Every new day brings more advanced technology. Every other day, the systems become more intelligent and intelligent. The same is true for the rise in demand. As the understanding of smart homes and their significance improves, so do the demands.
By 2026, the market for home security systems will be worth US$68.2 billion.
A home security system is intended to safeguard your property, possessions, and assets from any unfavorable events. The smart alarm system warns the owner of any intrusions, theft, burglaries, and damage brought on by malice.
Additionally, smart alarm systems safeguard your home and take care of its digital and electrical maintenance. You can keep an eye on your house, monitor fire and smoke, and other environmental dangers that could endanger it in any way from anywhere in the world.
The market for smart home alarm systems is rapidly expanding. As a result, there is an increased need for intelligent and highly effective intelligent alarm and security solutions, such as intelligent access control systems, IP-based video surveillance, sensors, intelligent lock alternatives, HD monitoring through CCTVs, and remote monitoring options.
The rising incidence of crimes and contemporary fraud is a significant contributor to this enormous rise in demand. People’s lives can be made easier with the aid of Canada’s smart alarm system. Research has also shown that houses with CCTV cameras are 6 times less likely to experience theft than houses without them.
In Canada, the penetration rate of wireless smart alarm systems is also substantially lower. The penetration rate is the proportion of persons who are exposed to an advertisement and go on to purchase the goods. Less than 12% of Canadian homes have a wireless smart alarm system. Therefore, the remaining 80% of homeowners are either unaware of the systems or may not be able to afford the goods.
We have obtained information from a Canadian statistics and reports website, which states that by 2026, there will be 3.5 million active households or users. This is almost 1.75 times the number of users right now.
The household penetration rate was 10.3% in 2022 and is anticipated to reach a new high of 20.7% by 2026. At this time, it is anticipated that each installed smart home will generate an average of US$216.10.
This demonstrates that there is still a sizable market gap that the smart alarm system industry must fill. There is no disputing the fact that the market for home security systems has a lot of potential.
Additionally, technological advancements are made at every level to make smart alarm systems and security solutions accessible to all Canadians, cheap, and meet the financial needs of all consumers.