Home security system consists of a combination of software and hardware devices which are designed to detect intrusion or unauthorised entry when a secured zone is breached. It can be operated even during power outages and also warns about environmental dangers, such as release of carbon monoxide, fire, flood, etc. Nowadays, the home security systems are microprocessor based, which perform a multitude of functions and provide an easy to use interface for the user. According to the latest report 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 reached a value of US$ 25 Billion in 2018.
The increasing incidents of security threats and breaches have led to a high demand for enhanced safety and security systems including CCTV cameras, electronic alarm sensors, etc. This is anticipated to bolster the global home security system market worldwide. Additionally, rapid urbanization and advancements in technology have led to the need for better security systems that can be monitored through smartphones. This has further contributed in the emergence of new concepts such as, home automation, service bundling, intelligent building and integration of security, thereby supporting the market for home security systems. Moreover, as a result of improvement in broadband, network infrastructure and internet penetration, consumers are opting for wireless and technologically advanced products to ensure more security for their families. Looking forward, the market value is projected to reach a value of US$ 38 Billion by 2024, expanding at a CAGR of around 6% during 2019-2024.
This report provides a deep insight into the global 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 home security system market in any manner.
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