Home security refers to the measures adopted by consumers for the prevention and detection of criminal activities using electronic equipment. This equipment is used for video surveillance, access control, detection, monitoring, and control of unwanted entry in residences. The enhanced security needs of customers, and managed security solutions emerging as an affordable option are some of the driving factors of the Home security solutions market.
Managed Security Solutions Emerging as an Affordable Option
Home security solutions address key concerns of consumers, such as home intrusions, burglary, and other property security issues by providing state-of-the-art technology with enhanced equipment and intelligent operations. Service providers entering the home security industry have addressed the limitations that had kept them from broaching the mass market. Issues such as installation complexities, technical glitches, maintenance, troubleshooting, and modifications, which are generally faced by consumers, are addressed by managed security service providers. This not only helps consumers find a reliable brand name of their choice, but also a single point of contact to address all of their queries and concerns in the long run.
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By offering managed security solutions, service providers are not only able to broaden their offerings to consumers, but also enhance the revenue potential of existing networks. This has enabled them to expand their existing consumer base and increase the average revenue per user (ARPU). The entry of these service providers has helped players in the market achieve higher levels of consumer awareness and greater penetration. This trend is now picking up pace in the home security solutions market with an increased number of service providers such as Verizon, AT&T, Google, National Grid PLC, Rogers Wireless, and Orange entering the market. These companies, in collaboration with software providers and stakeholders, are able to offer customized solutions to their end users. Furthermore, to strengthen their market presence, these players, along with home security solution providers, are also providing home automation solutions, resulting in an increase in their overall market share. These developments subsequently have brought a high level of competition to provide quality services, benefitting consumers in the form of a high cost-to-value ratio and comprehensive/packaged services. The impact of managed home security services is expected to rise from medium to high levels during the forecast period.
Home Security Solutions: Market Segmentation
The home security solutions market is segmented on the basis of components and region. The components segment is classified on the basis of hardware, software, and services offered. In the home security solutions market, hardware segment was dominant in 2019. Electronic locks was the largest hardware product segment. Demand for electronic locks is driven by their low cost and compact design, thereby addressing the basic need of having advance access control. It provides high levels of restricted entry to the home through advanced locking mechanisms, replacing the traditional and widely used key locking systems to a larger extent.
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Based on region, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is considered to be the major market in residential security systems with extensive adoption of technically advanced home security solutions in the U.S. and Canada. Demand for home security solutions continues to grow in the region with the recovery in residential construction activities and improvement and renovation activities in residential infrastructure.
Home Security Solutions Market: Competition Dynamics
Some of the major players in the global home security solutions market are ADT Corporation, Assa Abloy AB, Axis Communications AB, Frontpoint Security Solutions, HikVision Digital Technology Co., Ltd, Honeywell International, Inc., Protect America, Inc., SimpliSafe, Inc., Tyco International Ltd., and Vivint Inc.
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