Vancouver, Sept. 25, 2023 (GLOBE NEWSWIRE) -- 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, according to latest analysis by Emergen Research. Home security system market revenue growth is primarily driven by factors such as growing awareness regarding home security systems and implementation of Artificial Intelligence (AI) and deep leaning in home security systems. In addition, advent of AI and deep learning and rising pervasiveness of IoT-connected devices are driving revenue growth of the market.
AI is changing home security as it can solve problems, such as human error and false alarms, which traditional home security solutions face. AI-powered home security systems can learn a family's daily routine and detect strange events. This is advantageous for families who have numerous visitors or who travel frequently, since home security system decreases frequency of false alerts. AI also provides home-owners with peace of mind since people have a short attention span, whereas technology is programmed to always be on alert.
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There are various challenges of home security systems including complications of equipment and with increasing number of separate devices integrated on a similar platform, home security systems are getting increasingly complicated. The fundamental design difficulty with security systems is integration of many devices with variable degrees of compatibility on a single platform. Home security systems employ a diverse set of actuators, wireless devices, and sensors of actuators, which create vast data volume. There is also a high rate of data traffic owing to data generated by real-time monitoring. In addition, in wireless sensor networks, communication protocols, hardware, and processing resources create limitations for smooth connection as well as data-handling capacity. Moreover, to solve these problems, substantial data processing and good data exchange with all system components are critical. Another factor to consider is advancements of energy-efficient equipment for long-term surveillance and portable applications. Furthermore, primary issue of attaining energy harvesting is to effectively design devices with low components and efficient batteries. As a result, variances in development and design of various platforms result in system complications.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 52.80 Billion |
| CAGR (2022–2030) | 8.3% |
| Revenue Forecast to 2032 | USD 126.71 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2019–2020 |
| Forecast Period | 2022–2030 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Home type, security type, systems type, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | ADT, Resideo Technologies Inc., Johnson Controls, Hangzhou Hikvision Digital Technology Co., Ltd, ASSA ABLOY, Secom, LLC., Secom, LLC., Allegion plc., Snap One, LLC., and ABB. |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global home security systems market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global home security systems market report are:
- ADT
- Resideo Technologies Inc.
- Johnson Controls
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Assa Abloy
- Secom, LLC.
- Robert Bosch LLC.
- Allegion plc.
- Snap One, LLC.
- ABB
Strategic Development
- On May 9, 2022, Vivint, a smart home company, launched a new line of home security devices, as well as improving intelligence of its home security system with an enhanced computer vision chip. The Doorbell Camera Pro, Outdoor Camera Pro, Indoor Camera Pro, and a new gadget called the Spotlight Pro are among the four new Vivint products. To understand user behaviors and detect possible threats, Vivint's system uses a centralized controller, a smartphone app, a variety of sensors professionally installed in the house, and AI. The entire system is then remotely monitored 24/7.
- On 11 September 2020, Blue by ADT, launched a new line of DIY customizable security devices. The new range includes several flexible and scalable solutions including cameras for indoor and outdoor use, doorbell cameras, and sensors for multiple use cases, which enable users to develop bespoke security systems for their homes.
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Some Key Highlights from the Report
- The independent homes segment accounted for largest revenue share in 2021. There is a rising demand for home security systems by independent homeowners to secure their family and property from increasing number of break-ins and burglaries. According to FBI burglary rates of homes, a residential burglary occurs every 13 seconds, four burglaries every minute, 240 per hour, and approximately 6,000 each day. It also states that a burglary will occur in one in every three houses that do not have a security system, compared to one in every 250 homes that do have a security system. There is a high adoption rate of advanced home security systems owing to various benefits. Current generation of home security solutions provides unrivaled connectivity, control, and accessibility, as well as ability for homeowners to remotely access various functions through a PC or a smartphone, which is driving revenue growth of this segment.
- The professional-installed and monitored segment accounted for largest revenue share in 2021. Customer’s want to make sure that equipment is properly placed, home's alarm is monitored, and system is properly maintained. Therefore, they are willing to pay more for expert installation to install wireless sensors and security cameras without professional assistance. While setting security cameras professionals can assist customers to get the best view while making sure gadgets don't get easily stolen. This may involve drilling, utilizing ladders, and performing some electrical work, which ordinary customer may find difficult. In addition, they'll plan system, install sensors, test them, and debug any issues that arise, which are key factors driving revenue growth of this segment. People with no DIY knowledge or background are offered better services by a professional.
- The video surveillance system segment accounted for largest revenue share in 2021. Video surveillance is the best option for monitoring purposes as it comes with various benefits. Digital video cameras provide higher resolution and broader viewing angles. In addition, 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 an internet connection. They can also log in and access their security system and see live broadcasts or recorded footage, which are key benefits driving revenue growth of this segment.
- The Europe market accounted for third-largest revenue share in 2021. Increasing number of collaborations and unveiling of new products by key companies in Europe are driving market growth in this region. For instance, on 6 May 2021, Essence Group, a major developer of IoT solutions for worldwide security and care industries, launched WeR@Home+, next-generation security, and home management platform. To pilot the new product, Essence is collaborating with European security service providers including Securitas Direct Switzerland.
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Emergen Research has segmented the global home security system market based on home type, security type, system type, and region:
- Home Type Outlook (Revenue, USD Billion; 2019-2030)
-
- Independent Homes
- Condominiums/Apartments
- Security Type Outlook (Revenue, USD Billion; 2019-2030)
-
- Professional-installed and Monitored
- Self-installed and Professionally Monitored
- Do-It-Yourself (DIY)
- System Type Outlook (Revenue, USD Billion; 2019-2030)
-
- Fire Protection System
- Video Surveillance System
- Access Control System
- Entrance Control System
- Intruder Alarm System
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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