Market Overview
The home security system serves as a medium to safeguard the people and property inside the home. The increased rate of technological advancement and development of innovative techniques has given rise to such Security systems. People always want their homes to be secured from external harm such as robbery, burglary, home invasion, and other violent activities. The rise in concern and awareness among the people largely drives the Home Security System Market. Business professionals' house and office sectors mostly demand a high-security system for protection and safeguarding. The increased rate of violent activities is trending the demand of the Home Security Systems Market Share globally.
A home security system constitutes the control panel, doors, and windows with sensors and motion detectors that help monitor things outside the home. These advanced features have led to the usage of these systems in different official, industrial sectors, and residences. The IoT (internet of things)
is playing a major role in developing these systems. The widespread adoption of the internet and other electric devices is a major driving factor of the Home Security System Market. The smart applications of the security system and understanding of its effective role in safeguarding the home and other sectors are boosting the market growth. Due to these growth factors, the market receives huge opportunities from various sources. The maintenance and installation of these systems are of high cost, hampering the market's growth. Still, the key players are taking the responsibility to meet the rising demand of the customers.
During the COVID-19 pandemic, the Home Security System Market had faced revenue loss when the sale of security systems was halted for a long period. Significant negative impact on the market was observed in various parts worldwide. The operational and manufacturing sectors even remained shut. But in the coming years, the market will easily recover from these issues because of key players and growth opportunities.
Hence, the growth of the market to continue significantly. The Home Security System Market is estimated to reach a CAGR of 10.23 %, with a value of USD 55,850.60 Billion during the forecast period.
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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Market Segmentation
The Home Security System Market is divided into product, type, and end-users. The market is divided into cameras, sensors, biometrics, fire sprinklers, alarms, and smart cards based on the product segment. In the type segment, the market is categorized into intruder alarm solutions, integrated security solutions, video surveillance solutions, medical alert systems, intercom systems, fire installation systems, and access control & management solutions. These systems are effective for security applications. Under the end-user segment, the market is sub-divided into sectors such as condominiums, apartments, and independent homes.
Regional Analysis
According to the geographical distribution, the Home Security System Market is spreading its growth in North America, Europe, Asia Pacific, and the rest of the world. Among these regions, the Asia Pacific dominates the global market due to the rise in the development of real estate and construction. The North American region is to notice steady growth due to the presence of prominent players, especially in the US, for advanced security systems.
Industry News
According to the news, Google Nest is set to launch a new line of home security devices that includes a video doorbell and multiple new cameras.
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Key Questions Addressed by the Report
- What was the historic market size (2019)?
- Which segmentation (technology/application/end market) is driving market growth?
- What will be the growth rate by 2027?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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