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

  • Ransomware Attacks Rise for the First Time in Six Months

    Ransomware attacks have risen for the first time in six months, increasing by 28% month-on-month to 421 attacks. While overall attack volume remained below 500, the uptick may signal a renewed escalation heading into the year’s most active period for cyber criminals. Read Now

  • Report: 47 Percent of Security Service Providers Are Not Yet Using AI or Automation Tools

    Trackforce, a provider of security workforce management platforms, today announced the launch of its 2025 Physical Security Operations Benchmark Report, an industry-first study that benchmarks both private security service providers and corporate security teams side by side. Based on a survey of over 300 security professionals across the globe, the report provides a comprehensive look at the state of physical security operations. Read Now

    • Guard Services

  • Identity Governance at the Crossroads of Complexity and Scale

    Modern enterprises are grappling with an increasing number of identities, both human and machine, across an ever-growing number of systems. They must also deal with increased operational demands, including faster onboarding, more scalable models, and tighter security enforcement. Navigating these ever-growing challenges with speed and accuracy requires a new approach to identity governance that is built for the future enterprise. Read Now

  • Eagle Eye Networks Launches AI Camera Gun Detection

    Eagle Eye Networks, a provider of cloud video surveillance, recently introduced Eagle Eye Gun Detection, a new layer of protection for schools and businesses that works with existing security cameras and infrastructure. Eagle Eye Networks is the first to build gun detection into its platform. Read Now

  • Report: AI is Supercharging Old-School Cybercriminal Tactics

    AI isn’t just transforming how we work. It’s reshaping how cybercriminals attack, with threat actors exploiting AI to mass produce malicious code loaders, steal browser credentials and accelerate cloud attacks, according to a new report from Elastic. Read Now

Most   Popular

New Products

  • 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.

  • 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.

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.