Moreover, the growing penetration of the internet and smartphones makes people more digitally advanced every day. Individuals remain keen on the adoption and explore trending technologies. Also, implementing such technologies in their daily lives to gain the maximum benefits supports the market to grow naturally. The growing need for improved home security has prompted the use of AI-powered gadgets and features. These new features such as smart home integration, facial recognition, and threat analysis are among some of the highly favored features, as these can protect households from security concerns.

Asia Pacific is expected to emerge as a strong market, owing to the improved standard of living and increased disposable income among individuals in the region. Rapid penetration of smartphones, the internet, and other digitally advanced equipment is expected to drive the market in the region. Furthermore, the increased demand for smart speakers, such as Siri and Alexa, significantly impacts market growth. Additionally, the trend of luxurious lifestyles in developing nations due to increased disposable income and personal choice among consumers for smart devices is propelling the market growth.

Some of the key findings suggest that the security and access control product segment held the highest market share of over 30% in 2022 due to the rising importance of the need for security purposes and the necessity to restrict access to rooms or safes with valuable items and goods. Whilst, it is the home healthcare products segment, that is projected to grow at the highest CAGR over the forecast period, owing to the rising healthcare and insurance costs coupled with the trend of fitness and health consciousness among people.

In terms of connectivity, the wireless protocol segment is expected to grow at the highest CAGR of around 28% over the forecast period, as wireless technology has undergone drastic developments over the recent years in relation to connectivity and latency.

And as installations are easier, as far as device connectivity and location are concerned, in newly constructed buildings, this sector is expected to bring the main growth CAGR over the forecast period.

Geographically, Asia Pacific is expected to grow at the highest CAGR of over 30% during the forecast period as a result of increasing internet and IoT devices penetration in the region.