Home security systems market worth $84.4 billion by 2027
CHICAGO, May 20, 2022 /PRNewswire/ — According to new market research report “Home security systems market by type of home (detached houses, apartments), security (professionally installed and monitored, do-it-yourself), systems (access control systems), services (integration services Security Systems), Region – Global Forecast 2027″, published by MarketsandMarkets™, the global home security systems market size is expected to grow from $56.9 billion in 2022 at $84.4 billion by 2027, at a CAGR of 8.2% over the forecast period.
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The growth of the home security system market is driven by factors such as the growing awareness of home security systems and the emergence of Internet of Things (IoT) and wireless technologies.
Do-It-Yourself (DIY) Security Market is Expected to Grow at a High Rate from 2022 to 2027
The do-it-yourself (DIY) security systems market is expected to grow at the highest CAGR during the forecast period. A large clientele of home security systems prefer cost-effective products with a remote monitoring facility to optimize as per their security requirements. In the DIY product category, users can save a lot of money on consulting and installation services. Some of these security systems can be customized and upgraded with additional features by customers as and when required. Thus, with a do-it-yourself option suitable for many customers, its adoption is expected to boost the growth of the home security system market.
CCTV systems hold the largest market share by systems in 2022
The CCTV systems segment is expected to hold the largest share of the home security systems market by systems in 2022. One of the major advantages of the CCTV system is that it offers security, surveillance and motion analysis suspect people on a perimeter. Hardware products, such as cameras, monitors, servers, storage units, and other accessories, are an important part of video surveillance systems. The hardware products currently available in the market are cost effective and technologically advanced. High-definition (HD) cameras, panoramic cameras, and body-worn or spy cameras are some of the latest and most attractive trends in the video surveillance market.
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APAC home security system market is expected to grow at the highest rate during the forecast period
The home security system market in APAC region is expected to witness a significant growth rate during the forecast due to rising crime rate and rapid urbanization in countries such as Chinaand India. In JapanThe growing government emphasis on fire safety measures is likely to create growth opportunities for the market, while increasing R&D for innovative safety products to drive the market in South Korea. Associations and organizations, such as the Asian Professional Security Association (APSA), are taking initiatives to effectively exploit potential opportunities. Among the various products used for security, intelligent video surveillance and electronic access control systems are the most demanded in this region.
A few of the key players in the home security system market are ADT LLC. (ADT) (USA), Resideo Technologies, Inc. (USA), Johnson Controls International plc. (Johnson Controls) (USA) HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO. LTD. (HANGZHOU HIKVISION DIGITAL TECHNOLOGY) (China), and ASSA ABLOY AB (ASSA ABLOY) (Sweden).
Video surveillance Market by Offer (Hardware (Camera, Storage Device, Monitor), Software (Video Analytics, VMS), Service (VSaaS)), System (IP, Analog), Vertical, and Geography (2021-2026)
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