ID: MRFR/SEM/5121-HCR | February 2021 | Region: Global | 100 pages
Globally, the home security systems market is expected to grow from USD 33,475.10 billion in 2019 to USD 55,698.30 billion by 2026, at a CAGR of 10.23% 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.
Godrej locking solutions and systems introduced Advantis door lock system with a 360-degree fingerprint scanner and a touchscreen. Smart card systems are also included in Advantis door lock system where 100 cards are registered for multiple users. In case of emergency, the door can be opened by a mechanical key.
Global Home Security System Market
Source: MRFR Analysis
The global home security system market is segmented into product, type, end-users, and regions.
By product, the market is segmented into cameras, sensors, fire sprinklers & extinguishers, alarms, panic buttons, biometrics, RFID, smart cards, and electronic locks.
By type, the market is segmented into intruder alarm solution, integrated security solution, video surveillance solution, medical alert system, intercom system, fire protection system, and access control & management solution.
By end-user the market is segmented into condominiums, apartments, and independent homes
By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.
The global market for home security system is estimated to grow at a significant rate during the forecast period from 2019 to 2026. The geographical analysis of global home security system market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to dominate the global home security system market during the forecast period. In Asia-Pacific, many governments set the safety norms for various categories. Rapid development in the construction and real estate sector can be attributed to the growth of home security systems market in the Asia-Pacific region. Asia-Pacific is economically and technologically developed region and countries such as China, Japan, and South Korea are expected to dominate the home security market in the region.
North America is expected to grow at a faster rate during the forecast period. The presence of big players and early adoption of new technologies such as IoT and artificial intelligence (AI) drives the home security systems market in North America. US, Canada, and Mexico are expected to dominate the home security system market in the region during the forecast period.
According to the latest trend in home security system market, most enterprises are expanding their technological capabilities to adopt home cloud solutions and app-based home security systems. Most of the companies have adopted an inorganic strategy to expand their businesses, where, partnership and collaboration accounted and merger & acquisition accounted for overall key development undergone by the key players in the market.
The prominent players in home security system market are 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., and HikVision Digital Technology Co., Ltd. among others.
|Market Size||2026 : USD 55,698.30 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Type, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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., and HikVision Digital Technology Co., Ltd.|
|Key Market Opportunities||high initial installation cost of the systems|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
At 10.23% CAGR, worldwide market of home security systems poised to touch valuation of USD 55 Bn by 2023.
Robert Bosch GmbH, Assa Abloy AB, Allegion PLC, Godrej & Boyce Manufacturing Company Limited, and Axis Communications AB are some prominent companies in the home security systems market.
Intruder alarm solution, video surveillance solution, integrated security solution, intercom system, and medical alert system are few of home security systems types.
Cameras are extensively used home security systems. Alongside, fire sprinklers and extinguishers, sensors, panic buttons, alarms, RFID, biometrics, electronic locks, and smart cards are other constituents of home security systems.
The surge in investment to shape smart city project into reality, the APAC home security systems market is expected to register an exponential growth.