The Internet of Things has hugely expanded the number of home security products on the market reports The Entrepreneur. Computers were pretty much the only devices that connected to the internet some years back. These days, that idea is a fairytale.
The reality is an incredible number of products are now connected to the web, from refrigerators to watches, clothing, cars, thermostats, light bulbs, and alarm systems. By 2020, an estimated 20-plus billion items will belong to the so-called “Internet of Things” (IoT).
The Internet of Things has made possible unprecedented innovations in home security. But that’s not the only reason IoT-inspired home security has caught the attention of many.
The growth of IoT has enabled innovating home security appliances. Silicon Valley and a plethora of tech startups have identified opportunities to expand their technology and applications to the home security market leading to the emergence of point solutions.
Additionally, Big corporations such as Amazon and Google have helped drive startup development through acquisitions. Investments are also going strong. This activity has inspired confidence in startups and helped rapidly expand the market’s reach.
The irony of IoT home security products is that while they enhance home security, they can also undermine it. Cybercriminal activity poses a threat to smart security products. This means there’s an opportunity for startups to capitalize on these risks with additional security solutions.
As the Internet of Things transforms the home security sector, the market is moving toward a “home systems” approach emphasizing integrated security solutions that allow homeowners to manage and secure virtually every aspect of their home.