Security Devices for the Connected Home Markets are Forecast to Reach $7.7 Billion Dollars by 2021

Date: 2015-09-15

There is significant innovation in the market for the connected home. Lower hardware prices, increased bandwidth availability, abundance of cloud capacity, sensor miniaturization, advances in wireless standards and mobile device smart phone evolution are market forces. Improved interfaces and alerting systems are the foundation for the connected home. 

Home integrated networks implement home energy management (HEM) and security for the connected home. The connected home is evolving into a multibillion-dollar industry as people use the apps on their smart phone to substitute for a security monitoring service. The smart phone can send alerts and allow control of lighting. As wireless communication standards evolve to support systems integration, home owners gain more control of the living environment through remote access controlled by apps on the smart phone.

Growth has huge implications for energy efficiency and demand response. The plethora of wireless communication standards include Wi-Fi, ZigBee, Z-Wave, Thread, and Bluetooth LE. Numerable platforms are available. A lack of standards has presented a substantial barrier to overall smart home adoption by limiting interconnectivity between devices. The best security products to keep the home and family safe are interconnected modules. 

Point solutions category are primarily focused on security. The broader set of connected home solutions have modules that range from thermostats, doorbells and ceiling fans to slow cookers and irrigation controllers. Crowdfunding sites like Indiegogo played a major role in helping drive funding for connected home devices and startups. 

Consumers, especially in younger generations, expect mobile apps, security cameras, and mobile notification features with their home security systems. Older generations and the non-do-it-yourselfers have a hard time with installation and maintenance of DIY connected home solutions. The combination of needs from both the young and old are creating a favorable environment for strong sustained growth in the Do-It-For-Me (DIFM) interactive security and connected home space. 

Open platforms and device interoperability help consumers preserve their investments by building on top of their existing connected home devices and services. This compatibility also expands the value of connected homes by linking previously isolated devices and services, further enhancing peace of mind and convenience in the home. The hope is to offer consumers a more unified experience by giving them access to all of their devices from a single app or interface and enabling interactions and automation between previously isolated devices and services. 

Security devices for the connected home markets at $1.2 billion in 2014 are forecast to reach $7.7 billion dollars, worldwide by 2021. The continuation of 2014 trends, combined with low market awareness of the value of home automation, will force many connected home vendors to pivot and offer more than simple apps for device monitoring and control. This leads us to a big trend for 2015: movement toward interoperability between vendors, devices and platforms.

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