Home Security Systems Market is experiencing rapid growth as homeowners prioritize safety

The global home security systems market size is expected to grow from USD 56.9 billion in 2022 to USD 84.4 billion by 2027, at a CAGR of 8.2% during the forecast period.

Home Security Syatems Market Dynamics :

Drivers : The emergence of the Internet of Things (IoT) and wireless technologies

IoT-based security systems ensure safety through the immediate notifications sent to users. The smart sensing detects variances in motion, heat, and sound and alerts the user. IoT makes the devices more sophisticated with the availability of a large volume of high-quality data. For instance, the use of high-definition cameras and infrared vision and night vision surveillance systems ensure the 24×7 availability of the details of any event. Motion activation records and transmits the data when actual movement happens. Digital video recording (DVR) devices help locate the clip of an event for a particular date and time from the entire recording. Thus, the introduction of IoT devices and effective wireless communication are expected to fuel the adoption of home security systems with multi-functional security options.

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Opportunities : Implementation of artificial intelligence (AI) and deep learning in home security systems

The AI has paved the way for automated health assessment and medical alert systems to be integrated with a complete home security system. The cognitive and physical health monitoring of the residents is also gaining traction, especially home-based monitoring of the elderly, besides increased adoption of home security systems for video surveillance, hazard detection, and access control applications. The cognitive analysis based on AI gathers and analyzes information regarding the occupant’s activities and health status. It also analyzes the behavioral and physiological patterns and the medical history of individuals to ensure safety.

 An in-home medical alert system consists of a base station and wireless remote devices, such as pendants, bracelets, or belt clips. The remote devices analyze personal behavior, detect the emergency, and send a signal to the base station. The base station then conveys the situation to the required authorities. The medical alert system is also helpful when kids are left alone at home and when special attention is needed with an existing critical medical condition. When used as an integrated part of the home security system, a medical alert system helps in several other ways. For instance, it can also be used to alert the monitoring station in case of other emergencies, such as burglary, intrusion, and gas leaks.

Video Surveillance Systems to hold the largest share of the market by systems in 2022

The video surveillance systems segment is expected to hold the largest share of the home security systems market by systems in 2022. One of the major benefits of the video surveillance system is that it offers security, monitoring, and analysis of suspicious movements of persons over a perimeter. Hardware products—such as cameras, monitors, servers, storage units, and other accessories—form a major part of the video surveillance systems. The hardware products that are currently available in the market are cost effective and technologically advanced. High-definition (HD) cameras, panoramic cameras, and body-worn or spy cameras are among the most recent and attractive trends in the video surveillance market.

Home security systems market in APAC to grow at the highest rate during the forecast period

The home security systems market in APAC is expected to witness significant growth rate during the forecast owing to increasing crime rate and rapid urbanization in the countries such as China, and India. In Japan, growing emphasis by government on fire safety measures is likely to create growth opportunities for the market, while increasing R&D for innovative security products to drive the market in South Korea. The associations and organizations, such as the Asian Professional Security Association (APSA), take initiatives to tap potential opportunities effectively. Among the different products utilized for security, intelligent video surveillance, and electronic access control systems are observed to have the highest demand in this region.

A few of the key players in the Home Security Systems Market are ADT LLC. (ADT) (US), Resideo Technologies, Inc. (US), Johnson Controls International plc. (Johnson Controls) (US) HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO. LTD. (HANGZHOU HIKVISION DIGITAL TECHNOLOGY) (China), and ASSA ABLOY AB (ASSA ABLOY) (Sweden).

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