NEW YORK, Dec. 23, 2015 /PRNewswire/ -- The rising incidents of security concerns has led to increased safety measures by residential dwellings. As a result, the global home security system market is projected to grow at a remarkable rate of above 13% during the forecast period. Advancement in technology and emergence of smart homes has led to the rise of integrated home security systems, which can be connected to smartphones and enable the monitoring of residences from remote locations.
With improvement in network infrastructure, broadband and internet penetration has increased, and consumers are increasingly opting for wireless and technologically advanced products to ensure more security for their families. Therefore, vendors are expanding their distribution channels and R&D expenditure to improve their product offerings and leverage on the trend of home automation. As the trend towards home automation and smart homes grows, the market will gain traction.
Segmentation of the home security system market by product
- Electronic and smart locks
- Security cameras
- Security solutions
- DIY home security
- Sensors and detectors
In 2014, the security cameras segment of the global home security system market noted the highest contribution of close to 22%, and this trend is expected to continue in the next five years. Security cameras are embedded with features such as Wi-Fi connectivity, rechargeable and replaceable batteries, accessibility on Android and iOS devices through apps.
Geographical segmentation of the home security system market
With a market share of over 48% in 2014, the Americas dominated the home security system market, followed by APAC and EMEA. Following the burgeoning trend towards smart homes and smart products, people are investing increasingly on smart home security products and solutions.
Competitive landscape and key vendors
The home security system market is fairly concentrated with a few major players holding the majority of the market share. The innovation in technology and products among the leading vendors plays an essential role in the growth of the market. The market also exhibit a considerable influx of private labels and startups in the market, especially in the DIY home security products market.
Top vendors in this market are -
- ASSA ABLOY
- Bosch Security Systems
- Honeywell Security Group
Other prominent vendors included in this report are Alarm.com, Axis Communications, Lorex, Swann, and Visonic.
Key questions answered in the report include
- What will the market size and the growth rate be in 2019?
- What are the key factors driving the global home security system market?
- What are the key market trends impacting the growth of the global home security system market?
- What are the challenges to market growth?
- Who are the key vendors in the global home security system market?
- What are the market opportunities and threats faced by the vendors in the global home security system market?
- What are the trending factors influencing the market shares of the Americas, EMEA, and APAC?
- What are the key outcomes of the five forces analysis of the global home security system market?
Technavio also offers customization on reports based on specific client requirement.
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