According to the new market research report “Home Security System Market by Home Type (Independent Homes, Apartments), System Type (Professionally Installed & Monitored, Self-Installed & Professionally Monitored, Do-It-Yourself), Offering (Products, Services), and Geography – Global Forecast to 2023″, is expected to reach USD 74.7 billion by 2023 from USD 45.6 billion in 2018, at a CAGR of 10.4% during 2018–2023. The growth of the home security system market is attributed to the emergence of IoT and wireless technologies, and increasing customer awareness. Moreover, the integration of AI and deep learning in home security systems and worldwide proliferation of “smart cities” initiatives are creating huge growth opportunities for players in the market.
Independent homes to hold largest share of market by 2018
Personal and home securities have been the major concern among several households. Additionally, the growing trend of connected and smart homes has encouraged the practice of bringing internet connectivity to the security equipment. An independent house provides a greater degree of freedom and privacy. However, security is a major concern with the independent homes, and it incurs a significant cost to owners. Independent homeowners leverage the cost-effectiveness of advanced and connected home security systems. With the integration of online connectivity, one can monitor the real-time events while being away from home. In addition, home can be professionally monitored via third-party services. Considering these factors, the adoption of home security systems among independent homeowners is high. For instance, according to a consumer survey conducted by August (US) and Xfinity (US) in the Americas in 2016, ~22% of the independent homeowners have home security systems.
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Home security system market for do-it-yourself security systems to grow at highest CAGR during forecast period
The consumers usually prefer budget-friendly products and remote monitoring facility, which they can optimize as per their security requirements. In the DIY product category, users can save a large amount of money spent on consulting and installation services. Some such security systems can be customized and upgraded with additional features by customers as and when their needs vary. Also, most of the DIY security systems feature wireless communication capability, which enables customers to self-monitor the security devices using some apps of platforms. Therefore, with the growing adoption of home security systems, the DIY systems become an attractive alternative for the newer customers with average disposable incomes.
Market for video surveillance system to hold the largest share during the forecast period
A video surveillance system records all the activities in the vicinity; hence, a user can keep a watch on any untoward activity and alert the police regarding the same; a recorded video footage also serves as evidence in the post-crime investigations. One of the main benefits of the video surveillance system is that it ensures full-time monitoring in both the densely populated areas as well as in remote areas. The surveillance cameras today use AI and deep learning to empower the security with more reliability and accuracy. For instance, Hangzhou Hikvision Digital Technology (China) launched DeepinView Camera Series provided with 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, people counting, and vehicle management. AI-based deep learning and computer vision predicts the possibility of occurrence of a crime prior to the actual event.
Americas to hold largest size of home security system market by 2023
The region is at the forefront in terms of implementing the access control systems for improving safety measures and security. The Americas is a pioneer in the adoption of video surveillance safety. Also, there is constant progress in adopting new technologies, such as the transition to IP-based video surveillance. Moreover, the mandatory fire protection and safety regulations in the Americas have encouraged the builders in this region to implement fire protection systems in their building structures. In addition, the attractive home insurance policies offered to consumers opting for the installation of home security systems further drive the overall home security system market.
ADT (US), Honeywell (US), Johnson Controls (US), HANGZHOU HIKVISION DIGITAL TECHNOLOGY (China), ASSA ABLOY (Sweden), SECOM (Japan), Robert Bosch (Germany), United Technologies (US), Godrej & Boyce (India), Alarm.com (US), Allegion (Republic of Ireland), Control4 (US), Schneider Electric (France), Legrand (France), ABB (Switzerland), Comcast (US), STANLEY Convergent Security Solutions (US), Nortek Security & Control (US), FRONTPOINT (US), and Vivint (US) are the major players in the home security system market. Other key companies, including innovators and start-ups in the home security system market, are Armorax (US), Nest Secure (US), Notion (US), Canary (US), Scout (US), Simplisafe (US), and Cacoon (US).
This report describes the major trends, drivers, restraints, opportunities, and challenges pertaining to the studied market and provides market forecasts up to 2023. Moreover, the report includes a detailed view of the market across 4 major regions—Americas, Europe, APAC, and RoW. RoW comprises the Middle East and Africa.
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