The global home security systems market size is predicted to reach USD 55,850.60 billion by 2023, asserts Market Research Future (MRFR) in its report. It can exhibit 10.23% CAGR from 2018 to 2023. Home security systems are being deployed in excess due to fear of break-ins and rise of remote working. MRFR’s report on the home security systems market focuses on rapid changes in technologies and latest evolutions of systems designed to offer protection to homes. It offers drivers, opportunities, and restraints for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
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Competitive Analysis
HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD. (CHINA), UNITED TECHNOLOGIES CORPORATION NORTEK SECURITY CONTROL LLC (US), ALLEGION PLC (IRELAND), HONEYWELL INTERNATIONAL INC. (US), SIMPLISAFE, INC. (US), GODREJ BOYCE MANUFACTURING COMPANY LIMITED (INDIA), JOHNSON CONTROLS (US), VIVINT INC.(US), ROBERT BOSCH GMBH (GERMANY), CONTROL4 CORPORATION (US), CESCOM (JAPAN), ASSA ABLOY AB (SWEDEN), AXIS COMMUNICATIONS AB (SWEDEN), ADT CORPORATION (US), and TYCO INTERNATIONAL LTD. (IRELAND) are key players in the global home security systems market.
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Market Scope
The global home security systems market is poised to augment its market growth owing to development of miniature sensors, dipping prices of chips, and development of IoT connected systems. Rise of smart devices and high-speed internet has driven installation rates of home security systems. The huge potential for do-it-yourself (DIY) systems as well as offerings of home alarms and sensor triggers can bode well for the market.
Protection of access points as well as verification of guests and delivery personnel can drive the market demand significantly. Increase in gated communities and rise in spending levels of customers can bode well for the market. Use of mobile applications to control the depth of security levels and be alerted in case of theft attempts can push the market demand.
But installation and maintenance costs of systems can pose a challenge to market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic has propelled the home security systems market demand due to rise in crime rates and decisions to enhance home defenses. Installation of cameras with the help of online tutorials and opportunities for renovation of homes can drive market revenue. Rise of work-from-home and use of mobile device management software to protect defenses at endpoints can drive market growth over the forecast period.
Segmentation Analysis
Video Surveillance Solutions to Register Huge Growth
Video surveillance solutions will showcase the fastest growth owing to low need of manpower, post-event analysis, and real-time detection of events. Use of AI and deep learning to identify miscreants and anti-social elements can drive segment growth.
Regional Analysis
APAC to Capture Considerable Market Share by 2027
Asia-Pacific (APAC) is set to lead in the global home security systems market owing to development of construction sector and new rules to ensure safety of residents. Installation of security cameras with high-resolution cameras an drive regional market growth.
Industry News
SimpliSafe has unveiled plans for customers that prefer DIY installations with no extra charges for monitoring.
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