home security systems market
The global home security system market size was USD 52.80 billion in 2021 and is expected to register a revenue CAGR of 8.3% during the forecast period. The revenue growth of the home security system market is mainly due to factors such as growing awareness of home security systems and the implementation of artificial intelligence (AI) and deepening of security systems home. Additionally, the advent of artificial intelligence and deep learning, along with the growing ubiquity of IoT-connected devices, is driving the market revenue growth. . AI-powered home security systems can learn a family’s daily routine and detect strange occurrences. This is advantageous for families who have many visitors or who travel frequently, as the home security system decreases the frequency of false alarms. AI also gives owners peace of mind since people have a short attention span, while the technology is programmed to be always alert.
Home security systems present various challenges, including the complications of equipment, and with the increasing number of separate devices integrated on a similar platform, home security systems are becoming more and more complicated. The fundamental design difficulty of security systems is the integration of many devices with varying degrees of compatibility on a single platform. Home security systems use a diverse set of actuators, wireless devices and actuator sensors, which create a vast volume of data. There is also a high rate of data traffic due to the data generated by real-time monitoring. Additionally, in wireless sensor networks, communication protocols, hardware, and processing resources create limitations for smooth connection as well as data processing capability.
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Emergen Research has recently released a new report on the Global Home Security Systems Market that offers key insights into the regional and global scope of the Home Security Systems Market. It offers key details on recent product launches, technological advancements, supply-demand ratio and regulatory framework. The report also provides details about market size, market share, revenue growth and CAGR over the forecast period 2022-2030. The report also offers key insights on the top companies in the market along with in-depth SWOT analysis, Porter’s Five Forces analysis, and feasibility analysis to provide a competitive edge to readers. The report focuses on recent trends, key challenges and opportunities, and limitations relating to the ongoing pandemic.
The report also discusses key players involved in the market such as ADT, Resideo Technologies Inc, Johnson Controls, Hangzhou Hikvision Digital Technology Co., Ltd, Assa Abloy, Secom, LLC., Robert Bosch LLC., Allegion plc., Snap One , LLC., and ABB and others as well as new market entrants. It focuses on recent mergers and acquisitions, joint ventures, collaborations, partnerships, licensing agreements, brand promotions and product launches, among others. The report also provides details about the company overview, business expansion plans, product portfolio, manufacturing and production capacity, global market position, financial status and business base. consumers.
The independent home segment accounted for the largest share of revenue in 2021. There is a growing demand for home security systems by independent homeowners to protect their family and property from an increasing number of break-ins and burglaries. According to the FBI’s home burglary rates, one residential burglary occurs every 13 seconds, four burglaries every minute, 240 per hour, and approximately 6,000 per day. It also indicates that a burglary will occur in one in three homes that do not have a security system, compared to one in 250 homes that do.
The professionally installed and monitored segment accounted for the largest share of revenue in 2021. Customers want to ensure that equipment is placed correctly, the home alarm is monitored, and the system is properly maintained. Therefore, they are willing to pay more for expert installation to install wireless sensors and security cameras without professional assistance. When setting up security cameras, professionals can help customers get the best view while ensuring that gadgets are not easily stolen. This may involve drilling, using ladders and performing electrical work, which the ordinary customer may find difficult.
CCTV systems segment accounted for the largest share of revenue in 2021. CCTV is the best option for surveillance purposes as it has various advantages. Digital video cameras offer higher resolution and wider viewing angles. Additionally, with a highly integrated digital video system, consumers can watch activities on their surveillance feeds from anywhere in the world using mobile devices, computers and tablets, as long as they have internet connection.
The European market accounted for the third largest revenue share in 2021. Growing number of collaborations and unveiling of new products by key companies in Europe are driving the market growth in this region. For example, on May 6, 2021, Essence Group, a leading developer of IoT solutions for the global security and care industries, launched WeR@Home+, a next-generation home security and management platform.
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Emergen Research has segmented the global home security system market on the basis of home type, security type, system type and region:
Home Type Outlook (Revenue, USD Billion; 2019-2030)
Type Security Outlook (Revenue, USD Billion; 2019-2030)
Installed and monitored by professionals
Self-installed and monitored by professionals
Do it yourself (DIY)
System Type Outlook (Revenue, USD Billion; 2019-2030)
Access control system
Entrance control system
Intruder alarm system
Regional Outlook (Revenue, USD Billion; 2019-2030)
The rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of the Middle East and Africa
Summary of key points from the report:
The report offers a comprehensive overview of the market size, share, and growth rate over the forecast duration.
It provides details of the current scenario, historical data, giving an accurate forecast of the market for the coming years.
The study categorizes the market based on product types, applications, end users, market value and volume, industry verticals, and 5 major regions.
It also offers regional market analysis and forecasts for the major geographies of the industry i.e. North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. .
Industry supply chain, sourcing strategy, upstream raw materials and downstream demand analysis have also been undertaken in the research report.
The study offers a comprehensive understanding of demand and supply dynamics, including production and consumption rates, and overall market mapping.
The report uses different analytical tools including SWOT analysis, Porter’s five forces analysis, and price analysis to provide accurate market insights.
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