New York, USA, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global home security solution market is anticipated to generate a revenue of $1,21,421.70 million and grow at a healthy CAGR of 10.56% during the estimated period from 2022 to 2030.
As per our analysts, with the increasing need to avert burglaries, crime rates, and home invasions among residential dwellers in both developed and developing regions, the home security solution market is predicted to witness exponential growth over the analysis period. Moreover, the increasing technological improvements and growing consumer spending on home safety are expected to create huge growth opportunities during the estimated period. However, the high installation and monitoring cost of the home security solutions may impede the growth of the market throughout the forecast period.
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Segments of the Home Security Solution Market
The report has divided the home security solution market into various segments based on type, solutions, installation, end-use, and region.
Type: Service Sub-segment to be Most Productive
The service sub-segment is expected to garner a revenue of $42,619.10 million over the estimated period. This is mainly due to the increasing demand for services including assessment & analysis, consulting & integration, and maintenance and support, and many more among individuals worldwide. Moreover, the rising preference for professionally monitored services among users due to ease of control and improved efficacy of the integrated systems is expected to amplify the growth of the market sub-segment during the estimated period.
Solutions: Access Control System Sub-segment to be Most Profitable
The access control system sub-segment is predicted to generate a revenue of $25,826.60 million during the analysis timeframe. The increasing adaptation of technologies by leading market players to fulfill consumer expectations and ensure security and resilience against, break-ins, robbery, and many more, is expected to foster the growth of the market sub-segment over the forecast period.
Installation: Do-It-Yourself (DIY) Sub-segment to be Most Beneficial
The do-it-yourself (DIY) sub-segment is projected to generate $32,273.50 million throughout the estimated period. The rising process and heavy installation fee of the professional installation of home security solutions are expected to uplift the growth of the market sub-segment over the analysis timeframe.
End-Use: Independent Homes Sub-segment to be Most Lucrative
The independent homes sub-segment is predicted to garner $67,514.20 million during the forecast period. The increasing installation of the security system for primary residences, along with new construction and restored and classic homes in the developed and developing regions is expected to augment the growth of the market sub-segment over the estimated period.
Region: North America Region to Hold the Largest Share of the Market
The North America region of the home security solution market is expected to generate a revenue of $48,374.40 million over the analysis period. This is mainly due to the advancement of breakneck technologies in this region. Furthermore, the strong presence of leading market players in this region and the growing adoption of do-it-yourself installation type of solutions are expected to thrive the regional growth of the market during the forecast timeframe.
Covid-19 Impact on the Home Security Solution Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the home security solution market. Due to the stringent lockdowns and regulations imposed by the government of many nations, people have been forced to spend more time indoors, and this made customers reinvest in their houses. Consumers have started looking for a better way to safeguard themselves and their loved ones. This has increased the demand for end-to-end smart home services and reliable home security solutions during the pandemic period. All these factors have inclined the growth of the market over the period of crisis.
Key Players of the Home Security Solution Market
The major players of the home security solution market include
- ADT LLC DBA ADT SECURITY SERVICES
- Bosch GmbH
- Vivint, Inc.
- ASSA ABLOY
- MOBOTIX
- Honeywell International Inc.
- Brinks Home Security (MONI Smart Security)
- Nortek Security & Control LLC
- Alarm.com
- Johnson Controls, Inc. (Tyco Security Products) and many more.
These players are broadly working on the development of new business strategies such as partnerships and collaborations, mergers and acquisitions, and product development to acquire a leading position in the global industry. – Inquire here before buying the full Report
For instance, in November 2021, Sunnova Energy International Inc., a leading national residential solar company announced its partnership with Brinks Home™, an American company that offers home security systems. With this partnership, Sunnova aimed to offer smart home security solutions to its customer from the Brinks Home portfolio and allowed Brinks Home dealers and authorized representatives to provide their customers with Sunnova’s suite of solar, battery, and energy services.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
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?
