The global 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% 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.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Home Security Systems Market 4.2 Market, by System 4.3 Market, by Systems and Country 4.4 US Held Largest Share of Market in 2019
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 184.108.40.206 Emergence of the Internet of Things (IoT) and Wireless Technologies 220.127.116.11 Growing Awareness Regarding Home Security Systems 18.104.22.168 Increasing Adoption of IP Cameras for Video Surveillance Amid 5.2.2 Restraints 22.214.171.124 High Installation, Maintenance, and Operational Costs 5.2.3 Opportunities 126.96.36.199 Implementation of Artificial Intelligence (AI) and Deep Learning in Home Security Systems 188.8.131.52 Worldwide Proliferation of Smart Cities Initiative 5.2.4 Challenges 184.108.40.206 System Complexity 220.127.116.11 Privacy of Highly Confidential Information 18.104.22.168 Disruption in the Supply Chain Due to the COVID-19 Pandemic
6 Industry Trends 6.1 Value Chain Analysis 6.2 Emerging Trends 6.2.1 Increasing Adoption of Cloud Technologies for Smart Surveillance
7 Home Security Systems Market, by Systems 7.1 Introduction 7.2 Systems 7.3 Fire Protection System Market 7.4 Video Surveillance Systems 7.5 Access Control Systems 7.6 Entrance Control Systems 7.7 Intruder Alarm
8 Home Security Systems Market, by Services 8.1 Introduction 8.2 Security System Integration Services 8.3 Remote Monitoring Services 8.4 Fire Security Services 8.5 Engineering Services 8.6 Installation and Design 8.7 Maintenance Services 8.8 Managed Services 8.9 Others 8.10 Video Surveillance Services 8.11 Installation and Maintenance 8.12 Video Surveillance as Services 8.13 Access Control Services 8.14 Installation & Integration 8.15 Maintenance Service 8.16 Access Control-as-a-Service
9 Home Security Systems Market, by Security 9.1 Introduction 9.2 Professionally Installed and Monitored Systems 9.3 Self-Installed and Professionally Monitored Systems 9.4 Do-It-Yourself (DIY)
10 Home Security Systems Market, by Home Type 10.1 Introduction 10.2 Independent Houses 10.3 Condominium/Apartments