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Home Security Solutions Market anticipated to expand at a CAGR of 24.2% during the forecast period 2027

According to the business intelligence report by the Transparency Market Research, the global home security solutions market is expanding at a significant rate over the forecast period of 2019 to 2027. The global home security solutions market was evaluated at US$ 17.8 billion in the year of 2019 i.e. beginning of the forecast period. The research authors at Transparency Market Research predict that the global home security solutions market will grow at a noteworthy growth rate of 24.2 % over the forecast period of 2019 to 2027 and hit the valuation of US$ 81.1 billion at the end of the forecast period i.e. 2027. Increasing concerns regarding the safety of homes and family against unwanted criminal activities such as home invasions, burglary, homicides, and property theft are driving the demand in global home security solutions market.

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Solutions in the global home security solutions market are availed by consumer in order to protect their homes by detecting any criminal activities using various types of electronic products. Equipment and products offered by the players in global home security solutions market are utilized for various purposes including video surveillance, movement detection, controlling unwanted entry in residential premises, access control, and monitoring purposes. Solutions in the global home security solutions market are enabled by utilization of latest and cutting edge technologies such as electronic locks, sensors, alarms, gesture control systems, cameras, and various detectors.

Integration of IoT Creates New Opportunities in Home Security Solutions Market

Increasing usage of smart home appliances, supported by rising use of smartphones and other connected devices are supplementing the growth in global home security solutions market. Furthermore, integration of Internet of Things or IoT technologies as well as rising adoption of wireless driveway and window alarms is supplementing the growth of global home security solutions market. Segments in the global home security solutions market by component include hardware, software, and services. Hardware segment can be further classified into video surveillance (including analog and IP), access control and authentication (including biometrics, RFID, and card-based authentication), alarms, and electronic lock, among other systems. Services segment can be further classified into installation services, consulting services, technical support services, and cloud based services.

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North America to Dominate the Home Security Solutions Market

Major regions covered in the research report on the global home security solutions market include Europe, Middle East and Africa, Latin America, North America, and Asia Pacific. Geographically, North America region recorded the maximum number of home security solutions implementation in the global home security solutions market. The region is anticipated to dominate the global home security solutions market in coming years.

Rising demand for solutions in global home security solutions market in North America can be attributed to renovation and improvement activities in residential construction sector as well as rising expenditure on home security solutions in the region. Another factor influencing high demand in North America home security solutions market is rising perceived concerns related to crime and other anti-social activities such as burglaries and thefts in residential areas in the region.

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Few of the leading and major players functional within the global home security solutions market include Assa Abloy AB, Frontpoint Security Solutions, Honeywell International, Inc., SimpliSafe, Inc., Vivint Inc., ADT Corporation, Axis Communications AB, HikVision Digital Technology Co. Ltd., Protect America, Inc., and tyco International, Ltd., among others. Players and service providers in the global home security solutions market are leveraging modern and latest technologies such as smart home and internet of things in order to provide better and enhanced solutions to their consumers.  Several players in global home security solutions market are also increasing their spending on research and development in a bid to unlock the complete potential of IoT connected devices for enhanced monitoring and surveillance solutions.

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