “black boxes” into accountable partners that enhance, rather than compromise, organizational defense. Read Now

  • Seeking Innovative Solutions

    Denial, Anger, Bargaining, Depression and Acceptance. You may recognize these terms as the “5 Phases” of a grieving process, but they could easily describe the phases one goes through before adopting any new or emerging innovation or technology, especially in a highly risk-averse industry like security. However, the desire for convenience in all aspects of modern life is finally beginning to turn the tide from old school hardware as the go-to towards more user-friendly, yet still secure, door solutions. Read Now

  • Where AI Meets Human Judgment

    Artificial intelligence is everywhere these days. It is driving business growth, shaping consumer experiences, and showing up in places most of us never imagined just a few years ago. Read Now

Most   Popular

New Products

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.

  • Luma x20

    Luma x20

    Snap One has announced its popular Luma x20 family of surveillance products now offers even greater security and privacy for home and business owners across the globe by giving them full control over integrators’ system access to view live and recorded video. According to Snap One Product Manager Derek Webb, the new “customer handoff” feature provides enhanced user control after initial installation, allowing the owners to have total privacy while also making it easy to reinstate integrator access when maintenance or assistance is required. This new feature is now available to all Luma x20 users globally. “The Luma x20 family of surveillance solutions provides excellent image and audio capture, and with the new customer handoff feature, it now offers absolute privacy for camera feeds and recordings,” Webb said. “With notifications and integrator access controlled through the powerful OvrC remote system management platform, it’s easy for integrators to give their clients full control of their footage and then to get temporary access from the client for any troubleshooting needs.”

  • Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

    Connect ONE®

    Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.