Home Security System Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

The global market for home security systems is estimated at USD 57,037.7 million in the year 2022, is projected to reach a size of USD 108,741.7 million by 2030, growing at a compound annual growth rate (CAGR) of 8.4% over the forecast period 2022-2030. The global home security system market is expected to be driven by the rising adoption of IoT integration in security systems, the support of smart assistants like Google and Alexa to monitor homes 24*7, and the increasing usage of cloud-based home security solutions.

MARKET DRIVERS

The increasing criminal activity around the world is one of the major factors for the rapid adoption of home security systems.

The Internet of Things (IoT) has huge impact on home security solutions in recent times. With the help of IoT integration in home security systems, many companies are developing solutions with increased security qualities for monitoring.

The adoption of home cloud solutions will be significantly influenced by these technological advancements. Cloud-based home security systems have less software complexity, making them easier to use for residential customers. As a result of these user-friendly solutions, cloud-based security solutions are rapidly gaining traction.

Home security systems are currently compatible with Google Assistants and Amazon Alexa. Thermostats, smart locks, cameras, doorbells, wall-mounted touchscreen displays, and smartphone apps, as well as Google Assistants and Alexa, are all included in the home security systems. These devices communicate with one another and provide continuous home security.

SEGMENTATION ANALYSIS

On the basis of component, the market is segmented into hardware, software, and others. The hardware segment is further divided into electronic locks, security cameras, fire sprinklers, authentication systems, window sensors, door sensors, motion sensors, and other hardware. The services segment is further categorized into installation, technical support, and others. The hardware segment is expected to dominate the market in the forecast period of 2022-2030.

On the basis of system, the market is segmented into fire protection system, video surveillance system, access control system, remote monitoring system, entrance control system, and intruder alarm system. The video surveillance segment is expected to dominate the market during the forecast period of 2022-2030.

On the basis of security, the market is bifurcated into professional-installed and monitored, self-installed and professionally monitored, and do-it-yourself (DIY). Professional-installed and Monitored segment is expected to acquire the largest share of the market during the forecast period.

On the basis of end-use, the market is segmented into independent homes, apartments, and condominiums. The segment of independent is expected to dominate the market in the forecast period of 2022-2030.

REGIONAL ANALYSIS

The home security system market is currently led by North America. Companies with operations in the US, Canada, and Mexico are increasing their knowledge of access control systems to offer cutting-edge products and services in this market and gain a competitive edge over rivals from other countries. North America and Europe are setting the pace for the adoption of smart home systems, while the rest of the world is trailing behind. The market size of North America is followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The Asia Pacific region is expected to showcase the highest growth rate in the regional market for home security system during the forecast period. The primary factors behind the high growth of the Asia Pacific market are rapid urbanization, rising technological advancements, adoption of IoT, and growing concern for home security in the region.

COMPETITIVE ANALYSIS

The global home security system market is consolidated at the top, with many leading market players based in developed countries and other players emerging in the developing regions. Due to intense competition in the market, key market players are increasingly focusing on expanding their geographic presence into high-growth emerging markets and bolstering their technological competitiveness in the market by acquiring domestic companies.

Some of the companies profiled in report are ADT Inc., Bosch Service Solutions GmbH, Simplisafe Inc., Allegion PLC, Honeywell International Inc., Axis Communications AB, ASSA ABLOY, Vivint, Inc., Godrej, ABB, Control4 Corporation, and other players.

SEGMENT COVERAGE

Home Security System Market By Component:

·        Hardware

o   Electronic Locks

o   Security Cameras

o   Fire Sprinklers

o   Authentication Systems

o   Window Sensors

o   Door Sensors

o   Motion Sensors

o   Other Hardware

·        Software

·        Services

o   Installation

o   Technical Support

o   Other Services

Home Security System Market By System

·        Fire Protection System

·        Video Surveillance System

·        Access Control System

·        Remote Monitoring System

·        Entrance Control System

·        Intruder Alarm System

Home Security System Market By Security

·        Professional-installed and Monitored

·        Self-installed and Professionally Monitored

·        Do-It-Yourself (DIY)

Home Security System Market By End-Use

·        Independent Homes

·        Apartments

·        Condominiums