A global survey by BusinessResearchCompany.com has highlighted that the global smart home security market is expected to witness a growth at a CAGR of 19.6% during the time period, 2018-22. The major reason responsible for it is increasing crimes at a global level.
The smart home security value stood at $2.14 Bn in 2018 and it is expected to reach the value of $4.37Bn in the year 2022. A high growth rate of 19.6% CAGR will accelerate the growth in this sector. Over the last few years, the popularity of smart home security systems has increased a lot.
The availability of highly advanced technological gadgets has played a crucial role in the growth of this market. According to experts, the number of crimes in residential areas has increased manifold times over the last few years. And it has led people to make use of smart home security systems to protect themselves from acts of burglary.
It is found that the increasing urbanization has led to a rise in the crimes in the residential areas and hence, people are relying on smart home security systems in order to increase their security in everyday life. Various smart home devices such as smart cameras, smart alarms, and smart lockers are being used by people in their residential areas to increase their safety.
With the help of these gadgets, it has become possible for people to keep an eye on their houses even if they are at a remote distance from it. These smart tech gadgets make use of face recognition technology and visual recognition in integration with AI technology to produce excellent results.
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