Home Security Systems & Solutions Market Overview:
According to a statistical report by the Federal Bureau of Investigation (FBI), after two consecutive years of increases, the estimated number of crimes had dropped by 3.6% with 2,362.2 offenses per 100,000 residents in 2017 as compared to 2016. This gradual decline in property crimes over the years is largely attributed to the advanced surveillance techniques used in the real estate sector because of which the home security systems & solutions market is booming. The market expert of IndustryARC has valued the home security systems & solutions market at around $50 billion as of 2018 with an estimated CAGR to be an impressive 8% to 10% during the forecast period of 2019 to 2025.
Owing to the massive growth in the Internet of Things (IoT) possibilities and the fact that North America has been leveraging other advanced technologies to improve the quality of life, home security systems & solutions market is making strides in the region. Moreover, the real estate sector in the region provides holistic services to the customers that encompass home security systems & solutions too. This resonates the findings by IndustryARC’s market analyst according to whom the North America home security systems and solutions market accounted for 35% to 40% of the global demand in 2018.
Home Security Systems & Solutions Market Outlook:
Home security systems & solutions entail a gamut of facilities that range from motion detectors, alarm systems, and camera systems to access control. These systems are incorporated in homes for a myriad of reasons that include protection from burglary, fire incidents, and other aspects pertaining to the safety and security of occupants.
“With perpetual developments in the security information and event management system and rising demand for controlling malicious activities in the residential sector, intrusion detection systems (IDS) are at the helm of the home security systems & solutions market,” highlights the market expert in the market research report. Furthermore, the market analyst estimates that the application of home security systems & solutions in the intrusion detection systems will grow with a superlative CAGR of nearly 15% through to 2025.
Home Security Systems & Solutions Market Growth Drivers:
- The Growing Investments in the Real Estate Sector –
According to the United Nations, the global economic growth was observed to be 3% in 2017, and the organization also projects the world economy to grow at a steady rate of 3% in 2018 and 2019. Now, this economic growth is reflected in the soaring investments in the real estate sector across the globe, which is substantially stroking the home security systems & solutions market.
- The Smart Homes Trend Catapulting the Demand for Home Security –
Owing to the regular rise in disposable income and perpetual urbanization in developed and developing countries, the luxury called smart homes is gaining propitious prominence. Apparently, these smart homes are inculcated with all-inclusive home security systems & solutions that include everything include fingerprint sensors for locks, gas detector for safety, and surveillance cameras. For that matter, the facility of security systems is one of the main reason attributed to people’s predilection of the smart homes. This creates a major marketplace for the vendors in home security systems & solutions.
- Insurance Companies Offering Discounts on Home Security –
Recently, home insurance companies like Safeco Insurance, Allstate Insurance Company, NJM Insurance Group, and State Farm among others are offering good discounts to passively persuade customers to invest in home security systems. Even though the heavy discounts dwarf the home security systems & solutions market revenue of many vendors, but this is building a foundation for the future of home security systems which will become a customary facility in the real estate sector.
Home Security Systems & Solutions Market Trends:
- In November 2017, Honeywell introduces new all-in-one, self-monitored smart home security systems which will improve the user experience.
- Trends in the Market – Remote LED home lighting is observed as a new value-added feature offered by the vendors in home security systems & solutions market. This system allows the inhabitants to access LED lighting even when they are away on a vacation or for work. Fall detection monitor and automatic security gate are also noticeable trends in the market that are influencing the home security systems.
Home Security Systems & Solutions Market Challenges:
The major challenge faced by the vendors in home security systems & and solutions market is the fact that these systems lack that “human touch” which makes it difficult for vendors to convince their customers about the authenticity of the devices installed in the systems. Additionally, these systems directly influence the human lives and safety, and these systems are apparently perceived to be the ones that fail to deliver the overall protection from security threats, which adds up to the negative impact of customer psychographics on the home security business. However, the growing awareness about the impact of technological advancement and the positive reviews by the existing customers are poised to spread the word and enhance the market size in the future.
Home Security Systems & Solutions Market Key Players Perspective:
The key players crusading for the home security systems & solutions market share are Johnson Controls, Honeywell, FLIR, Axis Communications, Anixter, ABB, Schneider Electric, Allegion, Godrej, Bosch, UTC, Assa Abloy, Visonic, Pelco, and Tyco.
Home Security Systems & Solutions Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the home security systems & solutions market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of home security systems & solutions market, and their specific applications in independent, condominiums, apartments, other kind of residential adobes.
Home Security Systems & Solutions Market Report: Industry Coverage
The report analyses the product demands by the type of equipment - video surveillance, access control, intrusion detection, and others.
The home security systems & solutions market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Home Security Systems & Solutions Market Report
Is the market demand for home security systems & solutions growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for home security systems & solutions market?
A Few Focus Points Of This Research Are Given Below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global home security systems & solutions during the forecast 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures