Remote Home Monitoring Systems Market
PUBLISHED: 2024 ID: SMRC26637
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Remote Home Monitoring Systems Market

Remote Home Monitoring Systems Market Forecasts to 2030 - Global Analysis By Product (Security Cameras, Detectors, DIY Home Security, Sensors, Security Solutions, Electronic and Smart Locks, Alarms and Other Products), Sensor Type, Operating System, Technology, Application, End User and By Geography

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4.4 (42 reviews)
Published: 2024 ID: SMRC26637

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Remote Home Monitoring Systems Market is accounted for $6.2 billion in 2024 and is expected to reach $19.2 billion by 2030 growing at a CAGR of 20.6% during the forecast period. A remote home monitoring system refers to a network of devices and technologies designed to monitor various aspects of a home from a distance. These systems typically utilize sensors, cameras, and other connected devices to gather data about the home's environment, security, and overall condition. The data collected is then transmitted to a central hub or cloud-based platform where it can be accessed and monitored remotely by homeowners or authorized users.

According to the Center for Medicare and Medicaid Services in 2021, remote monitors help several high-risk patients avoid being readmitted to the hospital and make the most of their healthy days at home. Clients who use remote monitoring report a 76% reduction in readmission rates, an average of 89% patient satisfaction, and a total medical cost savings of nearly USD 370 million.

Market Dynamics: 

Driver: 

Rising burden of chronic diseases

The market faces a rising burden due to the increasing prevalence of chronic diseases. This trend is driven by factors such as aging populations, lifestyle changes, and advancements in healthcare technology. As more individuals require long-term monitoring and management of conditions like diabetes, hypertension, and heart disease, the demand for remote monitoring solutions continues to grow, creating opportunities and challenges for healthcare providers and technology developers alike.

Restraint:

Privacy and security concerns

The market faces significant challenges related to privacy and security concerns. As these systems gather sensitive data about individuals' activities and environments, ensuring robust encryption, secure data storage, and protection against hacking attempts is paramount. Additionally, issues such as unauthorized access to live feeds or stored footage raise ethical and legal questions. Balancing the convenience of remote monitoring with stringent privacy safeguards remains a key challenge for stakeholders in this market.

Opportunity:

Demand for home-based care

The demand for home-based care within the market is experiencing a significant upsurge. This trend is driven by the growing preference for personalized healthcare solutions, especially among aging populations and individuals with chronic conditions. The convenience, cost-effectiveness, and ability to provide real-time health data remotely are key factors fueling this demand. As healthcare continues to prioritize patient-centric approaches, the demand for the market is projected to continue its upward trajectory.

Threat:

Lack of reimbursement

Despite the growing importance and adoption of these systems for remote patient monitoring and healthcare management, many healthcare systems and insurance providers do not have clear policies or incentives for reimbursing the costs associated with these technologies. This can hinder widespread adoption and investment in remote home monitoring systems, creating a barrier to their full potential in improving healthcare outcomes.

Covid-19 Impact: 

The COVID-19 pandemic significantly impacted the Remote Home Monitoring Systems market, driving a surge in demand as people sought ways to monitor health remotely and reduce physical contact. This led to increased adoption of telemedicine solutions, wearable devices, and smart home technologies. The market experienced rapid growth, with a focus on features like real-time monitoring, data analytics, and seamless connectivity. The pandemic acted as a catalyst, accelerating the evolution of remote healthcare and driving innovation in monitoring systems.

The glass sensors segment is expected to be the largest during the forecast period

The glass sensors is expected to be the largest during the forecast period. These sensors detect any tampering or breakage of glass doors or windows, triggering immediate alerts to homeowners or security services. With the increasing emphasis on home automation and security, the demand for advanced glass sensors is escalating. They contribute significantly to creating a robust and proactive security framework, enhancing the overall efficiency of remote monitoring systems.

The cancer treatment segment is expected to have the highest CAGR during the forecast period

The cancer treatment segment is expected to have the highest CAGR during the forecast period. These systems enable real-time tracking of vital signs, medication adherence, and symptom management from the comfort of home. They facilitate early detection of complications, promote personalized treatment plans, and enhance patient engagement through teleconsultations. With advanced technologies like AI and IoT, these systems offer continuous monitoring, improving treatment outcomes, reducing hospital visits, and enhancing the overall quality of life for cancer patients.

Region with largest share:

North America is projected to hold the largest market share during the forecast period due to increased demand for smart home solutions. This trend is driven by factors such as rising awareness of home security, advancements in IoT technology, and the convenience offered by remote monitoring. Key players in the market are focusing on developing innovative products with enhanced features like real-time alerts, video surveillance, and home automation integration. 
 
Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period. The market has witnessed significant technological advancements, especially in areas such as video surveillance, motion detection, and remote access control. Integration with smartphones and other smart devices has made it easier for homeowners to monitor their properties remotely. Some countries in the region have introduced initiatives to promote home security and smart home technologies. 

