Home Security Systems Market is expected to grow at a 8.1% CAGR Rate during the current forecast period from 2022 to 2030 | MRFR

According to market research future insights analysis, the global home security systems market is expected to register a CAGR of ~ 8.1% from 2022 to 2030 and hold a value of over ~USD 104.2 billion by 2030.

The main objective of a home security system is home protection and family security. Security systems detect various threats, including fire, smoke, carbon monoxide poisoning, burglary, and water damage. The increasing demand for home security systems owing to the growing popularity of smart homes with integrated smart security systems is a factor driving the target market growth. In addition, the adoption of home security systems is made possible by raising awareness of home security, which increases the adoption of IP cameras in security systems.

Home security devices are undergoing a major transformation driven by artificial intelligence and IoT technologies. IoT-enabled smart monitors and sensors, combined with high-speed networking solutions and artificial intelligence, improve the performance and capabilities of security services. The introduction of IoT in security devices is an important market driver for home security. Security systems are poor at preventing theft; burglars have learned to avoid triggering motion detectors by identifying regular locations. This could be a challenge for the home security system market. The COVID-19 pandemic has revealed the growing need for home surveillance to protect assets and keep loved ones safe anywhere. A recent study, The Cocoon Effect, found that 81% of respondents were concerned about the welfare of parents or children when they were left home alone.

Home Security Systems Market Key Players

Some of the key market players are

• Vivint Inc. (U.S.)
• Control4 Corporation (U.S.)
• Honeywell International Inc. (U.S.)
• Tyco International Ltd. (Ireland)
• ADT Corporation (U.S.)
• Robert Bosch GmbH (Germany)
• SECOM (Japan)
• Godrej & Boyce Manufacturing Company Limited (India)
• Assa Abloy AB (Sweden)
• Allegion plc (Ireland)
• Axis Communications AB (Sweden)
• Simplisafe Inc. (U.S.)
• Hangzhou Hikvision Digital Technology Co. Ltd. (China)
• Johnson Controls (U.S.).

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Report Scope:

Home Security Systems Market USP Covered

Home Security Systems Market Regional Analysis

North America dominated the Home Security Systems Market in 2021. Increasing demand for the implementation of access control systems to improve safety measures is a key factor driving the home security systems market in the region. The presence of major key players such as Vivint Inc. (U.S.), Control4 Corporation (U.S.), Honeywell International Inc. (U.S.), and others is another factor expected to increase the target market growth. For instance, in May 2022, Vivint Smart Home, a leading smart home company in North America, launched a suite of new products to enhance the company’s unique smart home experience and offer intelligent new solutions, including an all-new Doorbell Camera Pro, Spotlight Pro, Outdoor Camera Pro, and Indoor Camera Pro. Each new product seamlessly connects to Vivint’s unique smart home solutions, connected by the company’s proprietary artificial intelligence platform and rich first-party data environment.

Asia Pacific is projected to register lucrative growth in the market owing to increasing demand for smart home security cameras and other security products. Rapid urbanization in China and Japan drives the home security systems market owing to rising personal safety and security.

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Home Security Systems Market Segmentation

The home security systems market has been segmented into home type, security, system, and services.

Based on home type, the home security systems market has been segmented into independent homes and condominiums apartments. The independent homes segment accounted for the largest market share in 2021 due to rapid urbanization, growing population, increasing awareness of security, and changing lifestyles.

Based on security, the market has been segmented into professional-installed and monitored & self-installed and professionally monitored. The professional-installed and monitored segment accounted for the largest revenue share in 2021 in the home security systems market.

Based on system, the target market has been segmented into fire protection system, video surveillance system, access control system, entrance control system, and intruder alarm system. The video surveillance system segment accounted for the largest revenue share in 2021 in the market for home security systems owing to its ability to offer security, monitoring, and analysis of suspicious activities of a person over a perimeter.

Based on services, the global home security systems market has been segmented into security system integration services, fire monitoring services, remote monitoring services, video surveillance services, and access control services. The security system integration services segment holds the largest revenue share in 2021 in the market for home security systems. Security system integration services deploy various ever-evolving products and services to protect home security systems. Even as technology changes, the main goal of integration remains the same: to seamlessly coordinate and link various security subsystems to address ever-increasing physical threats, thereby increasing the security system integration services segment.

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