CHICAGO, July 9, 2020 /PRNewswire/ -- According to the new market research report "Home Security Systems Market by Home Type (Independent Homes, Apartments), Security (Professionally Installed & Monitored, Do-It-Yourself), Systems (Access Control Systems), Services (Security System Integration Services), Region - Global Forecast 2025", published by MarketsandMarkets™, the Home Security Systems Market size is expected to grow from USD 53.6 Billion in 2020 to 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.
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Do-It-Yourself (DIY) security market to grow at a high rate from 2020 to2025
The market for Do-it-Yourself (DIY) security systems is expected to grow at the highest CAGR during the forecast period. One of the major factors contributing to the projected high growth of the market for DIY security systems is the cost optimization ensured by these systems. Some of the products offer integrated alarm triggers and other smart features, which help to detect a break-in by security cameras in regular monitoring activities. Currently, the adoption of home security systems is low, but customers from economically developing countries prefer to deploy DIY systems due to their low cost. Also, some companies help customers with user manuals and guidance tools for system installation and integration. Although the systems do not provide a connection with a professional monitoring station, customers can remotely monitor their homes with the help of smartphones. Thus, with the increasing adoption of home security systems, the DIY systems are expected to be attractive alternatives for new customers with average disposable incomes.
Video Surveillance Systems to hold the largest share of the market by systems in 2019
The video surveillance systems segment is expected to hold the largest share of the home security systems market by systems in 2019. One of the major benefits of the video surveillance system is that it ensures full-time monitoring in both densely populated areas as well as remote areas. The surveillance cameras today use AI and deep learning to empower security with more reliability and accuracy. For instance, Hangzhou Hikvision Digital Technology (China) launched DeepinView Camera Series equipped with the deep learning feature to provide accurate and consistent video content analytics (VCA) performance. The key benefits of this new technology include human body detection, facial recognition, counting the number of people, and vehicle management. AI-based deep learning and computer vision predict the possibility of occurrence of a crime before the actual event.
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Home security systems market in APAC to grow at the highest rate during the forecast period
The home security systems market in APAC is witnessing exponential growth, mainly because of the growing awareness about the potential security threats to individuals and the expanding construction industry. The security-consciousness of buyers encourages the project developers to pre-install the security solutions in new housing projects. The growing demand for digital and intelligent cameras having CMOS-based image sensors, upgraded image resolution from standard to super-high clarity, the introduction of cameras with built-in face recognition, and video content analysis are some of the key emerging trends in this region.
ADT LLC. (ADT) (US), Honeywell International Inc. (Honeywell) (US), Johnson Controls International plc. (Johnson Controls) (US) HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO. LTD. (HANGZHOU HIKVISION DIGITAL TECHNOLOGY) (China), ASSA ABLOY AB (ASSA ABLOY) (Sweden), SECOM CO.,LTD. (SECOM) (Japan), Robert Bosch GmbH (Robert Bosch) (Germany), United Technologies Corporation (United Technologies) (US), Godrej and Boyce Mfg. Co. Ltd. (Godrej & Boyce) (US), Alarm.com Incorporated (Alarm.com) (US), Allegion Plc. (Allegion) (Republic of Ireland), Control4 Corporation (Control4) (US), Schneider Electric SE. (Schneider Electric) (France), Legrand Pvt Ltd. (Legrand) (France), Asea Brown Boveri Ltd. (ABB) (Switzerland), Comcast Corporation (Comcast) (US), STANLEY Convergent Security Solutions, Inc. (STANLEY Convergent Security Solutions) (US), Nortek Security & Control LLC (Nortek Security & Control) (US), and Vivint, Inc. (Vivint) (US). Besides, the other key companies, including innovators and start-ups in the home security systems market, are Armorax (US), Nest Labs, Inc. (Nest Secure) (US), Loop Labs, Inc. (Notion) (US), Canary Connect, Inc. (Canary) (US), and Scout (US).
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Security Solutions Market by Offering (Products (Fire Protection, Video Surveillance, Access Control) and Services (System Integration, Remote Monitoring, Fire Protection, VSaaS, ACaaS)), Vertical, and Geography - Global Forecast to 2024
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