Home Security System Market Size to Touch USD 108.03 Billion By 2030 As Per Emergen Research
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Home Security System Market Trends – Significant investments in research & development activities
VANCOUVER, BRITISH COLUMBIA, CANADA, May 9, 2023 /EINPresswire.com/ -- The global home security system market size was USD 52.80 Billion in 2021 and is expected to register a revenue CAGR of 8.3% during the forecast period, according to latest analysis by Emergen Research. Home security system market revenue growth is primarily driven by factors such as growing awareness regarding home security systems and implementation of Artificial Intelligence (AI) and deep leaning in home security systems. In addition, advent of AI and deep learning and rising pervasiveness of IoT-connected devices are driving revenue growth of the market.
AI is changing home security as it can solve problems, such as human error and false alarms, which traditional home security solutions face. AI-powered home security systems can learn a family's daily routine and detect strange events. This is advantageous for families who have numerous visitors or who travel frequently, since home security system decreases frequency of false alerts. AI also provides home-owners with peace of mind since people have a short attention span, whereas technology is programmed to always be on alert.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Home Security Systems market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others.
Leading companies profiled in the report are:
ADT, Resideo Technologies Inc., Johnson Controls, Hangzhou Hikvision Digital Technology Co., Ltd, ASSA ABLOY, Secom, LLC., Secom, LLC., Allegion plc., Snap One, LLC., and ABB
Key Questions Answered in the Report:
What exactly is a home security system, and how does it operate?
What types of home security systems are available, and what are their features and benefits?
How much does a typical home security system cost, and what factors influence the price?
What are the installation and setup requirements for a home security system, and can they be done by a homeowner or do they need to be done by a professional?
What are the continuing maintenance requirements for a home security system, and what type of support and warranties are normally provided by manufacturers?
What factors influence the efficiency of home security systems in preventing burglaries and other crimes?
What are the legal and ethical implications of employing a home security system, such as worries about privacy and potential liability?
Key Highlights presented in the report:
The independent homes segment accounted for largest revenue share in 2021. There is a rising demand for home security systems by independent homeowners to secure their family and property from increasing number of break-ins and burglaries. According to FBI burglary rates of homes, a residential burglary occurs every 13 seconds, four burglaries every minute, 240 per hour, and approximately 6,000 each day. It also states that a burglary will occur in one in every three houses that do not have a security system, compared to one in every 250 homes that do have a security system. There is a high adoption rate of advanced home security systems owing to various benefits. Current generation of home security solutions provides unrivaled connectivity, control, and accessibility, as well as ability for homeowners to remotely access various functions through a PC or a smartphone, which is driving revenue growth of this segment.
The professional-installed and monitored segment accounted for largest revenue share in 2021. Customer’s want to make sure that equipment is properly placed, home's alarm is monitored, and system is properly maintained. Therefore, they are willing to pay more for expert installation to install wireless sensors and security cameras without professional assistance. While setting security cameras professionals can assist customers to get the best view while making sure gadgets don't get easily stolen. This may involve drilling, utilizing ladders, and performing some electrical work, which ordinary customer may find difficult. In addition, they'll plan system, install sensors, test them, and debug any issues that arise, which are key factors driving revenue growth of this segment. People with no DIY knowledge or background are offered better services by a professional.
The video surveillance system segment accounted for largest revenue share in 2021. Video surveillance is the best option for monitoring purposes as it comes with various benefits. Digital video cameras provide higher resolution and broader viewing angles. In addition, with a highly integrated digital video system, consumers can watch activities on their surveillance feeds from anywhere in the world using mobile devices, computers, and tablets, as long as they have an internet connection. They can also log in and access their security system and see live broadcasts or recorded footage, which are key benefits driving revenue growth of this segment.
The Europe market accounted for third-largest revenue share in 2021. Increasing number of collaborations and unveiling of new products by key companies in Europe are driving market growth in this region. For instance, on 6 May 2021, Essence Group, a major developer of IoT solutions for worldwide security and care industries, launched WeR@Home+, next-generation security, and home management platform. To pilot the new product, Essence is collaborating with European security service providers including Securitas Direct Switzerland.
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Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Home Security Systems market expected to boost the growth of the industry in the coming years.
Market Segmentation by product type:
Home Type Outlook (Revenue, USD Billion; 2019-2030)
Independent Homes
Condominiums/Apartments
Security Type Outlook (Revenue, USD Billion; 2019-2030)
Professional-installed and Monitored
Self-installed and Professionally Monitored
Do-It-Yourself (DIY)
System Type Outlook (Revenue, USD Billion; 2019-2030)
Fire Protection System
Video Surveillance System
Access Control System
Entrance Control System
Intruder Alarm System
Major Regions Covered in the Home Security Systems Market Report:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
The Advantages of a Home Security System:
Protect Your Home and Family: The most obvious advantage of a home security system is the added security it offers. With sensors, cameras, and alarms installed, you can be assured that your home is being monitored and secured around the clock.
Deter Burglars and Other Criminals: Homes that have security systems are less likely to be targeted by burglars and other criminals. The presence of cameras and alarms can often dissuade potential intruders from breaking into your home.
Remote monitoring is available with many home security systems via a smartphone app or PC. This enables you to monitor your home from anywhere, at any time, and to receive notifications if there is any suspicious behaviour.
Insurance Savings: Installing a home security system may qualify you for a reduction in your homeowner's insurance costs. This can help balance the system's cost over time.
Finally, having a home security system installed can provide you with piece of mind. You may rest easy knowing that your house and family are safe even when you are not present.
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