Market Analysis
The global home security systems industry is likely to touch USD 55,698.30 billion at a 10.23% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Home security systems are indispensable parts of the contemporary housing systems. These home security systems comprise a wide variety of offerings and products which can help in safeguarding residential spaces from intrusive elements.
Various factors are fuelling the global home security systems market share growth. As per the recent MRFR market estimates, such factors include the increasing criminal activities, advances in smartphone-enabled remote monitoring technology, growing awareness about home security systems, home security systems market trends of increasing adoption of IP cameras for video surveillance amid COVID-19 crisis, and the emergence of wireless technologies and internet of things.
On the contrary, high initial installation price may limit the global home security systems market growth over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has severely affected the growth of the home security systems market globally. Global sales are likely to fall by 10% in this fiscal year resting on the progression of the spread of the virus. Its impact on major markets like in China and the US has been adverse owing to disruptions in supply chain that has led to a fall in the demand for home security systems. The fall in the number of new construction projects and the closure of manufacturing facilities are the factors that are impacting the demand in China. In the US, the market is likely to show stronger growth over other countries in the Americas. A decline in the adoption of security systems in the short term and ongoing trade tension with China are likely to impact the growth of the home security systems market in the region.
Key Players:
The prominent players in the global home security systems 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.
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Segmentation
The global home security systems 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 Home Security Systems market is segmented into condominiums, apartments, and independent homes
By region, the Home Security Systems market is segmented into North America, Europe, Asia-Pacific and the rest of the world.
Regional Analysis
The global market for home security systems is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of home security system market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to grow at a faster rate during the forecast period. The US, Canada, and Mexico are expected to dominate the global home security system market in the region 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 region.
Asia-Pacific is expected to dominate the global home security systems market during the forecast period. Asia-Pacific is an advanced, economical region with countries such as China, Japan, and South Korea expected to dominate the global home security systems market in Asia-Pacific. Also, many governments have set safety norms for various categories. Huge development in the construction and real estate sector are expected to be prominent growth factors for the home security systems market in the region.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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The global home security systems market size was valued at USD 53.6 billion in 2020 and is expected to reach USD 78.9 billion by 2025, at a CAGR of 8.0% during the forecast period.
The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems, the emergence of the Internet of Things (IoT) and wireless technologies and increasing adoption of IP cameras for video surveillance amid COVID-19 crisis Browse 95 market data Tables and 50 Figures spread through 178 Pages and in-depth TOC on "Home Security Systems Market by Home Type (Independent Homes, Apartments), Security (Professionally Installed & Monitored, Do-It-Yourself), Systems (Access Control Systems), Services (Security System Integration Services), Region - Global Forecast 2025"Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=205573901 Do-It-Yourself (DIY) security market to grow at a high rate from 2020 to 2025The market for Do-it-Yourself (DIY) security systems is expected to grow at the highest CAGR during the forecast period.
Some of the products offer integrated alarm triggers and other smart features, which help to detect a break-in by security cameras in regular monitoring activities.
Thus, with the increasing adoption of home security systems, the DIY systems are expected to be attractive alternatives for new customers with average disposable incomes.Video Surveillance Systems to hold the largest share of the market by systems in 2019The video surveillance systems segment is expected to hold the largest share of the home security systems market by systems in 2019.
The key benefits of this new technology include human body detection, facial recognition, counting the number of people, and vehicle management.
The growing demand for digital and intelligent cameras having CMOS-based image sensors, upgraded image resolution from standard to super-high clarity, the introduction of cameras with built-in face recognition, and video content analysis are some of the key emerging trends in this region.ADT LLC.
