ON World

$80 Billion Smart Home Security Market by 2028

Safety and security is the largest and fastest growing smart home segment. ON World’s surveys with 3,500+ online adults in North America and Europe over the past year continues to find high interest in smart home security despite the Ukraine war, energy crisis and high inflation rates.

Security Cameras Most Popular

For North Americans who are open to smart home technologies, video doorbells are the most popular product with 80% indicating they are interested in owning one and 62% are planning to purchase security cameras in the next two years. 

Security cameras are also popular with early adopters with 85% of the smart home users in North America and 75% in Europe planning to buy one in the next two years. Smart door locks are the next most popular product with 71% of the North Americans and 59% of the Europeans planning to buy one or additional products. Three-quarters of the Europeans and 70% of the North Americans are planning to purchase security sensors.

Elderly Care Used by 1 in 10 Smart Home Security Users

Outdoor video is the most common smart home security application used at least weekly by half of the North Americans who have a smart home security product. Indoor video is the next most common (29%) followed by monitoring pets (16%), family members (13%) and 11% use smart home security technology to monitor an older parent who lives separately.

Ukraine War Impact

The Russian invasion of Ukraine has had a mixed impact on consumers. High energy prices and inflation rates have resulted in lower consumer confidence, but crime rates continue to rise in both the EU and the US. In a Q1 2022 survey of smart home users in Europe, 36% are more likely to buy safety and security products due to the Ukraine War.

Annual revenues for global Smart Home Security equipment and services will reach $81.2 billion in 2028 up from $30 billion in 2020.

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About ON World:
ON World provides market research and business intelligence on Internet of Things (IoT).  Since 2003, our research reports, datasets and customized research services have been used by Fortune 500 companies, investors and developers worldwide to advance IoT solutions in hundreds of industries.  

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 08/15/2022