“Home security system market to grow at significant CAGR during the forecast period.”
The home security systems market was valued at USD 53.6 billion in 2020 and is expected to reach USD 78.9 billion by 2025, at a CAGR of 8.0% during the forecast period. The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems, the emergence of the Internet of Things (IoT) and wireless technologies and increasing adoption of IP cameras for video surveillance amid COVID-19 crisis
“Home security system market for condominiums and apartments to grow at higher CAGR during the forecast period.”
Owing to the increasing urbanization, the cities have started growing vertically, leading to the growth in the number of residential apartments and complexes. People in cities prefer condominiums and apartments owing to the integrated security and amenities within optimized prices. Therefore, providing a high level of security, while managing a large number of households, becomes necessary for the society builders and management bodies. Thus, with the increasing number of condominiums and apartment projects in cities worldwide, the home security market for condominiums and apartments is expected to grow at a higher CAGR during the forecast period.
“Professionally installed and monitored security systems to account for the largest share of the market by 2025.”
The large market for professionally installed and monitored security systems is mainly attributed to the growing concern among consumers about consistent security and real-time monitoring, and rising disposable income. Customers can entirely rely on professionally installed and monitored security systems, which are backed up with engineering and maintenance support. Consumers prefer opting for this category of products as the direct involvement of experts in handling and managing such products saves time and reduces efforts. Under a complete security package, professional monitoring companies offer possible discounts and insurance benefits. Moreover, these companies can communicate with offsite monitoring centers to ask for police, firefighters, and ambulance assistance in emergencies.
“Home security system market for products to grow at higher CAGR during the forecast period.”
The projected growth of the home security system market for products is mainly attributed to the increasing penetration of these systems in emerging economies and the rising adoption of do-it-yourself (DIY) products. Additionally, the proliferation of smart city projects, the emergence of IoT, and the integration of wireless technology are a few factors that are expected to fuel the implementation of home security products across different households.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 = 55%, Tier 2 = 25%, and Tier 3 = 20%
- By Designation: C-Level Executives = 35%, Directors = 40%, and Others = 25%
- By Region: Americas = 30%, Europe = 20%, APAC = 40%, and RoW = 10%
Major players profiled in this report include:
- ADT (US)
- Honeywell (US)
- Johnson Controls (US)
- HANGZHOU HIKVISION DIGITAL TECHNOLOGY (China)
- ASSA ABLOY (Sweden)
- SECOM (Japan)
- Robert Bosch (Germany)
- United Technologies (US)
- Godrej & Boyce (India)
- Alarm.com (US)
- Allegion (Republic of Ireland)
- Control4 (US)
- Schneider Electric (France)
- Legrand (France)
- ABB (Switzerland)
- Comcast (US)
- STANLEY Convergent Security Solutions (US)
- Nortek Security & Control (US)
- FRONTPOINT (US)
- Vivint (US)
The report segments the home security system market based on home type: independent homes and condominiums/apartments; system type?professionally installed and monitored, self-installed and professionally monitored, and do-it-yourself (DIY); offering?products (fire protection systems, video surveillance systems, access control systems, entrance control systems, intruder alarms) and services (security system integration services, remote monitoring services, fire protection services, video surveillance services, and access control services). The study also covers the geographic forecast of the market size for various segments with regard to four main regions?Americas, Europe, APAC, and RoW.
Reasons To Buy the Report:
The report would help the leaders/new entrants in this market in the following ways:
- This report segments the home security system market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions
- The report gives a detailed analysis of the home security system market with the help of competitive landscape, value chain analysis, including the key companies in the market and their relations in the ecosystem.
- The report helps stakeholders understand the pulse of the market and provides them the information on key drivers, restraints, challenges, and opportunities pertaining to the home security system market.