The smart home security market is a growing one with big tech players now joining some of the first specialist vendors in meeting user demand, Antony Savvas looks at the latest state of play.
The smart home security systems market covers smart alarms, smart cameras, smart locks, detectors, video door monitoring and other products. The global value of the market was expected to grow from US$2.49bn in 2020 to $2.7bn in 2021, at a compound annual growth rate (CAGR) of 8.4%, says The Business Research Company. It added that the market is expected to reach US$5.05bn in 2025 at a CAGR of 16.9%. Front-end key players in the market include Honeywell, Siemens, Johnson Controls, Schneider Electric, Amazon, Apple, Google, Ring, ADT Security Services, Robert Bosch, Assa Abloy
and ABB.
The emergence of new privacy and security features, which include video camera storage in the cloud and encrypted networks, should protect system data from hacking and data leaks. Recent security standards have been adopted by industry leaders, and these standards are expected to continue to drive the market.
Smart home security matters
To solve interconnectivity issues, as well as security ones, the Connectivity Standards Alliance – formerly known as the Zigbee Alliance – created the Matter Working Group. The Working Group consists of experts from more than 170 major players, including the names mentioned earlier and companies such as LG Electronics and Infineon – covering ecosystems, devices and chips.
The goal of Matter is to ensure that a user who purchases two or more Matter-certified devices can easily and safely interoperate them. In a typical Matter scenario, a user may take home a new product and use their smartphone to scan the quick response (QR) code that is affixed to the back of the product. This QR code, unique to that device, establishes the identity of the device and enables secure communication.
With this prompt, the smartphone establishes a secured connection to the device using the cryptographic information included in its scanned QR code, verifies the device to determine that it really is Matter-certified, determines what kind of device it is and then sends all the necessary information – Wi-Fi passwords and more – needed for the device to join the home network.
This includes providing the device with a new set of credentials so it can securely communicate with all other devices in the smart home. The initiative follows several high-profile hacks that have raised concerns about the security of customers’ home data. Smart home security sets new benchmark The smart home security market is growing, and in addition to the major technology companies, some of the first specialised providers are now able to meet user demand, according to Antony Savvas. The initiative comes after a number of high-profile hacks that have led to some concern about the security of customers’ data. Smart home security sets new standards The smart home security market is a growing one, with some of the first specialised providers now joining the major technology companies to meet user demand. Antony Savvas gives an overview of the current state of play.
Paul Routledge, country manager for the UK and Ireland at D-Link, says of the threats: “It’s easy to dismiss smart home and IoT attacks as improbable scenarios, but isn’t that what we all tell ourselves until it happens to us? We all dream of a smart, connected lifestyle, one that makes life easier, and yet as experience has shown, smart home and IoT hackers are more sophisticated than ever, and more willing to probe your smart home devices for the smallest weaknesses.”
When adding and setting up smart devices in homes, there are some simple things users should remember to minimise dangers, Routledge explains. When choosing cameras for home monitoring or baby monitors, for example, users might opt for cloud-only solutions. These offer end-to-end encryption via the cloud, which eliminates the risk of cameras being hacked and accessed directly over the Internet.
Such solutions can provide a complete smart home ecosystem that allows users to keep track of their belongings and add other sensors and smart plugs to turn devices on and off, whether they’re in the house or not.
Also, it is always worth updating passwords and firmware to continuously renew device protection and change all default passwords. Older devices often come with a default password set by the manufacturer, and these are often identical. If not changed, the device can become extremely vulnerable to attack. It is also important to familiarise yourself with router security controls and configure them to regulate access to the Internet.
For example, it may be deemed necessary to simply disable remote access on routers to stop the possibility of a hacker taking control of it. Adequate anti-virus and anti-malware protection on all the computers and laptops in the home is also essential, as these can be a route for hackers to reach smart home devices.
Rewards for consumers
Hiro is an InsureTech company that rewards customers with a fairer price on their insurance when deploying smart tech to proactively protect their homes. It works with many large smart home suppliers, and integrates with the likes of Amazon, Philips and Google smart home products. Hiro cofounder and CEO Krystian Zajac says of the advantages in using such devices: “Smart tech is vital to home protection – over the years we have seen criminals get more and more cunning with their methods, using new equipment and even social-engineering techniques to gain access to our homes. Fortunately, smart tech can help even the odds by proactively protecting stuff that matters to us most.”
“There are plenty of things you can do with smart devices when it comes to protecting your home,” adds Zajac. “Some are very simple, like visual deterrents, such as a video doorbell. Others are a bit more sophisticated, but still easy to deploy, like ‘mockupancy mode’ – when you use technology to pretend you’re at home when you’re not.”
“You can do this with smart lighting like Philips Hue – configuring the lights to come on automatically,” he says. “Or with your Ring doorbell and Amazon Echo, when motion is detected by Ring in front of your home, the speaker plays an audio file of something that should deter a burglar, like a largebreed of dog barking or people talking.”
The smart-home security market has struggled in the past with device connectivity and growing security threats, but the industry is improving with strong partnerships forming to mitigate both.
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