$30 Billion Smart Home Safety & Security Market
Rising crime and consumers’ increased attention on home improvement has driven sales for smart home safety and security products over the past 18 months. Online unit sales surged by 55% percent in 2020.
From ON World's survey with 3,000 broadband users, 1 in 5 are planning to buy IP security cameras and 1 in 3 are planning smart door locks and smart home safety and security sensors.
For a screened portion who have expressed an interest in smart home security, 62% are planning to purchase IP security cameras, half are planning smart door locks and safety/security sensors. Over a third of this segment are also interested in smart smoke/CO detectors and motion sensors.
Of those who already have at least one smart home security product, 85% have purchased an IP security camera over the past two years, two-thirds have purchased a smart door lock and 70% safety/security sensors.
The smart home safety and security market in North America will reach $30 billion in the next six years. Services will make up the largest portion, but equipment will make up an increasingly larger portion as sales through retail/DIY and online channels are increasing faster.
The COVID-19 pandemic has had a significant impact on buying preferences. Fifty-five percent (55%) of current users and those who have expressed an interest in smart home security indicate they are more likely to buy online for home delivery compared with before the pandemic.
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