Key players in the market

Some of the key players in Remote Home Monitoring Systems market include Bosch Security Systems, Inc, Schneider Electric S.E., Samsung Electronics Co. Ltd, Visonic Limited, Siemens Corporation, Tyco International Ltd, Nortek Security & Control, LLC., Control4 Corporation, Apple Inc., Google Inc., IBM Corporation, SimpliSafe, Inc., General Electric Company, LOREX Technology Inc., Honeywell International Inc., Ooma, Inc. and Philips.

Key Developments:

In January, 2024, Apollo Hospital  a renowned multi-specialty hospital in India, announced a ground-breaking alliance with LifeSigns, a premier AI-powered health monitoring technology firm.

In May 2023, Philips launched Virtual Care Management, a comprehensive portfolio of flexible solutions and services health systems, providers, payers, and employers to motivate and engage with patients from anywhere.

Products Covered:
• Security Cameras
• Detectors
• DIY Home Security
• Sensors
• Security Solutions
• Electronic and Smart Locks
• Alarms
• Other Products 

Sensor Types Covered:
• Glass Sensors
• Door Sensors
• Environmental Sensors
• Motion Sensors
• Water Sensors
• Other Sensor Types 

Operating Systems Covered:
• Android
• iOS
• Windows 

Technologies Covered:
• Wireless Systems
• Wired Systems
• Hybrid Systems
• Cloud-Based 

Applications Covered:
• Diabetes
• Cancer Treatment
• Cardiovascular Diseases
• Weight Management
• Sleep Disorders
• Other Applications 

End Users Covered:
• Hospitals/Clinics
• Home Care Settings
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary       
         
2 Preface        
 2.1 Abstract       
 2.2 Stake Holders      
 2.3 Research Scope      
 2.4 Research Methodology     
  2.4.1 Data Mining     
  2.4.2 Data Analysis     
  2.4.3 Data Validation     
  2.4.4 Research Approach     
 2.5 Research Sources      
  2.5.1 Primary Research Sources    
  2.5.2 Secondary Research Sources    
  2.5.3 Assumptions     
         
3 Market Trend Analysis      
 3.1 Introduction      
 3.2 Drivers       
 3.3 Restraints      
 3.4 Opportunities      
 3.5 Threats       
 3.6 Product Analysis      
 3.7 Technology Analysis     
 3.8 Application Analysis     
 3.9 End User Analysis      
 3.10 Emerging Markets      
 3.11 Impact of Covid-19      
         
4 Porters Five Force Analysis      
 4.1 Bargaining power of suppliers     
 4.2 Bargaining power of buyers     
 4.3 Threat of substitutes     
 4.4 Threat of new entrants     
 4.5 Competitive rivalry      
         
5 Global Remote Home Monitoring Systems Market, By Product  
 5.1 Introduction      
 5.2 Security Cameras      
 5.3 Detectors      
 5.4 DIY Home Security      
 5.5 Sensors       
 5.6 Security Solutions      
 5.7 Electronic and Smart Locks     
 5.8 Alarms       
 5.9 Other Products      
         
6 Global Remote Home Monitoring Systems Market, By Sensor Type  
 6.1 Introduction      
 6.2 Glass Sensors      
 6.3 Door Sensors      
 6.4 Environmental Sensors     
 6.5 Motion Sensors      
 6.6 Water Sensors      
 6.7 Other Sensor Types      
         
7 Global Remote Home Monitoring Systems Market, By Operating System  
 7.1 Introduction      
 7.2 Android       
 7.3 iOS       
 7.4 Windows       
         
8 Global Remote Home Monitoring Systems Market, By Technology  
 8.1 Introduction      
 8.2 Wireless Systems      
 8.3 Wired Systems      
 8.4 Hybrid Systems      
 8.5 Cloud-Based      
         
9 Global Remote Home Monitoring Systems Market, By Application  
 9.1 Introduction      
 9.2 Diabetes       
 9.3 Cancer Treatment      
 9.4 Cardiovascular Diseases     
 9.5 Weight Management     
 9.6 Sleep Disorders      
 9.7 Other Applications      
         
10 Global Remote Home Monitoring Systems Market, By End User  
 10.1 Introduction      
 10.2 Hospitals/Clinics      
 10.3 Home Care Settings      
 10.4 Other End Users      
         
11 Global Remote Home Monitoring Systems Market, By Geography  
 11.1 Introduction      
 11.2 North America      
  11.2.1 US      
  11.2.2 Canada      
  11.2.3 Mexico      
 11.3 Europe       
  11.3.1 Germany      
  11.3.2 UK      
  11.3.3 Italy      
  11.3.4 France      
  11.3.5 Spain      
  11.3.6 Rest of Europe     
 11.4 Asia Pacific      
  11.4.1 Japan      
  11.4.2 China      
  11.4.3 India      
  11.4.4 Australia      
  11.4.5 New Zealand     
  11.4.6 South Korea     
  11.4.7 Rest of Asia Pacific     
 11.5 South America      
  11.5.1 Argentina     
  11.5.2 Brazil      
  11.5.3 Chile      
  11.5.4 Rest of South America    
 11.6 Middle East & Africa     
  11.6.1 Saudi Arabia     
  11.6.2 UAE      
  11.6.3 Qatar      
  11.6.4 South Africa     
  11.6.5 Rest of Middle East & Africa    
         
