Home security system is a mix of hardware and software technologies that detect unauthorized access. There are microprocessor-based home security systems that can perform a wide range of functions and have a simple user interface. Doors, locks, alarm systems, lights, motion detectors, security camera systems, and other hardware devices are examples.
Growing consumer awareness of home security, the Internet of Things (IoT), increased use of IP cameras, growing wireless technologies, and acceptance of home cloud solutions are all driving the industry forward. The Internet of Things has a huge impact on the Home Security Systems Market because key players are launching systems with enhanced security aspects for monitoring with the help of the IoT in home security, and the integration of IoT makes the home more secure, remotely controlled, and interconnected. Furthermore, cloud-based solutions reduce the complexity of software for home use.
By 2028, the worldwide market size for Home Security System is expected to grow to approximately USD 103.72 billion. A CAGR of about 8.80 % is also expected in the forecasted years 2021-2028. However, the high cost of installation and maintenance is likely to limit the global home security system market's development. Furthermore, a lack of IT expertise will make it tough for an individual to run a home security solutions system, which may limit market growth throughout the projection period.
Home Security System Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 103.72 billion|
|Growth Rate||CAGR of 8.8% during 2021-2028|
|Segment Covered||Home Type, System Type, Component, Offering, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||FrontPoint Security Solutions, LLC, The Assa Abloy Group, ADT Corporation, Hangzhou Hikvision Digital Technology Co., Ltd, Honeywell International, Inc. Vivint, Inc. Tyco International Ltd. SimpliSafe, Inc. Axis Communications AB, and Protect America, Inc.|
Home Type Overview, 2019 - 2028 (USD Billion)
- Independent Home
System Type Overview, 2019 - 2028 (USD Billion)
- Professionally Installed and Monitored
- Self-Installed and Professionally Monitored
- Do-It-Yourself (DIY)
Component Overview, 2019 - 2028 (USD Billion)
Offering Overview, 2019 - 2028 (USD Billion)
- Fire Protection System
- Video Surveillance System
- Access Control System
- Entrance Control System
- Intruder Alarm
- Security System Integration Service
- Remote monitoring Service
- Fire Protection Service
- Video Surveillance Service
- Access Control Service
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Home Security System market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Home Security System market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Home Security System industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on component, application, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Home Security System market. The report will benefit every stakeholder involved in the Home Security System market.
- Managers within the Home Security System industry looking to publish recent and forecasted statistics about the global Home Security System market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global Home Security System market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
The global industry is competitive, with the top regional competitors of the industry. Major players in the global industry are FrontPoint Security Solutions, LLC, The Assa Abloy Group, ADT Corporation, Hangzhou Hikvision Digital Technology Co., Ltd, Honeywell International, Inc. Vivint, Inc. Tyco International Ltd. SimpliSafe, Inc. Axis Communications AB, and Protect America, Inc. among others.
Increasing crime- rate in various countries across the world is driving the demand for advanced home security systems and therby boosting growth of the global market. Consumers can now afford to invest in high-end home security devices and solutions because to an increase in disposable income on a worldwide scale. Consumers are more digitally savvy and seek solutions with enhanced features. There is also a notable increase in consumer spending power, particularly in emerging nations, which is driving market development.
In some nations, home security solutions like as video surveillance, access management systems, and fire control systems aid in the monitoring of traffic information. Another factor boosting the adoption of cutting-edge home security devices and solutions is this. Another revenue-driving aspect is the integration of smart home security products with smartphones. Consumers now rely on smartphones for the majority of their day-to-day activities as a result of rapid urbanisation and technological developments. The need for improved security systems that can be monitored via smartphones is propelling the industry forward, particularly in Europe.
Home Type Segment
On the basis of home tye the global market is categorized into independent home and condominiums/apartment. Condominiums/apartments are expected to account for the greatest market share throughout the projection period, as apartments are the fastest expanding category due to increased consumer concerns about continuous security and real-time monitoring, as well as rising disposable income. However, independent home segment will be growing at noteworthy growth rate in the near future.
One of the major markets for Home Security System in 2020 is North America region. The Asia Pacific area is expected to see considerable rise in sales of home security systems, especially in developing economies like India and China throughout the projected period.The market for home security systems in APAC is exploding, owing to rising awareness of possible security risks to people as well as the booming construction sector. Buyers' security concerns push project developers to pre-install security systems in new home developments. Some of the main rising trends in this sector include the increased demand for digital and intelligent cameras with CMOS-based image sensors, improved picture resolution from standard to super-high clarity, the launch of cameras with built-in face recognition, and video content analysis.
Due to the presence of several small and medium-sized manufacturers, the worldwide home security system market is fragmented, while at the regional level most major companies in Europe and North America are consolidated. The key players of the FrontPoint Security Solutions, LLC, The Assa Abloy Group, ADT Corporation, Hangzhou Hikvision Digital Technology Co., Ltd, Honeywell International, Inc. Vivint, Inc. Tyco International Ltd. SimpliSafe, Inc. Axis Communications AB, and Protect America, Inc. Furthermore, the industry is approached by both previously known and new companies using sophisticated and innovative methods to remain competitive on the world market.