Home security & safety equipment market is gathering attention with increasing concerns regarding safety and privacy among individual home owners and residential societies. Home security & safety equipment can provide enhanced security even when home owners are not at home. By products, home security system market can be categorised into electronic/ smart locks, security cameras, alarms, DIY home security, sensors and detectors. Of these segments, security cameras control the highest market share and they are expected to lead the market in near term. Broadly, by component types, home security solutions can be segmented into hardware, software and services.
Demand for advanced home security products with automation and smart features is increasing owing to increasing internet penetration and improvement of network infrastructure. Consequently, manufacturers are increasing investments on their R&D expenditure in order to provide advanced product offerings and leverage the growing adoption of home automation solutions. Home security cameras are also witnessing advancement in their features as they are now getting Wi-Fi connected and are accessible on smart devices through apps.
Increasing concerns among customers are prompting them to invest in latest and high level home security systems. Acceptance for video surveillance has grown globally and they are being considered as a worthy solution for detecting home invasions, robbery, theft or other illegal encroachments. Video surveillance systems are broadly segmented into analog, IP-based and other systems such as CCTV monitors, recorders, encoders and storage devices. Of these, analog is the older and costly video surveillance system, whereas, IP-based systems are more advanced systems which provide better video quality.
Some of the factors like growing integration of physical security with electronic security equipment, development of high definition cameras and transition towards smart homes & offices are driving global home security and safety equipment market. However, high initial deployment cost is the major factor deterring growth of automated home security market.
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