12 Key Developments       
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures  
 12.2 Acquisitions & Mergers     
 12.3 New Product Launch     
 12.4 Expansions      
 12.5 Other Key Strategies     
         
13 Company Profiling       
 13.1 Bosch Security Systems, Inc     
 13.2 Schneider Electric S.E.     
 13.3 Samsung Electronics Co. Ltd     
 13.4 Visonic Limited      
 13.5 Siemens Corporation     
 13.6 Tyco International Ltd     
 13.7 Nortek Security & Control, LLC.    
 13.8 Control4 Corporation     
 13.9 Apple Inc.      
 13.10 Google Inc.      
 13.11 IBM Corporation      
 13.12 SimpliSafe, Inc.      
 13.13 General Electric Company     
 13.14 LOREX Technology Inc.     
 13.15 Honeywell International Inc.     
 13.16 Ooma, Inc.      
 13.17 Philips        
         
List of Tables        
1 Global Remote Home Monitoring Systems Market Outlook, By Region (2022-2030) ($MN)
2 Global Remote Home Monitoring Systems Market Outlook, By Product (2022-2030) ($MN)
3 Global Remote Home Monitoring Systems Market Outlook, By Security Cameras (2022-2030) ($MN)
4 Global Remote Home Monitoring Systems Market Outlook, By Detectors (2022-2030) ($MN)
5 Global Remote Home Monitoring Systems Market Outlook, By DIY Home Security (2022-2030) ($MN)
6 Global Remote Home Monitoring Systems Market Outlook, By Sensors (2022-2030) ($MN)
7 Global Remote Home Monitoring Systems Market Outlook, By Security Solutions (2022-2030) ($MN)
8 Global Remote Home Monitoring Systems Market Outlook, By Electronic and Smart Locks (2022-2030) ($MN)
9 Global Remote Home Monitoring Systems Market Outlook, By Alarms (2022-2030) ($MN)
10 Global Remote Home Monitoring Systems Market Outlook, By Other Products (2022-2030) ($MN)
11 Global Remote Home Monitoring Systems Market Outlook, By Sensor Type (2022-2030) ($MN)
12 Global Remote Home Monitoring Systems Market Outlook, By Glass Sensors (2022-2030) ($MN)
13 Global Remote Home Monitoring Systems Market Outlook, By Door Sensors (2022-2030) ($MN)
14 Global Remote Home Monitoring Systems Market Outlook, By Environmental Sensors (2022-2030) ($MN)
15 Global Remote Home Monitoring Systems Market Outlook, By Motion Sensors (2022-2030) ($MN)
16 Global Remote Home Monitoring Systems Market Outlook, By Water Sensors (2022-2030) ($MN)
17 Global Remote Home Monitoring Systems Market Outlook, By Other Sensor Types (2022-2030) ($MN)
18 Global Remote Home Monitoring Systems Market Outlook, By Operating System (2022-2030) ($MN)
19 Global Remote Home Monitoring Systems Market Outlook, By Android (2022-2030) ($MN)
20 Global Remote Home Monitoring Systems Market Outlook, By iOS (2022-2030) ($MN)
21 Global Remote Home Monitoring Systems Market Outlook, By Windows (2022-2030) ($MN)
22 Global Remote Home Monitoring Systems Market Outlook, By Technology (2022-2030) ($MN)
23 Global Remote Home Monitoring Systems Market Outlook, By Wireless Systems (2022-2030) ($MN)
24 Global Remote Home Monitoring Systems Market Outlook, By Wired Systems (2022-2030) ($MN)
25 Global Remote Home Monitoring Systems Market Outlook, By Hybrid Systems (2022-2030) ($MN)
26 Global Remote Home Monitoring Systems Market Outlook, By Cloud-Based (2022-2030) ($MN)
27 Global Remote Home Monitoring Systems Market Outlook, By Application (2022-2030) ($MN)
28 Global Remote Home Monitoring Systems Market Outlook, By Diabetes (2022-2030) ($MN)
29 Global Remote Home Monitoring Systems Market Outlook, By Cancer Treatment (2022-2030) ($MN)
30 Global Remote Home Monitoring Systems Market Outlook, By Cardiovascular Diseases (2022-2030) ($MN)
31 Global Remote Home Monitoring Systems Market Outlook, By Weight Management (2022-2030) ($MN)
32 Global Remote Home Monitoring Systems Market Outlook, By Sleep Disorders (2022-2030) ($MN)
33 Global Remote Home Monitoring Systems Market Outlook, By Other Applications (2022-2030) ($MN)
34 Global Remote Home Monitoring Systems Market Outlook, By End User (2022-2030) ($MN)
35 Global Remote Home Monitoring Systems Market Outlook, By Hospitals/Clinics (2022-2030) ($MN)
36 Global Remote Home Monitoring Systems Market Outlook, By Home Care Settings (2022-2030) ($MN)
37 Global Remote Home Monitoring Systems Market Outlook, By Other End Users (2022-2030) ($MN)
         
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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