As per the latest study by IMARC Group, titled “Home Security System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global home security system market size reached US$ 25 Billion in 2018. Home security systems are a network of interworking electronic devices that secure the perimeter of a house from burglary and potential trespassing. They consist of software as well as hardware components that are installed to establish control over the connected devices across the house. A control panel, motion sensors, high decibel alarms, door and window sensors and surveillance cameras or CCTV are some of the few essential components of a good quality home security system. They are utilized to detect any security breach in the house premises and further send a notification to the main controller, thereby alerting the residents about any unauthorized entry.
Global Home Security System Market Trends:
The increasing adoption rate of smart homes is one of the major factors that is spurring the growth of the market. Rising incidences of burglary and related crimes have led a majority of the population to transform their homes into smart homes, thereby contributing to the installation of security systems. Additionally, manufacturers are constantly engaging in research and development (R&D) to launch more efficient security systems in the market. For instance, several models with user-friendly interface and support for wireless technology have been launched, which are gaining continual preference amongst individuals. These systems offer enhanced flexibility and convenience as the users can monitor them through smartphones and laptops, without even being present in the premises of the house. Other factors contributing to the market growth include increasing internet penetration rate and rising disposable income. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 38 Billion by 2024, exhibiting a CAGR of around 6% during 2019-2024.
- Based on the product, the market is divided into security cameras, electronic and smart locks, sensors and detectors, alarms, security solutions and DIY home security. Amongst these, security cameras are the most preferred product type.
- On the basis of the residence type, independent homes exhibit a clear dominance in the market. Other major segments are condominiums and apartments.
- On the geographical front, North America holds the leading position in the market. Other major regions include Asia-Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. Some of these players include Bosch Security Systems, Inc., Honeywell Security Group, Johnson Controls, Inc., Assa Abloy and UTC Climate Controls & Security.
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