ALBANY, New York, March 11, 2020 /PRNewswire/ -- Home security indicates to the different measures that are adopted by customers for preventing and detecting malicious and criminal activities with the help of electronic equipment. A typical home security solution is deployed for controlling and monitoring unwarranted entry at the residence, access control, and video surveillance among others. In recent years, there has been an increased demand for enhanced security systems from the end user and thus, it has helped in driving the overall growth of the global home security solutions market.
A recent research report published by Transparency Market Research predicts that the global home security solutions market will exhibit a massive CAGR of ~21% over the given period of assessment ranging from 2019 to 2027. Initially, in 2019, the valuation of the market was around US$17.8 Bn. Given the massive rate of growth, by the end of the forecast period in 2027, the valuation of the market is expected to reach worth around US$81 Bn.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Home Security Solutions Market by Component: Hardware (Video Surveillance, Access Control and Authentication, Alarms, Electronic Locks, and Other Systems), Software, and Services (Installation, Technical Support, Consulting, and Cloud-based)
Security Innovations are helping to Push Market Growth
Since past few years, there has been a tremendous development in terms of digital technology. Security innovations for smart homes is one of the most hyped and popular concept in the global home security solutions market. Video doorbells and smart locks are now becoming increasingly popular and mainstream in the current market landscape. The leading companies in the global market are providing upgraded and premium versions of their products in order to attract more customers. Individual and family security is among the top priorities for any end-user and thus, with a stable economic condition, they are inclined towards purchasing high end home security solutions. This has been the primary driving factor for the development of the global market.
Integration of IoT in Home Security Solutions can be Game Changer
Another important driving factor for the growth of the global home security solutions market is the introduction of internet of things (IoT) in the smart home environment. IoT is gaining huge popularity for its huge promise to solve wide ranging societal challenges. Companies in the global market are launching systems that provide improved security attributes and methods such as regular monitoring to integrate IoT in the overall smart home environment.
Leading companies in the global home security solutions market are targeting high income groups to pitch their room by room guide for home automation. In recent years, there has been an emerging trend of purchasing luxury homes with fully equipped automation and security systems such as thermostats, smoke detectors, video doorbells, and intruder alarm among others. What is even more interesting is that, these companies are now making easy to install and highly affordable solutions for low and middle income groups, making these home security solutions available for all. Naturally, such developments are helping to shape up the development of the global market in years to come.
North America to Remain as Leading Regional Market
The global home security solutions market is segmented in terms of component and region. The component segment is further classified into software, hardware, and services. In 2019, the hardware segment was the most dominant one due to the huge popularity of electronic locks. These locks are compact in design and highly affordable. Thus, their demand is expected to remain high in coming years.
On the regional front, the global market for home security solutions is currently led by North America. The region is expected to continue to lead over the course of the forecast period due to increasing adoption of technologically sound and more advanced home security solutions. Furthermore, early availability of latest solutions will also drive growth of the regional market.
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
Some of the key players in the global home security solutions are ADT Corporation, Assa Abloy AB, Axis Communications AB, Frontpoint Security Solutions, HikVision Digital Technology Co., Ltd, Honeywell International, Inc., Protect America, Inc., SimpliSafe, Inc., Tyco International Ltd., and Vivint Inc.
Global Home Security Solutions Market: Segmentation
Smart Home as a Service Market – The global smart home as a service market is forecast to reach US$10.9 bn by the end of 2025 which will exhibit an impressive CAGR of 18.1% between 2017 and 2025.
Home Automation Market – The market for home automation is forecast to grow steadily to become US$ 116.26 Bn by 2026 from US$ 64.67 Bn in 2017, at a CAGR of 6.8%.
Connected Building Market – Significantly increased demand for automation and cloud computing solutions such as Big Data, IoT, and data analytics is expected to drive the global connected building market in the near future.
Smart Home Automation Market – Smart Home Automation Market study analyses the key trends, innovations, regulatory policies, and key strategies adopted by leading players in this evolving landscape
Smart Home Appliances Market – The promise of added convenience when using these devices, the amount of time saved as compared to when manually operating them, and the reduction in power and energy achieved are some of the major factors leading to the increased popularity of smart home appliances on a global scale.
Gain access to Market Ngage, an AI-powered, real-time business intelligence that goes beyond the archaic research solutions to solve the complex strategy challenges that organizations face today. With over 15,000+ global and country-wise reports across 50,000+ application areas, Market Ngage is your tool for research on-the-go. From tracking new investment avenues to keeping a track of your competitor's moves, Market Ngage provides you with all the essential information to up your strategic game. Power your business with Market Ngage's actionable insights and remove the guesswork in making colossal decisions.
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.