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Home Security Solutions Market, by Product [Electronic Locks

RA00293

Home Security Solutions Market, by Product [Electronic Locks (Keypad Locks, Biometric Locks, Magnetic Strip Locks, Electric Strip Locks, Electromechanical Door Locks), Wireless Locks (Sensors, Cameras, 7.5 Panic Buttons, Fire Sprinklers & Extinguishers, Alarms)], Solution (Medical Alert System, Access Control & Management Solution, Intruder Alarm Solution, Intercom System, Video Surveillance Solution, Fire Protection System, Integrated Security Solution), Home Type (Independent Homes, Condominiums, Apartments) Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

RA00293

Pages: NA

May 2020

COVID-19

pandemic has shown to have an enormous impact on most
industries.

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Impact of covid-19 on Home Security Solutions Market

Home Security Solutions Market Analysis:

Home security solutions are the electronic security devices which provide round the day security by continuously monitoring the residential setups and personal properties. The need to install home security solutions has increased in recent years, owing to a rise in malicious activities like homicides, burglary, intrusions, robberies, and other property crimes. Residential setups are highly vulnerable to encounter such malicious activities as there is pretty scarce security and no safety systems. Home security solutions have been an important tool to fight such crimes and have shown positive results by preventing malicious activities across the globe. They ensure the safety of residential properties as well as of the families or people, in general, residing in these properties. Home security systems are even capable of keeping the house safe when the owners are not present at the property.

Rising security threats, remote monitoring technology and growing adoption of technology are the major factors driving the market growth

According to a report released in February 2020 by the U.S. Department of Justice, approximately 1.03 million home invasions take place every year, and also, out of every four residential properties, one is likely to be robbed. Though these facts only tell the story about one country, residential invasions and malpractices have significantly increased in over a decade. These intrusions are serious threats to the residential properties and also to the people residing in it who are likely to be attacked, which in most cases turns out to be fatal. Owing to the increase in such instances and rising safety concerns, residential property owners have started to invest highly in home security solutions. Further development of better technologies which enables owners to monitor their properties from far distance over mobile phones and tablets have gained wide popularity. These home security systems are user-friendly and enabled by wireless technology, which provides the homeowners to monitor activities in their homes remotely over mobile applications. Also, the rise in usage of smartphones and tablets, growing adoption of mobile monitoring devices, and cost-effective protection plans have fueled the market growth.

High investment costs and low awareness are hampering the market growth

Home security solutions are developed using modern technological equipment, which is costly to produce as well as a costly technology to acquire. High investments required to install home security systems often demotivate customers to purchase it. Further, it requires time-to-time maintenance, which also causes strain on customer's pockets. Also, in poor underdeveloped regions with a low level of technological environment, homeowners are often unaware of such home security systems.

Technological advancements will create lucrative market opportunities

While the older and traditional home security solutions included only CCTV cameras, which used to provide 24 hours surveillance footage of the property, usually connected to a screen installed in homes, modern-day solutions have changed massively. There are a wide variety of electronic devices and other technology available nowadays, like biometrics lock, night vision cameras, motion sensing detectors, internet-connected surveillance, and smart locks. New security systems that are user-friendly, easy to operate, cost-effective, wireless, and sophisticated have created a huge opportunity for market growth. Wireless monitoring systems have further brought a revolution to the home security market. The home security providers have developed strategies with the telecommunication sector, and electronic distributors to develop and add mobile security applications and also promote their products. All these factors will highly contribute to the market growth and create lucrative opportunities.

Home Security Solutions Market, by Product:

Electronic locks segment will be most lucrative till 2027

The electronic locks segment will have a dominating share in the global market, and they are expected to register a significant revenue during the forecast timeframe. The major factors driving the growth of the electronic locks segment are high reliability, cost-effective, easy to use, low maintenance, and comparatively low initial investments. They are easily available across all the regions and are easy to install and operate. Wireless locks are strictly restricted to technologically advanced and developed regions, while the electronic locks can be found everywhere. This helps the electronic locks segment to capture a larger market share. Also, electronic locks are less prone to faults or defects because of which they are highly reliable.

Home Security Solutions Market, by Solution:

Access control and management solution segment to grow exponentially

Access control and management solution segment are expected to grow exponentially in the home security market during the forecast period. Access control and management solutions refer to specially designed physical or electronic monitoring systems that help in the prevention of intrusions. Recent developments in access control systems like card-based control, biometrics, and radio frequency identification systems (RFID) have boosted the market growth. While biometric systems were already popular in the commercial sector for its features like facial recognition, retina scan, and fingerprint recognition, it has now gained massive popularity in the residential sector as well. The video surveillance systems keep a record of 24 hours activity and help to provide vital footage in the occurrence of intrusions. Further development and incorporation of artificial intelligence and in-depth learning feature have added benefits like vehicle management, facial recognition, body count, and body detection. These features and benefits have boosted the demand for such products and are expected to be a major factor driving the growth of the access control and management solution segment.

