New York, July 12, 2023 (GLOBE NEWSWIRE) -- The global home security systems market size is projected to expand at ~11.20% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 207 billion by the end of 2035, up from a revenue of ~USD 58 billion in the year 2022.
The growth is driven by the increasing number of home automation systems, the ever-expanding Internet of Things (IoT) infrastructure, and the rising demand for smart homes.
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For instance, the number of smart homes installed around the world as of 2021 reached 257 million. It is estimated that 24 percent of American households have three or more smart home devices. Smart homes have a variety of connected devices that can be monitored and controlled remotely. This increased level of connectivity also means that these homes are more vulnerable to cyber-attacks, prompting homeowners to invest in additional security measures to protect their homes.
Home Security Systems Market: Key Takeaways
- In terms of growth, North America is expected to lead the way
- Video Surveillance System is projected to be the segment with the fastest growth in terms of revenue
- The Asia-Pacific region is expected to grow at the fastest rate in the world
Increasing Number Of Thefts And Robberies Worldwide to Boost Market Growth
As criminal activity continues to rise, homeowners are becoming increasingly concerned with their safety. According to the FBI, there are approximately 6k burglaries per day in the United States, with one burglary happening every 13 seconds, four burglaries occurring every 20 minutes, and 240 burglaries every hour. Home security systems such as CCTV cameras, sensors, and alarms provide an extra layer of protection that allows them to feel more secure in their homes. Additionally, with the rise of technology, home security systems have become more advanced and can provide real-time alerts and notifications to homeowners if there is any suspicious activity detected. Advanced home security systems also offer homeowners the ability to remotely monitor their homes, which provides an added layer of assurance that their property is being monitored while they're away.
Increase in Fire Accidents in Residential Areas to Drive the Growth in the North America Region
The home security systems market in the North American region is estimated to garner the largest revenue by the end of 2035. Due to the growing number of fires in the region in the recent past, the National Fire Protection Association and the U.S. Consumer Product Safety Commission have issued many mandatory regulations regarding fire protection and safety. Around 4,800 to 5,000 people die and 25,000 are injured every year as a result of fires in the US. The number of fires reported by public fire departments in 2018 exceeded 1,317,000. These regulations aim to ensure that the residential and commercial buildings in the area meet the required safety standards to protect the occupants from fires. They include the installation of smoke detectors, fire extinguishers, and sprinkler systems in all buildings, as well as guidelines for proper storage and disposal of combustible materials.
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Rapid Urbanization to Boost the Market Growth in the Asia Pacific Region
The home security systems market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is due to the increasing adoption of home security systems in countries such as India and China, rapid urbanization, and rising concerns about safety and security. The urbanization rate in China reached 65% in 2021. official statistics show that Chinese urbanization of permanent residents hit 64.72 percent in 2021. As more people move into cities, there is an increased need for security systems to protect their homes. With the increased population, the crime rate also rises, making it more important for people to have access to security systems that will help protect their property and their families. Additionally, the rising demand for smart home products, such as home automation, and smart security systems are also driving the growth of the market in the region.
Home Security Systems Segmentation by Service
- Video Surveillance System
- Alarm System
- Access Control System
- Fire Protection Services
- Remote Monitoring Services
- Others
The video surveillance system segment is expected to hold the most revenue by the end of 2035. Video surveillance systems are becoming increasingly advanced, with features such as night vision, motion detection, facial recognition, and more. These features make them ideal for home security purposes, as they can detect potential threats and provide evidence in the event of a break-in or other crime. Residential, commercial, and industrial establishments are increasingly implementing video surveillance systems due to their superior efficiency and low installation costs. In 2021, there are anticipated to be approximately 1 billion surveillance cameras around the world, with 53% of the cameras being installed in China.
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Global Home Security Systems Segmentation by Type
- Hardware
- Software
- Service
The software segment is anticipated to hold the largest revenue by the end of 2035 due to the increasing adoption of facial recognition technology in security systems as it can identify and authenticate faces in real-time, and with the help of AI algorithms, it can detect suspicious activities and alert security personnel quickly. Furthermore, the rise in the number of connected devices and the need for more sophisticated surveillance systems have led to increased demand for software-based home security systems. Currently, there are over 15 billion connected IoT devices around the world, and the number of active IoT devices is anticipated to double by 2030. Additionally, the increasing popularity of cloud-based surveillance systems has also contributed to the growth of the software segment.
Home Security Systems Segmentation by Home Type
- Independent Homes
- Condominium
- Apartment
Home Security Systems Segmentation by Installation
- Professionally Installed
- Do-It-Yourself (DIY)
- Self-Installed
A few of the well-known market leaders in the global home security systems market that are profiled by Research Nester are Rhythm Energy, Arlo Technologies Inc., Google LLC, ABB Ltd, Zmodo, ADT Inc., Johnson Controls, Inc., Nortek Security & Control LLC, Honeywell International Inc, Assa Abloy, and other key market players.
Recent Development in the Global Home Security Systems Market
- A fixed-rate energy plan from Rhythm Energy and a full-featured home security system from SimpliSafe is offered as part of the Simply Secure 24 bundle. Besides a discounted rate for energy, SimpliSafe's bundle includes a state-of-the-art home security system.
- A revolutionary smart home security system with multiple sensors has been introduced by Arlo Technologies Inc., and it has been recognized as a CES Innovation Award winner for 2022. It utilizes motion and temperature sensors to detect and warn users about potential security threats.
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