Smart home solution sales will overtake sales of security solutions for the first time this year.

Globally, homeowners will spend $US19.4 billion on security systems this year, with smart security cameras and smart locks being the most-purchased products. This figure is expected to double and reach $35.6 billion value over the next 4 years.

In comparison, the exponential growth rate of smart home solutions is astonishing. In 2017 the market was worth $43.4 billion – it is forecast to reach $91 billion value this year on its way to $US158B by 2024, growing at a rate of 19.3 per cent.

The penetration of 5G and the involvement of companies like Apple, Google and Amazon is expected to drive the smart home market forward – as is consumer appetite for automated solutions that can be managed by apps using smart phones and tablets.