Farmington, April 17, 2023 (GLOBE NEWSWIRE) -- The Home Security Systems Market Report Share Is Estimated To Be USD 56.9 Billion In 2022 And Expected To Reach USD 104.9 Billion By 2030, At A CAGR Of 8.2% From 2023 To 2030. Key factors driving the growth of this market increasing numbers of individuals use the Internet of Things (IoT) and wireless devices.
IoT-based security systems send out immediate alerts to ensure the safety of individuals. Intelligent detection checks for changes in motion, heat, and sound and notifies the user. IoT enhances the intelligence of tools by granting them access to vast quantities of high-quality data.
Request Sample Copy of Report “The home security systems market Size, Share & Trends Estimation Report By Type Outlook (Independent Homes, Apartments), By System Outlook (Fire Protection systems, Video Surveisllance Systems, Access Control Systems, Entrance Control Systems, Intruder Alarm Systems), By services Outlook (Security System Integration Services, Remote Monitoring Services, Fire Protection Services, Video Surveillance Services, Access control Services), By Security Outlook (Professionally-Installed and Monitored, Self-Installed and Professionally Monitored, Do-It-Yourself (DIY), Region and Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Segmentation Overview:
Type Outlook:
In 2022, over 63% of total revenue was generated by the wired alarm segment. Wire-based intrusion detectors are more prevalent, but digital alarms are simpler to install. Intruder alarms have gained popularity in recent years as technology has improved and people have become more safety-conscious. Some burglar detectors also utilize instruments for electrical fields, vibrations, sounds, capacitance, and photoelectric beams.
In May 2022, for instance, Hangzhou Hikvision Digital Technology Co., Ltd. announced that a new AX Hybrid PRO alarm system would be released. The system offers both tethered and wireless protection, giving it greater flexibility and making wireless integration simpler. The alarm system is applicable in factories, banks, offices, and retail establishments, among other locations.
The wireless alarm segment is anticipated to have the highest CAGR over the coming years. Wireless commercial security systems offer a greater variety of specialized protection features, are less expensive to install, and are simpler to update than wired systems.
For instance, Inovonics Wireless Corporation announced in October 2021 that the Inovonics mobile duress would be available. The Inovonics mobile duress is designed to provide an exact room and floor level location when an Inovonics pendant is activated. Built on the Inovonics cloud platform, the solution combines dependable hardware with advanced API and software features that simplify data access and system integration.
Regional Analysis:
The global market for home security systems has been analyzed in various regions, including North America, Europe, Asia-Pacific, Latin America, the Middle East, and India, among others. In the near future, the global region will dominate this market.
North America held the highest market share in 2021. Internet of Things (IoT) and other modern technologies used to enhance the quality of life in North America are driving the rapid growth of the home security systems and solutions market. In addition, the residential sector in the region offers a comprehensive selection of services, including home security systems and solutions. North America will account for 35 to 40 percent of the global demand for residential security systems and solutions in 2021. Europe holds the second largest market share in 2021. Over the next five years, Asia-Pacific is anticipated to dominate the global home security market with a CAGR of 12.2%. This is because the region's economy is rapidly expanding and its technology is improving. Due to increased demand for smart buildings and their construction, as well as security concerns in the area. The market in Latin America, the Middle East, and Africa is anticipated to expand at a moderate rate during the forecast period.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 8.2% from 2023 to 2030. |
| Revenue Forecast by 2030 | $104.9 billion |
| By Home Type |
|
| By Systems |
|
| By Security |
|
| By Services |
|
| By Companies |
|
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Restraining Factors:
High Costs to Establish, Maintain, and Operate
Costs of hardware, software, and services have a significant impact on the number of individuals who opt to use protection systems. Professionally installed systems are more expensive up front because the hardware is more costly and there are fees for assistance. The system is also costly to own because it requires frequent maintenance, membership fees, and frequent replacement. Typically, an annual subscription to a third-party tracking player costs between $150 and $1500. Software containing powerful data tools is also costly and contributes to the overall cost of the system.
Opportunity Analysis:
Home security systems may incorporate artificial intelligence (AI) and deep learning
AI has enabled the integration of autonomous health screening and medical alert systems into a comprehensive home security system. People are also becoming increasingly concerned with the mental and physical health of their neighbors. This is notably true for elderly individuals who reside at home. Additionally, more people are using home security systems to view videos, identify threats, and restrict entry.
Key Segments Covered:
Top Market Players:
- ADT
- ASSA ABLOY
- Banham
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Honeywell International, Inc
- Inovonics Wireless Corporation
- Johnson Controls
- Securitas AB
- Siemens
- Risco Group
- Napco Security Technologies, Inc.
By Home Type
- Independent Homes
- Apartments
By Systems
- Fire Protection systems
- Video Surveisllance Systems
- Access Control Systems
- Entrance Control Systems
- Intruder Alarm Systems
By Security
- Professionally-Installed and Monitored
- Self-Installed and Professionally Monitored
- Do-It-Yourself (DIY)
By Services
- Security System Integration Services
- Remote Monitoring Services
- Fire Protection Services
- Video Surveillance Services
- Access control Services
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
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