Homes security solution refers to the solution that aids in providing security and protection to the premises of the consumer from any kind of intrusion or other transgression. Installation of home security solutions is an effective and ideal way to ensure the safety of home and family from risks of theft, fire robbery, intrusion, or toxicity. Some of the home security solutions include fire alarms, video surveillance, house access control, motion detector, and many more.
Forecast Analysis of the Global Home Security Solution Market
The global home security solution market is expected to witness an enormous growth during the forecast period (2022-2030), owing to the increasing prevalence of burglaries, thefts, and other crimes around the world. In addition, variety of features like detection of motion, fire, smoke, and water damage, provided by home security solutions are further expected to drive the growth of the market during the forecast period. But extortionate cost of installing home security solution is expected to impede the growth of the market during the forecast period. However, persistent technological advancements, easy access through phones & tablets, and surging consumer expense on home safety are further expected to create massive opportunities for the growth of the home security solution market during the forecast period.
According to the report published by Research Dive, the global home security solution market is expected to generate a revenue of $121,421.7 million by 2030, growing exponentially at a CAGR of 10.56% during the forecast period. The prominent players of the market include Johnson control (Tyco Security Products), Honeywell International Inc., Nortek Security and Control, ASSA ABLOY, Vivint, Inc., ADT LLC DBA ADT SECURITY SERVICES, Bosch GmbH, Alarm.com Incorporated, MOBOTIX, and Brinks Home Security (MONI Smart Security).
Home Security Solution Market Trends and Developments
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global home security solutions market to grow exponentially. For instance,
- In June 2020, General Security, a dominant provider of security systems for residential and commercial clientele, acquired Triad Security Systems, an advanced security systems company, in order to expand its range of smart home security solutions. This acquisition would enable General Security to enhance its services and better serve the commercial and residential customers in New York and New Jersey.
- In August 2020, Hero Electronix, a Hero Group’s venture in technology space, launched a product called Qubo Shield. It is a new age smart security solution that provides maximum security to consumers against intrusion, theft or a threat caused by a safety hazard like Fire and Gas Leakages.
- In March 2022, Johnson Controls, the worldwide leader for smart, healthy, and sustainable buildings, completed the acquisition of Envision Intelligent Solutions, a bespoke security solutions business, specializing in technology-enabled remote monitoring & perimeter protection services. The aim behind this acquisition is to provide customers with enhanced connected security solutions.
- In March 2022, Nice/Nortek Control, the leading designer and manufacturer of smart home and building automation solutions, announced the launch of their brand-new smart and AI powered intelligent Linear Surveillance Cameras & Network Video Recorders (NVR) at ISC West 2022. This multi-family NVRs and cameras are designed to seamlessly integrate with Linear Access Control & Telephone Entry systems.
Most Profitable Region
The North America region is expected to have the largest share in the home security solution market, and hence, dominate the market during the forecast period. The North America home security solutions market is expected to generate a revenue of $48,374.40 million during the forecast period. Tremendous technological advancements and the presence of prestigious players in this region are expected to bolster the growth of the market during the forecast period.
COVID-19 Impact on the Market
The outbreak of coronavirus has significantly impacted the global home security solution market in a positive way, owing to the lockdowns that took place in various countries across the globe. The lockdowns enforced people to stay indoors in order to curb the spread of the virus. Thus, individuals spent their time renovating and reinvesting the house along with the deployment of effective home security solutions. In addition, more and more consumers adopted a blend of home security and smart home technology. Thus, the pandemic has had a positive impact on the growth of the home security solution market.