By 2028, the worldwide market size for Home Security System is expected to grow to approximately USD 103.72 billion. It is also anticipated that in the predicted years 2021-2028 a CAGR of around 8.8%. Advances in technology and the rise of smart homes, hence the global market for home security systems has been on the rise. Other key factors predicted to fuel growth of the worldwide home security system market throughout the forecast period include an increase in incidences of security threats and breaches, which has resulted in a high demand for better safety and security systems.
In addition, the advent of the Internet of Things (IoT) and wireless technologies is expected to promote global industrial growth in the near future. Miniaturized sensors and actuators, as well as low-power wireless communication technologies, have emerged as a result of the Internet of Things' rise. Furthermore, the rising usage of the internet, tablets, and smartphones is paving the way for the use of IoT in home security via smart apps. The Internet of Things has improved product quality and automation system consistency.
Smart houses have benefited from the effective integration of the IoT network, which allows for remote, real-time, and automatic monitoring of the home environment. As a result, wireless technology-enabled security systems are one of the most significant advances in the field of home security solutions and IoT, and are generally favoured by homeowners to provide adequate safety. 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.
The report highlights many characteristics of the worldwide home security system business by evaluating the market against the falling value chain. In the research, there are also several characteristics that include market constraints, drivers and major industry prospects in the Home Security System sector. In addition, the study provides an extensive assessment of company profiling and of the competitiveness of local and international vendors on the market.
By 2020, there were over 50% of the condominiums/apartment share in the global market led by increasing demand for the home security systems in condominiums/apartments especially in the developing countries like India, China, and other emerging economies. This factor will fuel growth of the global home security system market in the near future. In 2020, the North American area will be one of the most important markets for home security systems. The North America area is expected to see considerable growth in home security system sales, especially during the projection period. This growth may be due to rising concerns about anti-social, criminal, and terrorist activities across the country. Due to growing urbanization and technological advances in the area, the European market has the second-highest revenue share in the worldwide home security system market.
Addition to this due to rising demand for the development of intelligent buildings, as well as security concerns in the area, the Asia Pacific market is expected to expand at the quickest rate in terms of revenue. Furthermore, throughout the projection period, the markets in Latin America and the Middle East and Africa are predicted to rise at a modest rate.
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 Home Security System market 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. New Home Security System products are offered by renowned firms. Furthermore, the industry is approached by both previously known and new companies using sophisticated and innovative methods to remain competitive on the world market.
Segment Overview of Global Home Security System Market
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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America