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  • U.S. smart home security sector revenue to hit $5 billion in 2021 amid growing demand

    Published on May 26, 2021

    As Americans prioritize their home security, they are leveraging technological solutions as a key safety measure. As a result, they are increasingly shifting towards smart home security devices driving the sector’s revenue growth.

    According to data acquired by Finbold, the United States smart home security sector revenue is expected to hit $5 billion in 2021, a growth of 21.9% from last year’s figure of $4.1 billion. As of 2022, the forecast indicates the revenue will grow 16% to $5.8 billion.

    In 2023, the revenue from the smart home security sector is projected to hit $6.6, while in 2024, the figure will grow 12.12% to $7.4 billion. Elsewhere, between 2021 and 2025, the revenue is expected to grow 63.99% to $8.2 billion.

    Product interoperability and multifunctionality driving growth

    The report highlights some of the drivers behind the expected growth in the smart home security sector. According to the research report:

    “Additionally, the growing need for product interoperability and multifunctionality among consumers will likely spur market growth as manufacturers prioritize this emerging need. Consumers are looking for products that protect the home and can also be integrated with other smart home devices. Therefore, security companies are expected to increase the value of their services and offer customers products that fit their needs.”

    The sector’s growth is also driven by increasing internet penetration alongside smart gadgets. At the same time, there exists more opportunities, especially with the constant threat of burglaries and forced entries in residential areas.