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 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.
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.
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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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.
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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