Overview:
The global home security systems market is likely to witness a remarkable growth, expanding at a CAGR of 8.3% during the forecast period from 2018 to 2026. Security is one of the main concern of the present day. In a world of continuous technological advancements and automation, home security systems are developing at a rapid pace and expected to witness immense growth across the globe. The past idea of comfortable living have changed extensively since the advent of digital and wireless technologies. Rising criminal activities and incidences of threats have led to the high demand for having an enhanced safety and security system. This is expected to boost the growth of global home security systems market worldwide.
In the past decade, home security has made far-reaching changes and continues to progress more in the years to come. Home security systems work efficiently on the principle of safeguarding entry points such as doors, windows, exterior and interior spaces containing various valuables and essentials. Rising advancements in smartphone technology and remote monitoring coupled with growing demand for smart homes is facilitating the growth of global home security systems market across the globe. Rapid urbanization have led to the need for better security systems that can be monitored via smartphones. As a result, growing inclination towards safety and security is expected to augment the home security systems market in the years to come.
"Independent Homes accounted for the Largest Market Share in 2017"
In 2017, based on end-user, independent homes accounted for largest market share in the global home security systems market. Increasing safety and security concerns among the independent homeowners is enhancing the demand of home security systems. The number of independent homes is high in the developed countries including U.S., Germany, etc. Independent households are more frequently built in isolated locations, and in case of emergencies like theft, burglary, medical emergencies, etc. the required help may not be available in the area nearby these homes. As a result, the adoption rate of home security systems is high amongst the independent homeowners.
"North America Garnered Largest Market Share in 2017"
The home security systems market, based on geography was dominated by North America in 2017 and projected to grow at a significant rate throughout the forecast period from 2018 to 2026. The growth of this segment is mainly attributed to the early adoption of home security systems as countries in this region hold a large number of households with high disposable income. Moreover, the presence of some prominent players including Johnson Controls, ADT Inc., Honeywell International Inc., United Technologies Corporation, etc. is expected to provide varied opportunities to the home security systems market in the years to come. The growing significance of security systems in the region will drive the growth prospects of the market during the forecast period from 2018 to 2026.
Competitive Insights
Major players in the home security systems market include Robert Bosch Limited, Honeywell International, Inc., ADT Inc., Brinks Home Security, Frontpoint Security Solutions, Johnson Controls International plc, United Technologies Corporation, Godrej & Boyce Manufacturing Company Limited, Alarm.com, Allegion plc, Control4 Corporation, Schneider Electric, Legrand, ABB, Comcast, STANLEY Convergent Security Solutions, Inc., Nortek Security and Control, and Vivint, Inc. among others.
The presence of large number of players has made the home security systems market highly fragmented as well as competitive. The players are launching new products and upgrading their existing systems to provide more efficient and safe products. For instance, in November 2017, Honeywell International, Inc. launched its all-in-one self-monitored and self-installed home security system. The home security system lets consumers be aware of the happenings around their home. The self-monitored home security system features Amazon Alexa and can be customized and upgraded with fixtures to fit the precise needs for security and comfort of the homes.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Home Security Systems market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
Segmentation | |
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System
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End-user
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report