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

  • Maximizing Your Security Budget This Year

    7 Ways You Can Secure a High-Traffic Commercial Security Gate  

    Your commercial security gate is one of your most powerful tools to keep thieves off your property. Without a security gate, your commercial perimeter security plan is all for nothing. Read Now

  • New Report Says Vulnerability Exploitation Boom Threatens Cybersecurity

    Verizon Business recently released the findings of its 17th-annual Data Breach Investigations Report (DBIR), which analyzed a record-high 30,458 security incidents and 10,626 confirmed breaches in 2023—a two-fold increase over 2022. Read Now

  • In The Clouds

    Video data storage in the cloud was a novel concept when Dean Drako founded Eagle Eye Networks back in 2012. While cloud was being used for almost all other business systems at that time, the physical security industry took a cautious and measured approach to cloud adoption. Read Now

  • Surveillance Cameras Provide Peace of Mind for New Florida Homeowners

    Managing a large estate is never easy. Tack on 2 acres of property and keeping track of the comings and goings of family and visitors becomes nearly impossible. Needless to say, the new owner of a $10 million spec home in Florida was eager for a simple way to monitor and manage his 15,000-square-foot residence, 2,800-square-foot clubhouse and expansive outdoor areas. Read Now

Most   Popular

Featured Cybersecurity

Webinars

New Products

  • Camden CM-221 Series Switches

    Camden CM-221 Series Switches

    Camden Door Controls is pleased to announce that, in response to soaring customer demand, it has expanded its range of ValueWave™ no-touch switches to include a narrow (slimline) version with manual override. This override button is designed to provide additional assurance that the request to exit switch will open a door, even if the no-touch sensor fails to operate. This new slimline switch also features a heavy gauge stainless steel faceplate, a red/green illuminated light ring, and is IP65 rated, making it ideal for indoor or outdoor use as part of an automatic door or access control system. ValueWave™ no-touch switches are designed for easy installation and trouble-free service in high traffic applications. In addition to this narrow version, the CM-221 & CM-222 Series switches are available in a range of other models with single and double gang heavy-gauge stainless steel faceplates and include illuminated light rings. 3

  • 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.” 3

  • FEP GameChanger

    FEP GameChanger

    Paige Datacom Solutions Introduces Important and Innovative Cabling Products GameChanger Cable, a proven and patented solution that significantly exceeds the reach of traditional category cable will now have a FEP/FEP construction. 3