What are the future hot bets in this Home Security System Market
A home security system is a network of electronic devices working together to secure the residential environment from burglars and potential home intruders as well as from other emergency situations. Home security can be ensured through several monitoring and detection systems—including fire protection, access control, and video surveillance.
The home security system market is in the growth phase, and its growth is driven by technological developments and increased consumer awareness. The functionalities such as advanced software, third-party monitoring and analytics services, and wireless communication—are propelling the demand for the integrated home security systems. The overall home security system market was valued at USD 45.58 billion in 2018 and is expected to reach USD 74.75 billion by 2023, at a CAGR of 10.40% during the forecast period.
Owing to the increasing urbanization, the cities have started growing vertically, leading to the growth in the number of residential apartments and complexes. People in cities prefer condominiums and apartments owing to the integrated security and amenities within optimized prices. Therefore, providing a high level of security, while managing a large number of households, becomes necessary for the society builders and management bodies. Therefore, with the increasing number of condominiums and apartment projects in cities worldwide, the home security market for condominiums and apartments is expected to lead the market during the forecast period.
Browse 65 market data Tables and 56 Figures spread through 183 Pages and in-depth TOC on "Home Security System Market by Home Type (Independent Homes, Apartments), System Type (Professionally Installed & Monitored, Self-Installed & Professionally Monitored, Do-It-Yourself), Offering (Products, Services), and Geography - Global Forecast to 2023"
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Home security system market for do-it-yourself security systems to grow at highest CAGR during forecast period
The consumers usually prefer budget-friendly products and remote monitoring facility, which they can optimize as per their security requirements. In the DIY product category, users can save a large amount of money spent on consulting and installation services. Some such security systems can be customized and upgraded with additional features by customers as and when their needs vary. Also, most of the DIY security systems feature wireless communication capability, which enables customers to self-monitor the security devices using some apps of platforms. Therefore, with the growing adoption of home security systems, the DIY systems become an attractive alternative for the newer customers with average disposable incomes.
Market for video surveillance system to hold the largest share during the forecast period
A video surveillance system records all the activities in the vicinity; hence, a user can keep a watch on any untoward activity and alert the police regarding the same; a recorded video footage also serves as evidence in the post-crime investigations. One of the main benefits of the video surveillance system is that it ensures full-time monitoring in both the densely populated areas as well as in remote areas. The surveillance cameras today use AI and deep learning to empower the security with more reliability and accuracy. For instance, Hangzhou Hikvision Digital Technology (China) launched DeepinView Camera Series provided with deep learning feature to provide accurate and consistent video content analytics (VCA) performance. The key benefits of this new technology include human body detection, facial recognition, people counting, and vehicle management. AI-based deep learning and computer vision predicts the possibility of occurrence of a crime prior to the actual event.
Americas to hold largest size of home security system market by 2023
The region is at the forefront in terms of implementing the access control systems for improving safety measures and security. The Americas is a pioneer in the adoption of video surveillance safety. Also, there is constant progress in adopting new technologies, such as the transition to IP-based video surveillance. Moreover, the mandatory fire protection and safety regulations in the Americas have encouraged the builders in this region to implement fire protection systems in their building structures. In addition, the attractive home insurance policies offered to consumers opting for the installation of home security systems further drive the overall home security system market.
ADT (US), Honeywell (US), Johnson Controls (US), HANGZHOU HIKVISION DIGITAL TECHNOLOGY (China), ASSA ABLOY (Sweden), SECOM (Japan), Robert Bosch (Germany), United Technologies (US), Godrej & Boyce (India), Alarm.com (US), Allegion (Republic of Ireland), Control4 (US), Schneider Electric (France), Legrand (France), ABB (Switzerland), Comcast (US), STANLEY Convergent Security Solutions (US), Nortek Security & Control (US), FRONTPOINT (US), and Vivint (US) are the major players in the home security system market. Other key companies, including innovators and start-ups in the home security system market, are Armorax (US), Nest Secure (US), Notion (US), Canary (US), Scout (US), Simplisafe (US), and Cacoon (US).
Study Coverage:
This report describes the major trends, drivers, restraints, opportunities, and challenges pertaining to the studied market and provides market forecasts up to 2023. Moreover, the report includes a detailed view of the market across 4 major regions—Americas, Europe, APAC, and RoW. RoW comprises the Middle East and Africa.
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