According to recent data, the global residential security market is believed to exceed $13 billion and increase by an annual growth rate of 24.58% by 2027.
Civic Science’s Q2 Trend Adoption Tracker revealed an uptick in home security camera ownership, such as Ring, while other smart home device ownership declined. However, intent for cameras and home security systems decreased quarter to quarter, which suggested the beginnings of market saturation.
By July (the start of Q3), data show that intent to purchase cameras and home security systems is rising again, indicating that this market continues to grow. With many options on the market for DIY security systems, home security systems are no longer a residential luxury. But who makes up the market for these products and what types of smart home security products are being sought?
Smart Home Security System Adoption
Data collected by CivicScience during Amazon Prime Day this year revealed that 7% of shoppers bought home security devices, the same as the percentage of shoppers who purchased air purifiers and nearly the amount who bought smart speakers. Although smart home security systems might not have been bought as often as smart TVs and Apple Airpods, 7% is still significant, especially when considering that July data revealed adoption is on the rise.
Ongoing data collection from the CivicScience InsightStore found that as of July, 18% of people haven’t used smart home security systems like SimpliSafe, ADT, Ring, and Vivint but plan to. In contrast, 38% said that they have used security systems, while surprisingly, 34% have not used these types of systems and don’t plan to in the future.
Additionally, 10% claimed to have never heard of these systems. This is true even though they are becoming increasingly popular in society, as can be determined by market size and how many more people plan to install them in the future.
What Smart Home Security Technology Is Being Used?
A quick look at smart home security products, including cameras, doorbells, and locks, finds some brands to be more popular than others:
Interestingly, even though so many don’t use a security system, this may change as more people intend to install smart home security systems – with Ring being the most favored.
Who Uses Smart Home Security Systems?
Analyzing the data using the CivicScience InsightStore revealed several insights into who is more likely to adopt these types of smart home security systems.
Those who planned to travel within the next month via plane are the most likely to own home security products, with car travelers being the biggest intenders. This suggests travel plays a role in demand and adoption, as frequent travelers are more likely to adopt these types of products.
Trust in technology companies also plays a role. Users and intenders are more likely to trust tech companies to protect their privacy. In fact, most people who use these products or intend to have high or medium trust in companies like Apple and Google.
Data also show that 54% of those who own home security products (and 26% who intend to use) also own smart speakers like Alexa and Google Home that are likely integrated with their security systems. This further cements that those who trust tech companies and their products are more likely to adopt smart home security systems.
More insights from the CivicScience InsightStore:
- Men at 44% are more likely to use home security systems than women at 41%. More women intend to use a home security system.
- People in the U.S. South (48%) and West (44%) are more likely to use these products than those in the Northeast (37%) and Midwest (36%).
- Renters (35% adopters and 25% intenders) are almost equally as likely to be interested in using these systems as homeowners (45% adopters), although they have yet to adopt them as much as homeowners.
- Republicans (44%) are also marginally more likely to adopt smart security systems than Democrats (42%).
- Unsurprisingly, those earning more than $150,000 annually are more likely to use home security systems, but more people earning less than $50,000 are looking into using these products.
- Those living in cities are more likely to use a smart home security system than those living in rural areas. Suburban dwellers are the biggest adopters.
Evidently, marginally more people are using smart home security systems, and more plan to use these systems than not amongst varying demographics. Travel, as well as income, is one of the strongest correlations with adoption, and most who adopt these systems have a higher trust in tech companies than those who don’t.
CivicScience will continue to track changes in home security adoption and trends. To learn how you can get ahead of the curve, get in touch.