The smart home market revenue in the United States is growing year over year. However, by 2023, Intrusion Detection and Alarms would be one of the segments with the largest growth in the market.
As per data gathered by PreciseSecurity.com, the Intrusion Detection and Alarms segment will register a massive increase in terms of revenue between 2019 and 2023. Other sectors that are expected to continue growing in the next years include Lighting Systems and Controls, Data Aggregation Equipment and HVAC Systems, among others.
Intrusion Detection and Alarm Systems’ Revenue To Increase
According to the research prepared by PreciseSecurity.com, revenue in Intrusion Detection and Alarms is expected to reach $8.27 million by 2023. This would represent an increase of 91.43% in just a few years.
The whole Smart Home Market revenue in the United States is expected to grow from $27.46 million in 2019 to $62.68 million by 2023. This would represent an expansion of 128.26% in the coming three years.
One of the main reasons behind this increase in revenue is related to the growth experienced by the smart home industry and the Internet of Things (IoT).
As smartphones reached a massive number of users, the things that can be done with them is also expanding. We can easily control a TV and security systems for hour home or property. We can not even be at home and we could activate and deactivate alarms and other intrusion detection solutions.
Moreover, the most important markets for Intrusion Detection and Alarms would be those with higher crime rates compared to safe locations that do not need these systems. There are some regions and cities in the United States that could eventually be a hub for these systems to expand and grow.
Despite the massive growth that Intrusion Detection and Alarms will experience in the next few years, it will not be anymore the sector with the largest revenue. Data shows in 2019 this sector was the one with the largest revenue in the smart home market, by 2023, Home Entertainment will have a revenue of $11.51 million.
That means that Home Entertainment will have a 39.17% larger revenue than Intrusion Detection and Alarms in 2023. Currently, Intrusion Detection and Alarms has a 71.42% larger revenue than Home Entertainment.
The smart home market and its revenue continue to expand in the United States and Intrusion Detection and Alarms, alongside Home Entertainment will be leading the market in terms of revenue.
Other sectors such as Large Appliances, Electrical Power Distribution, Power Quality and Standby, Fire Detection Equipment, Lighting Systems and Controls, HVAC Systems, Metering, Data Aggregation Equipment, and Emerging Devices will also be growing in the coming years.