By Jastra Ilic
The increasing number of consumers preferring a more effective and convenient way to secure their property has caused the rapid growth of the global smart home security market. According to PreciseSecurity.com research, the expanding trend will continue in the following years, with the worldwide shipment of home monitoring and security devices reaching more than 307 million units by 2023.
Home Monitoring and Security Devices Will Grow at CAGR of 18.4% in 2023
The global smart home devices market reached nearly 815 million units’ shipments this year. According to 2019 data, it is forecast to grow at a five-year CARG of 14.4% and reach 1.34 billion items in 2023.
The most significant part of that amount or 339.8 million units are coming from the video entertainment category alone. However, the surveys confirm that home monitoring and security devices are the sections expected to grow the most between 2019 and 2023.
In 2018, this segment of the market recorded 97.7 million sold units. During the next twelve months, the same part of the market reached 156.6 million purchased units. The recent surveys indicate that home monitoring and security equipment like smart locks, surveillance cameras, and video doorbells will account for 22.1% of the global smart home devices shipments in 2023 with a CAGR of 18.4%.
Smart Video Doorbells Expected to Reach $1.4 Billion in Spending by 2023
The statistics show that video doorbells are one of the most common purchasing decisions among smart home shoppers worldwide. This relatively young segment of the smart home market is forecast to reach $1.4 billion in spending globally by 2023.
Recent surveys show that video doorbells are most wanted smart home devices in U.S. broadband households as of 2019. Nearly 4 million video doorbells were sold in the United States during this year, with a forecast to reach 5.6 million units by 2023. Other ordinary items among U.S. smart home shoppers were smart speakers with voice assistants, smart light bulbs, and smart smoke detectors.
The full story can be read here: https://www.precisesecurity.com/articles/home-security-devices-to-reach-307-million-units-by-2023
