New York, USA, June 13, 2022 (GLOBE NEWSWIRE) -- A new report on the global home security solution market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $1,21,421.70 million by 2030, rising at a CAGR of 10.56% from 2022 to 2030. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Home Security Solution Market Growth:
The key factor boosting the growth of the global home security solution market is the rising need for appropriate, safe, and effective access control services in residential as well as non-residential areas due to growing cases of robbery, loot, and shoot out worldwide. Moreover, surging advancements in home security options and growing awareness and readiness to spend on security services among customers are projected to open doors to lucrative opportunities for the growth of the market in the forecast period. However, high costs involved in installation and monthly monitoring of home security solutions is expected to hinder the market growth.
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Impact of COVID-19 Pandemic on the Home Security Solution Market:
The abrupt rise of the COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global home security solution market. The implementation of lockdown restrictions during the pandemic has forced people to stay in their homes. As a result, many people are investing their time and money in the modification and maintenance of their homes. Many people have installed home security solutions such as networked cameras, video surveillance installation, and video doorbells for securing their homes from theft and crimes. This is boosting the market growth in the pandemic period.
The report segments the global home security solution market into type, services, installation, end use, and region.
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Service Sub-Segment to Observe Accelerated Growth
The service sub-segment of the type segment is anticipated to grow rapidly and hit $42,619.10 million during the forecast period. This growth is chiefly owing to rising adoption of services like professionally monitoring services, risk assessment & analysis, consulting & integration, and maintenance & support.
Access Control System Sub-Segment to Experience Speedy Growth
The access control system sub-segment of the services segment is anticipated to grow at an accelerated pace with a CAGR of 11.8% during the forecast period. This growth is chiefly owing to the rising technological improvements and advancements by access control system manufacturers to satisfy the expectations of consumers and offer enhanced security and resilience against robbery, burglaries, and others.
Do-it-Yourself (DIY) Sub-Segment to Perceive Augmented Growth
The do-it-yourself (DIY) sub-segment of the installation segment is anticipated to grow significantly with a CAGR of 10.98% in the forecast period. This growth is chiefly owing to the increasing costs and heavy installation charges involved in professional installation of home security systems.
Independent Homes Sub-Segment to Contribute the Market Growth
The independent homes sub-segment of the end use segment is anticipated to grow significantly and garner $67,514.20 million during the forecast period. This is chiefly because of growing installation of home security solution systems in independent homes as they are more vulnerable to theft, burglaries, and other crimes.
North America Market to Observe Highest Growth
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 America region market is estimated to observe remarkable growth and surpass $48,374.40 million in the forecast period. The growth of the region market is mainly because of the growing adoption of home security systems and presence of some of the foremost companies in the home security solution market such as Vivint, Inc. and ADT LLC dba ADT Security Services in this region.
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Key Home Security Solution Market Players
The report lists some of the foremost players operating in the global home security solution market including
- Johnson control (Tyco Security Products)
- Alarm.com Incorporated
- Honeywell International Inc
- ADT LLC DBA ADT SECURITY SERVICES
- Vivint, Inc.
- ASSA ABLOY
- Bosch GmbH
- MOBOTIX
- Brinks Home Security (MONI Smart Security)
- Nortek Security and Control, and others.
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. – Inquire Here to buy full report
For instance, in May 2021, Essence Group, a foremost supplier of IoT solutions for the worldwide security and care markets, launched WeR@Home+, next-generation security, and home management platform. With this launch, Essence Group aims to grab a leading position in the global home security solution market.
More about Home Security Solution Market:
- Home Security Solution Market to Observe Significant Growth Due to Company Acquisitions and Product Launches by Market Players, such as Johnson Controls, Nortek Security, and Others
- Which Effectual Home Security Solutions Should You Buy in 2022?
- How does Technology Empower Home Security Solutions Worldwide?
