Home Security Solutions will Create US$30.3 bn Global Opportunity by 2022

2024-04-24 09:56:32 News & Society

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The home security solutions market has risen exponentially in the past and this is majorly because of the rising technological advancements in numerous sectors such as biometrics, sensors, communication technologies, and surveillance systems, among others. The global home security market also presents promising growth opportunities for both electrical distributors and telecom providers. The increasing requirement of medical access control and easy detection of gas and fire leaks have encouraged people to install medical alert systems alongside other security systems. This has impacted the home security solutions market positively in the past few years.

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Affordable Prices of Home Security Solutions to Augment Market Growth

The advanced features provided by these security solutions such as cameras, night-vision electronic and smart locks, wireless devices, motion-sensitivity, and Internet connectivity, etc. have raised their worldwide demand. The increasing rate of crimes, thefts, invasions, and robberies have also amplified the demand for home security solutions. In addition, the growing demand for home monitoring since it is an affordable option has also fuelled the market?s growth. On flip side, factors such as the rising cost of installation and the lower levels of literacy impede the growth of the market for home security solutions. In addition, a few issues related with the usage of these systems also might limit their demand in the forthcoming years. These issues include software glitches, connectivity problems, electrical or radio interference, and non-compatibility issues, etc.

Home Security Hardware Segment Led the Market with Around 93% Share in 2014

The market for home security solutions, on the basis of components, is segmented into hardware, software, and services. The hardware segment includes video surveillance, access control and authentication, electronic locks, sensors detectors, and alarms. The segment of video surveillance comprises IP cameras, analog cameras, and others including storage and recorders, encoders, and CCTV monitors. The access control and authentication segment includes biometrics, card-based, and RFID. The services segment includes technical support, installation/integration, cloud-based services, and consulting. Amongst these, in 2014, the segment of home security hardware constituted an approximately 93% of the global home security solutions market. Within the home security hardware market, electronic locks emerged as the biggest segment in 2014 and represented 63% of the home security solutions market. The segment of electronic locks is also the most swiftly developing hardware segment in the market and is poised to rise at an extraordinary CAGR of 25.50% from 2015 to 2022.

North America Emerged as the Biggest Market Constituting a Share of 37.3%

Geographically, the global home security solutions market is segmented into Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. In 2014, North America emerged as the biggest market for home security solutions, accounting for 37.3% of the overall market. This region is also predicted to be the most swiftly developing market for home security solutions in the coming years. The reason for the superiority of this region is the presence of smart card voice transmissions, biometric, and asset tracking systems here.

The prominent players operating in the market include Assa Abloy AB, Honeywell International, Inc., Vivint, Inc., HikVision Digital Technology Co., Ltd., Frontpoint Security Solutions, and Protect America, Inc., among others.