Christy Publications Connected Home Security Market | Page 2

device platform. IoT ranges from simple static password or pins to more robust authentication
mechanisms such as two-factor authentication, digital certificates, and biometrics.
Additionally, important elements of connected smart home initiatives such as deploying Wi-Fi
hotspots and broadband connectivity, which are highly susceptibility to cyber-attacks. IoT
security thus helps enhance the security through a unique technology called ‘User Pre-Shared
Key’ (UPSK) for every device within the network, to ensure device security.
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For instance, according to Coherent Market Insights’ analysis, the global Internet of Things
market was valued at around US$ 917.10 in 2016 from US$ 743.20 billion in 2015. Thus,
increasing adoption of IoT technology is in turn, expected to increase adoption of smart home
devices, thus increasing growth of the global connected home security market.
The major factor expected to restrain growth of the global connected home security market is
the high installation costs of intellectual smart products such as remote controlled thermostats.
Global Connected Home Security Market: Taxonomy
On basis of products, the connected home security market is segmented into:
 Locks and Sensors
 Detectors
 Alarms
 Cameras and Monitoring Systems
On basis of Service, the connected home security market is segmented into:
 Professional Installation
 Self-installation
On basis of region, the connected home security market is segmented into:
 North America
 Europe
 Asia Pacific