A home security system is installed for securing all the entry points, such as doors and windows, as well as interior space which contains a variety of valuables. Generally, this type of security system includes door and window sensors, wired or wireless security cameras, a high-decibel siren or alarm, motion sensors, and a control panel. The demand for home security systems has been rising across the GCC region on account of increasing awareness among consumers regarding appropriate security needs. According to the latest report by IMARC Group, titled “GCC Home Security Systems Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the GCC home security system market reached a value of more than US$ 157 Million in 2017.
Over the past few years, the prices for home security products have been decreasing which has made these systems affordable for a larger population group. This is one of the major factors which is catalysing the growth of the market. Additionally, consumers have started adopting new technologies for the purpose of providing better security to their homes. Along with this, manufacturers have also been coming up with a number of technological innovations which has further contributed to an augmented demand for quality home security systems across the GCC region. Moreover, there are several other factors which have been proactive towards a rapid growth of the home security system market in the GCC region such as the booming construction industry, rise in DIY home security systems, large young population, etc. Looking forward, the market value is projected to exceed US$ 473 Million by 2023, exhibiting a CAGR of around 20% during 2018-2023.
This report provides a deep insight into the GCC home security system market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the GCC home security system market in any manner.
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