New York, USA, Nov. 03, 2021 (GLOBE NEWSWIRE) -- A latest report on the global home security solution market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $132,735.2 million and rise with a remarkable CAGR of 14.9% from 2021 to 2028. The report offers a comprehensive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
Download PDF Sample Report of Home Security Solution Market
Factors Impacting the Market Growth
Growing crimes, home assaults, and robberies in both urbanized and emerging areas has encouraged people to implement home security solutions at their homes; this is boosting the growth of the global home security solution market. Several companies are highly investing in developing technologically advanced home security devices to meet the growing demand for efficient and smart security solutions. Moreover, owing to the growing awareness about the need for security at homes, people are increasingly spending on home safety. These factors are likely to unlock profitable opportunities for the market growth during the forecast period. However, expensive installation and high cost of home security devices are expected to obstruct the market growth.
COVID-19 Impact on the Market Growth
The rise of the COVID-19 pandemic in 2020 made a positive impact on the growth of the home security solution market. This is because people are searching for advanced ways to protect themselves and their families, and hence are adopting security and smart home technology devices to safeguard their homes. Companies offering home security solutions are taking necessary steps to boost the sale of security devices, such as networked cameras, video surveillance installation, and video doorbells, during the pandemic.
Get Access to Comprehensive Analysis of the Impact of Covid-19 on Home Security Solution Market
The report segments the global home security solution market into component, solutions, installation, end-use, and region.
Software/Platform Sub-Segment to Dominate the Market Growth
Among the component segment, the software/platform sub-segment is projected to grab highest market share and garner $54,744.4 million during the forecast period. The growth of this sub-segment is mainly because of the growing implementation of smart cameras, sensors, machine learning, and artificial intelligence software in residential security devices.
Video Surveillance System Sub-Segment to Observe Highest Growth
Among the solutions segment, the video surveillance system sub-segment is expected to experience highest growth and gather $57,180.7 million during the forecast period. The growth of this sub-segment is mainly because of the increasing demand for video surveillance systems owing to rising technological developments in these systems.
Professionally Installed Sub-Segment to Witness Significant Growth
Among the installation segment, the professionally installed sub-segment is expected to grow significantly and surpass $93,889.4 million during the forecast period. The growth of this sub-segment is mostly because of the growing preference for professional installation of security systems in the real estate and construction companies, as they are accurate, save time, and trustworthy.
Independent Home Sub-Segment to Observe Highest Growth
Among the end-use segment, the independent home sub-segment is expected to experience widespread growth and hit $75,791.0 million during the forecast period. The growth of this sub-segment is mostly because of the growing number of independent home units, especially in the North American region.
North America Region to Dominate the Market
The report analyzes the global home security solution market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North American region market is expected to lead the market and garner $56,677.9 million during the estimated period. The growth of this region market is mainly owing to the growing technological developments that have fueled the demand for home security solutions in this region.
Major Players in the Market
The report lists some of the leading players functioning in the global home security solution industry including -
- Nortek Security and Control
- Honeywell International Inc.
- Johnson control (Tyco Security Products)
- ASSA ABLOY
- ADT LLC DBA ADT SECURITY SERVICES
- Vivint, Inc.
- Bosch GmbH
- MOBOTIX
- Brinks Home Security(MONI Smart Security)
- Alarm.com Incorporated
Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in May 2021, Essence Group, a foremost supplier of IoT solutions for the global security and care markets, launched a smart home security solution, WeR@Home. The new system is equipped with a new family of connected security devices, connectivity to LTE networks, and a rich set of reporting and analytics tools for home security service providers.
Top Trending Reports -
- Light Field Market - Growing Demand for AR/VR Technologies to Drive the Market Growth
- Augmented Reality Market - Increasing Adoption of AR Technology in Healthcare Sector to Drive the Market Growth
- Smart Beacon Market - Increasing Adoption of Proximity Marketing Solutions in Retail is Likely to Drive the Market Growth
