Home Security Systems Market Forecast: Growing Demand for DIY and Subscription Services
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.
Key Market Drivers
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Rising Concern for Home Safety: Growing concerns about crime rates, burglary, and vandalism are driving consumers to invest in home security systems. High-profile incidents and increased media coverage of home security breaches have heightened awareness and prompted homeowners to seek advanced security solutions.
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Advancements in Technology: Technological advancements have transformed home security systems, making them more effective and user-friendly. Innovations such as smart sensors, high-definition cameras, and advanced alarm systems enhance the functionality and reliability of home security solutions.
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Integration with Smart Home Systems: The integration of home security systems with smart home technology is a significant trend in the market. Homeowners increasingly prefer systems that can be controlled via smartphone apps, voice assistants, and other smart home devices. This integration allows for seamless control, automation, and monitoring of security features.
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Increased Adoption of DIY Security Systems: Do-it-yourself (DIY) home security systems have gained popularity due to their affordability, ease of installation, and flexibility. These systems often include plug-and-play components, wireless connectivity, and cloud-based monitoring, allowing homeowners to customize their security setups without professional assistance.
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Growing Importance of Monitoring and Surveillance: The demand for continuous monitoring and surveillance is rising, driven by the desire for real-time alerts and remote access. Modern home security systems offer features such as live video streaming, motion detection alerts, and remote control, providing homeowners with greater visibility and control over their property.
The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems and the emergence of the Internet of Things (IoT) and wireless technologies.
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Do-It-Yourself (DIY) security market to grow at a high rate from 2022 to 2027
The market for Do-it-Yourself (DIY) security systems is expected to grow at the highest CAGR during the forecast period. A significant customer base of home security systems prefer cost-effective products with a remote monitoring facility to 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 of such security systems can be customized and upgraded with additional features by customers as and when they require. Thus, with DIY option suitable for many customers, its adoption is expected to drive the growth of home security systems market.
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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