Market Highlights:
Globally, the home security systems market is expected to grow from USD 33.47 billion in 2017 to USD 55 billion by 2023, at a CAGR of 9% during the forecast period 2018–2023. Increasing criminal activities and advancement in smartphone-enabled remote monitoring technology is expected to drive the home security systems market. However, the high initial installation cost of the systems is likely to limit the market growth.
Home security systems work on the principle of securing entry points such as doors & windows and interior space containing various valuables and essentials. A typical home security system includes interior & exterior motion sensors, control panel, wired or wireless security cameras, and high decibel sirens or an alarms. The control panel communicates with each component of the security system. Doors & windows sensors consist of two parts that are installed adjacent to each other. One component is installed on the window or a door and the other part is placed on the door frame. When a door is closed, both components of the sensor gets connected, completing the circuit. Motion sensor components protect the space by making an invisible zone which cannot be breached without triggering an alarm. Wired & wireless surveillance cameras are used in remote areas such as garages, sheds & workshops, and interior & exterior entry points.
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Key players
- United Technologies Corporation Nortek Security & Control LLC,
- Vivint Inc.,
- Control4 Corporation,
- Honeywell International Inc.
- Tyco International Ltd.,
- ADT Corporation,
- Robert Bosch GmbH,
- Godrej & Boyce Manufacturing Company Limited,
- Assa Abloy AB,
- Allegion PLC,
- Axis Communications AB,
- SimpliSafe, Inc.,
- HikVision Digital Technology Co., Ltd.
Globally, the Home Security Systems Market is expected to grow from USD 33.47 billion in 2017 to USD 55 billion by 2023, at a CAGR of 9% during the forecast period 2018–2023. Increasing criminal activities and advancement in smartphone-enabled remote monitoring technology is expected to drive the home security systems market. However, the high initial installation cost of the systems is likely to limit the market growth.
Latest Industry News
SimpliSafe, who claim to offer the best user-friendly and easy to install home security system are set to enter the UK market.
eufyCam E home security cameras with 365-day battery life are available at their price, and their advanced models are coming out with new features
Segmentation:
The global home security systems market segmentation can segment the market into end-users, product, type, and lastly, region. Based on end-users, this market has been segmented into apartments, condominiums, and independent homes. The product-based segmentation has segmented market into alarms, biometrics, cameras, electronic locks, fire sprinklers & extinguishers, panic buttons, radio-frequency identification (RFID), sensors, and smart cards. By type, the market can be segmented into access control & management solution, fire protection system, intercom system, intruder alarm solution, integrated security solution, medical alert system, and video surveillance solution.
Regional Analysis:
The regional segmentation of the global home security systems market segments the market into regional markets known as Asia Pacific, North America, Europe, and the rest of the world (RoW). During the forecast period, the Asia Pacific regional market is expected to dominate the global market because many governments have set the safety norms for various categories. The second factor helping the market growth in this region is the rapid development in the construction and real estate sector. Due to economic and technological development, China, Japan, and South Korea are the most important country-specific markets in this region. Due to stable technology development, high population, and large construction sector, India (followed by remaining Asia Pacific countries) is another important country-specific market.
North America is expected to emerge as the fastest growing regional market during the forecast period due to the operations of many key market players in this region and early adoption of new technologies like the internet of things (IoT) and artificial intelligence (AI). The significant country-specific markets in this region are the USA, Canada, and Mexico.
In Europe, the market is growing due to the reasons that are the same as in North America. The major country-specific markets are France, Germany, Italy, Spain, and the UK, followed by the remaining countries of Europe.
The RoW segment lists Latin countries and the Middle East & Africa (MEA). In the MEA region, the market is limited due to most countries being poor, lack of infrastructure, lack of awareness, lack of advanced technology, lack of education, and lack of skilled professionals. The market comprising of Latin countries is small because the availability of advanced technology is limited in this region. Argentina and Brazil are two powerful economies that have the potential to rise as lucrative markets in the future.
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Intended Audience
- Companies competing in the home security system
- Companies involved in the ecosystem of security solutions
- Key security system manufacturers
- Software solution providers
- Network providers
- System integrators
- Housing developers
- Retail distributor
- Government, financial, and research institutions as well as investment communities
- Analysts and strategic business planners
- Research and consulting firms
LIST OF TABLES
Table 1 Global Home Security System Market, By Country, 2018-2023
Table 2 North America: Home Security System Market, By Country, 2018–2023
Table 3 Europe: Home Security System Market, By Country, 2018–2023
Table 4 Asia-Pacific: Home Security System Market, By Country, 2018–2023
Table 5 Latin America: Home Security System Market, By Country, 2018–2023
Table 6 North America: Home Security System Market, By Country
Table 7 North America: Home Security System Market, By Product
Continued……
LIST OF FIGURES
Figure 1 Global Home Security System Market segmentation
Figure 2 Forecast Methodology
Figure 3 Porter’s Five Forces Analysis of Global Home Security System Market
Figure 4 Value Chain of Global Home Security System Market
Figure 5 Share of Home Security System Market in 2018, by country (in %)
Continued……
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