The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Home security is concerned with residential security from several issues such as theft, burglaries, and unethical practices. To control these issues, various home security products and solutions have been made available by various market players. These solutions consist of medical alert systems, intruder alarm systems, access control & management systems, intercom systems, video surveillance systems, fire protection systems, and integrated systems. Residential security is a growing market due to the need for safety and the increasing crime rates in different parts of the world. The security solutions segment in the residential sector has beenexperiencing a significant growth since the past few years due to the adoption of electronic security solutions, increasing rate of burglary, and attractive insurance policies to residents for installing security systems.
Despite the severalbenefits offered by home security systems, lack of awareness about technological advancements and a higher cost of security solutions are some important restraining factors that are posing toward the growth of the home security system solutions market. A rise in the awareness levels among consumers and increased adoption of new technology for home security wouldgradually result in the cost reduction of the solution, thus driving the market for global home security solutions.
The global home security solutionsmarket was valued at a market size of $28,318.69 million in 2014. It is expected to grow further to $47.542.52 million by 2020, at a CAGR of 8.7% between 2015and 2020. In terms of geography, the Americasaccounted for the largest market share of ~61% in 2014, followed by APACwith ~21%. The key driving factors behind the growth of the Americas regionare the major key players located in the region and the growing concern toward security in various industry verticals, such as public places and residential areas.
The major players in the home security solutionsmarket are adopting different kinds of strategies in order to achievesuccessful penetration and a strong position in this market. In the global marketplace, thenumber of established players is observed to be growing and hence, it becomes important for everymarket player to gain a competitive edge over others.The strategies adopted by key players to compete in the home security solutions market were new product developmentsand mergers & acquisitions,among other.
The report presents a detailed insight on the home security solutions market and identifies the key trends of various segments of the market with in-depth quantitative and qualitative information. The report segments the global home security solutions market on the basis of products, solutions, home types, and geography. Furthermore, it contains market size forecasts and trend analysis with respect to the market’s timeline. Detailed geographic insights with respect to major regions, such as the Americas, APAC, Europe, and RoW have been analyzed.
The major players in the global home security solutions market are Tyco (Ireland), ASSA ABLOY (Sweden), UTC Fire & Security (U.S.), Honeywell International, Inc. (U.S.), Bosch Security Systems (Germany), Ingersoll Rand Solutions (Ireland), Allegion Plc (Ireland), Godrej & Boyce Manufacturing Company Limited (India), Control4 Corporation (U.S.), Alarm.com (U.S.), and Nortek Security & Control LLC (U.S.).
Market Segments and Aspects Covered:
The figure below entails the aspects covered in the global home security solutions market report.
FIGURE 1 GLOBAL HOME SECURITY SOLUTIONS MARKET—MARKET ASPECTS COVERED
Source: MarketsandMarkets Analysis
The figure above shows the various aspects covered in this research study on the global home security solutions market. Three major aspects of the complete market have been covered in this report,namely market analysis, market classification, and market landscape.
Market overview and industry analysis, along with market dynamics and additional qualitative analysis, account for “market analysis”. “Market classification” encompasses the segmentation & sub-segmentation of the market by product, solution, home type, and geography. Lastly, the current “market landscape”coversa detailed competitive landscape and company profiles of all the key players across the industry.