Home Security Solutions Market, by Home Type:

Apartments segment will grow at a significant rate

The adoption of home security systems by apartments will grow at a significant rate during the forecast timeframe. Growing urbanization has led to massive developments of apartments throughout cities and countries. While land availability has become scarce, buildings, and homes, have started to grow vertically to support the huge population. Major metro cities across the world have more population living in apartments, than residential properties and bungalows. Due to growing apartment population security needs and 24 hours of surveillance, fire systems, monitoring devices, extinguishers, and other security systems have become highly necessary. Apartment owners and renters are highly investing in home security systems to prevent intrusions. Since every household in the building funds the home security systems, it becomes cheap for acquiring such technologies. Also, since these buildings are humongous, the requirement of such devices is also in high quantities. All these factors are driving the market growth for home security systems in the apartment segment. Continuous developments and future real estate projects related to apartment developments will further create lucrative opportunities for home security systems. 

Home Security Solutions Market, by Region:

North America region will hold the largest market share

North America region is anticipated to hold the largest market share in the home security solutions market during the forecast period. North America region has a problem when it comes to home intrusions, invasions, robbery, burglary, and other residential property crimes. As per a report by the U.S. Department of Justice from 2019, approximately 11.5 people out of 10,000 are a victim of property-related crime every year. The report also said that in every 13 seconds 1 burglary takes place and approximately 2.6 million robberies take place every year in U.S. Owing to such a high crime rate related to residential properties; people have started investing majorly in home security systems. Further, the region is technologically forward and has developed infrastructure because of which all these security solutions are easily available at a low price. 

Asia Pacific region will grow at a fast pace

Asia Pacific region is expected to grow at a fast pace in the home security solutions market during the forecast timeframe. The rising technological segment, growing economy, higher customer purchasing power,
and increased investments by governments in security solutions are the major factors driving the market growth. Further, the region has a past record of fire and smoke-related deaths in the residential setups, which is motivating people to install security solutions. Also, growing awareness amongst the public relate to the benefits offered by the home security systems has boosted the market growth.

To explore more about Home Security Solutions Market, get in touch with our analysts here.

https://www.researchdive.com/connect-to-analyst/293

Key Participants in the Global Home Security Solutions Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Key Participants in the Global Home Security Solutions Market

Some of the significant home security solutions market players include Nortek Security and Control, Raytheon Technologies Corporation, Godrej.com, Robert Bosch GmbH, Ingersoll Rand, Allegion plc, ASSA ABLOY, Wirepath Home Systems, LLC, dba Control4, Honeywell International Inc, and Alarm.com 

Market Players prefer inorganic growth strategies to expand into local markets. 

Home security solutions market players are emphasizing more on advanced product development as well as merger & acquisition. Established organizations are developing various strategies. To emphasize more on the competitor analysis of market players, the porter's five force model is explained in the report.

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2019

  Forecast timeline for Market Projection

  2020-2027

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Product

  • Electronic Locks
  • Keypad Locks
  • Biometric Locks
  • Magnetic Strip Locks
  • Electric Strip Locks
  • Electromechanical Door Locks
  • Wireless Locks
  • Sensors
  • Cameras
  • 7.5 Panic Buttons
  • Fire Sprinklers & Extinguishers
  • Alarms

  Segmentation by Solution

  • Medical Alert System
  • Access Control & Management Solution
  • Intruder Alarm Solution
  • Intercom System
  • Video Surveillance Solution
  • Fire Protection System
  • Integrated Security Solution

  Segmentation by Home Type

  • Independent Homes
  • Condominiums
  • Apartments

  Key Countries Covered

U.S., Canada, Germany, France, Spain,

Russia, Japan, China, India, South Korea, Australia, Brazil, and Saudi Arabia

  Key Companies Profiled

  • Nortek Security and Control
  • Raytheon Technologies Corporation
  • Godrej.com
  • Robert Bosch GmbH
  • Ingersoll Rand
  • Allegion plc
  • ASSA ABLOY
  • Wirepath Home Systems, LLC, dba Control4
  • Honeywell International Inc
  • Alarm.com

Source: Research Dive Analysis


FREQUENTLY ASKED QUESTIONS?
 

A. Godrej.com, Robert Bosch GmbH, and Honeywell International Inc are the leading companies in the home security solutions market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. Technological advancements, product development, along with joint ventures, are the key strategies opted by the operating companies in this market.

A. Wirepath Home Systems, LLC, dba Control4 and Robert Bosch GmbH are investing more in R&D practices.

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