A typical home security system consists of interior and exterior motion sensors, wired or wireless security cameras, high decibel alarm systems, and control panel. Globally, the home security systems market is expected to grow from USD 33.47 billion in 2017 to USD 55 billion by 2023, at a CAGR of 9% during the forecast period. Advancement in remote monitoring and smartphone technology and increasing demand for smart homes are a few factors that are expected to drive the home security system market during the forecast period. However, lack of awareness about the benefits of security systems and high initial installation cost are expected to limit the growth of the home security market during the forecast period.
Home security systems work on the principle of securing entry points such as doors & windows and interior space containing various valuables and essentials. A typical home security system includes interior & exterior motion sensors, control panel, wired or wireless security cameras, and high decibel sirens or an alarm. The control panel communicates with each component of the security system. Doors & windows sensors consist of two parts that are installed adjacent to each other. One component is installed on the window or a door and the other part is placed on the door frame. When a door is closed, both components of the sensor gets connected, completing the circuit. Motion sensor components protect the space by making an invisible zone which cannot be breached without triggering an alarm. Wired & wireless surveillance cameras are used in remote areas such as garages, sheds & workshops, and interior & exterior entry points.
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Major Key players
- United Technologies Corporation Nortek Security & Control LLC,
- Vivint Inc.
- Control4 Corporation
- Honeywell International Inc.
- Tyco International Ltd.
- ADT Corporation
- Robert Bosch GmbH
- Godrej & Boyce Manufacturing Company Limited
- Assa Abloy AB
- Allegion PLC
- Axis Communications AB
- SimpliSafe Inc.
- HikVision Digital Technology Co., Ltd.
The global home security system market is segmented into product, type, end-users, and regions.
By product, the market is segmented into cameras, sensors, fire sprinklers & extinguishers, alarms, panic buttons, biometrics, RFID, smart cards, and electronic locks.
By type, the market is segmented into intruder alarm solution, integrated security solution, video surveillance solution, medical alert system, intercom system, fire protection system, and access control & management solution.
By end-user the market is segmented into condominiums, apartments, and independent homes
By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.
The global market for home security systems is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of home security system market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to grow at a faster rate during the forecast period. The US, Canada, and Mexico are expected to dominate the global home security system market in the region during the forecast period. The presence of big players and early adoption of new technologies such as IoT and artificial intelligence (AI) drives the home security systems market in North America region.
Asia-Pacific is expected to dominate the global home security system market during the forecast period. Asia-Pacific is an advanced, economical region with countries such as China, Japan, and South Korea expected to dominate the global home security system market in Asia-Pacific. Also, many governments have set safety norms for various categories. Huge development in the construction and real estate sector are expected to be prominent growth factors for the home security systems market in the region.
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- Companies competing in the home security system
- Companies involved in the ecosystem of security solutions
- Key security system manufacturers
- Software solution providers
- Network providers
- System integrators
- Housing developers
- Retail distributor
- Government, financial, and research institutions as well as investment communities
- Analysts and strategic business planners
- Research and consulting firms
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