ALBANY, New York, May 11, 2020 /PRNewswire/ -- Growing adoption of automated security and surveillance technologies in home security solutions has enabled residential users prevent home invasions, burglaries, and property crimes. The global home security solutions market stood at US$ 17,790.5 million in 2019. From 2020 to 2022, the market is expected to clock CAGR of 19.7%, taking its worth to US$ 30,293.0 million by 2022.
A wide range of hardware and software in the home security solutions are seeing technology advancements, and players are leaning on increasing the touch points in developing and developed nations. With governments focused on promoting secure townships, the awareness about range of remote monitoring solutions will gain popularity among residential consumers. This is boosting the revenue potential for stakeholders in the home security solutions market.
The unveiling of variety of platforms and new technology interfaces will attract more residential consumers to adopt home security solutions, notes analysts at TMR.
Key Takeaways in Home Security Solutions Market Study
Among the various segments of hardware, electronic locks held 44% of the total hardware market in 2019; their high reliability underpins the popularity
The electronics locks segment is also the most rapidly growing one, with estimated CAGR of 27.1% during 2020 - 2022
Among the various sub-segments of hardware under component segment in the market, video surveillance is witnessing large adoption
Among the various types, hardware held a whopping share of 94% in the overall home security solutions market in 2019
Among the key video surveillance technologies used in home security solutions, IP-based video surveillance are rapidly gaining consumer preference over analog solutions.
Home security services segment is rising at the most rapid rate-- at CAGR of 24.7% during 2020 – 2022
Access control and authentication is rapidly emerging hardware segment in the home security solutions market
The fastest growing regional market—North America—is projected to garner CAGR of 19.9% during 2020 – 2022
Explore 112 of pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Home Security Solutions Market (Component: Hardware [Video Surveillance, Access Control and Authentication, Alarms, Electronic Locks, and Other Systems], Software, and Services [Installation, Technical Support, Consulting, and Cloud-based]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2022 at https://www.transparencymarketresearch.com/home-security-solutions.html
Home Security Solutions Market: Key Driving Factors and Avenues
Some trends pertaining to consumer adoption and preferences are expected to influence the future trajectories of the home security solutions market considerably. A few worth taking into account are:
Growing popularity of internet of things technology and wireless services expand the revenue potential in market
Sheer pace of adoption of smartphones and other mobile devices to control surveillance and security functions drive demand for home security solutions
The increasing affordability of managed security solutions for consumers at large is a prominent driver for market growth.
Focus of residential users in preventing unauthorized access of people to controlled facilities and buildings bolster the uptake of home security solutions
Analyze home security solutions market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Home Security Solutions Market: Region-wise Analysis
Among the various regions, North America has led the pack in 2019, holding a major share of 38.3% in 2019. It is also expected to be the most rapidly growing market during the forecast period. A large appetite for growing numbers of residential consumers for advanced home security and surveillance solutions drive the demand for biometrics, voice transmissions, asset tracking systems, and smart cards. The regional market is also witnessing the wide acceptance of home automation integrated with security solutions for smart buildings. Need for securing facilities with smart wireless technologies is also fueling the rapid expansion of revenues in the regional market.
Key Impediments to Home Security Solutions Market Players
Low level of IT expertise among consumers has hindered a steady demand for home security solutions. Further, high cost of some solutions has dampened the prospects in cost-sensitive markets. Nevertheless, in coming years, automation solutions to secure homes against unauthorized intrusion will pave way for sizable opportunities for device makers and solution providers.
Hardware Security Module (HSM) Market – Growth of the hardware security module market is due to concerns over data breaches as well as increased spending on cyber security. Demand for HSM solutions is expected to surge in the coming years with more small and medium scale organizations involving in formulating encryption strategies.
Asset Performance Management Solutions Market – The prominent market share of the region is due to the high adoption of cloud technology, and technological advancements in the field of asset performance management solutions, especially in the U.S. and Canada. The asset performance management solutions market in Asia Pacific is expected to expand at a higher CAGR during the forecast period.
Video on Demand Market – The global video on demand market is mainly driven by increasing consumer spending over the internet, and growing penetration of connected devices such as smartphones, smart TVs, and tablets for video consumption.
A2P SMS Market– The global A2P SMS market is projected to reach a value of ~US$ 101 Bn by 2030. The A2P SMS market is projected to expand at a CAGR of ~4% from 2020 to 2030. Increase in mobile subscriber base and growth in mobile marketing activities by marketers and application developers are positively impacting the market.
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