Navigant Research forecasts a 6.3% increase in annual revenue generation within the global home automation and security market between 2019 and 2028.
The market is expected to generate $71.9 billion per annum by 2028 from $41.5 billion in 2019.
The professional security market is a mature, established industry with a proven business model that has successfully operated for decades.
However, this market is going through a significant transition as technology creates a shift from traditional professional security monitoring to solutions based on interactive services.
“The proliferation of consumer Internet of Things (IoT) and cloud-based services is creating a technological revolution among a variety of industries, including home security,” says Neil Strother, a principal research analyst with Navigant Research. “In this industry, technology is driving a market transformation based on a clear value proposition, increased affordability, and new capabilities and added value.”
According to the report, this technological revolution has led to the development of other dynamics in the security industry.
Do-it-yourself (DIY) solutions are emerging as an affordable alternative to professionally monitored solutions, which are bringing customers into the security world that may have otherwise been left out of the market. Additionally, non-traditional players are also exploring security as a means of creating value as their traditional business models are threatened by disruption.
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