Recent research shows that modern home security system may see integration of deep learning and artificial intelligence (AI) in the future. The market has witnessed a great increase recently, mostly due to wireless technology, customer awareness, and the IoT. It currently stands at USD 45.58 billion in 2018, and is expected to reach USD 74.75 billion in five years.
Research has shown that among the various features of a home security system, video surveillance is most likely to be the largest shareholder in 2018 alone. It is a popular choice among customers as it records activities and sends routine feeds to users at the same time. It has also become reliable evidence for post-crime investigations, and can even send notifications to authorities in case any incident occurs.
Over the years, the surveillance cameras have not only recorded incidents and provided evidence; they have also used deep learning and AI for better accuracy and reliability. In China, Hangzhou Digital Technology launched a new line of products called the DeepinView Camera Series that offers video content analytics.
Thriving APAC Market
The Asia-Pacific market is an economically and technologically developing region, and is expected to grow in this field within five years. South Korea, China, and Japan are considered the forerunners in the home security system market with their advanced technology and thriving economy seen as a driving force for greater demand for security systems in the coming years.
Acquisition of security systems isn’t the only the priority in the Asia-Pacific region as smooth operations of these technologies require proper design and engineering, installation, maintenance, and other services. It is expected that these services would hold a sizeable percentage in the market in the future.
Increased Demand from Customers
Over time, customers have become more aware of the benefits of a reliable security system. This trend is expected to continue with further development in technology and the inclusion of smart devices in homes. However, some are still skeptical about it, as investing in a reliable system still comes at a cost, and it is not something that many customers can easily afford. While they understand how useful this is for them, the high cost of the hardware and ownership is a major setback for them.