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Home Security Solution Market Report

RA00293

Home Security Solution Market by Component (Hardware, Software/Platform, and Service), Solutions (Video Surveillance System, Alarm System, Access Control System, and Fire Protection System), Installation (Professionally Installed and Do-it-yourself (DIY)), End-use (Independent homes, Condominiums, and Apartment), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA00293

Pages: 273

Aug 2021

COVID-19

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

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Home Security Solution Market

Home Security Solution Market Analysis

The global home security solution market is anticipated to garner $132,735.2 million in the 2021–2028 timeframe, growing from $42,532.0 million in 2020, at a healthy CAGR 14.9%.

Market Synopsis

The home security solution market is expected to grow due to the growing need and demand for convenient, secure, and efficient access control solutions in both residential and non-residential segment across the globe.

The main impediment of the market is the high costs of installation, maintenance, and operation.

According to the regional analysis of the market, the Asia-Pacific home security solution market is anticipated to grow at a CAGR of 15.6%, by generating a revenue of $37,497.7 million during the review period.

Home Security Solution Overview

The home security solution growth is supported by the demand for convenient and time-efficient access solutions for preventing intrusion, robbery, and other crimes. Home security solutions refer to the solution that helps in protecting the premises of consumers from intrusion. Installing home security solutions seems to be the best way to prevent home and family from the risk of intrusion, robbery, theft, fire, and toxicity. Home security solution devices include video surveillance, access control, fire alarms, motion detectors, and more. Apartment complexes frequently use closed-circuit television to monitor the entrances, halls, and elevators. The demand for these solutions is increasing owing to the prevention from break-ins and for tracking intruder movement around the property. As the largest proportion home safety incidents, home intrusion incidents affect families across the globe.

Impact Analysis of COVID-19 on the Global Home Security Solution Market

The COVID-19 pandemic has altered the way individuals and businesses operate all around the world. As a result of the pandemic, individuals are forced to spend more time indoors, customers are reinvesting in their houses. Of course, this has benefited many residential security solution companies and smart home companies that provide both products and services to the market. Consumers are on the lookout for a way to better safeguard themselves and their loved ones. It' is possible that more people may adopt security and smart home technology. Traditional players are also taking moves to include the sale of related security devices in their services. Early success has been seen with networked cameras, video surveillance installation, and video doorbells, but suppliers are striving for sales across all device categories, including energy and convenience. Even while there has been consolidation among giants and transactions between giants (e.g. ADT LLC DBA ADT SECURITY SERVICES/ Google), the security sector continues to be diverse and fragmented. For example in August 2020, ADT and Google have teamed up to create a cutting-edge smart home security solution. To improve the residential and small business security market, the alliance will combine Google's hardware and services with ADT's DIY and professionally installed smart home security solutions. The upcoming ADT + Google helpful home security solution is projected to expand smart home products and help the customers who are looking for premium technology, end-to-end smart home service, and reliable security. Manufacturers and providers believe that smart home additions will lead to higher growth opportunities for the home security solution sectors. Moreover, a burglary has a significant impact on the victim, including both financial and psychological costs. Therefore, many houses have implemented a variety of security measures and are seeking advanced security solutions which has boosted the demand for home security solution market.

The Rising Need to Avert Burglaries and Crime Rates Among Residential Dwellers to Propel the Demand for Home Security Solutions Across the World

The rise in crime rates, home invasions, and burglaries in both developed and developing regions has influenced the market need for home security solutions. A home security system's major goals are to protect your home and your family. A security system can detect a variety of dangers, including smoke, fire, carbon monoxide poisoning, and water damage, in addition to burglary. The solutions can be self-monitoring or professional monitoring, and they are used to detect motion and unlawful access in the home. According to a 2018 Coldwell Banker poll, roughly 75% of purchasers indicated they wanted smart thermostats and smart smoke alarms in a new house, 66 % said they wanted preinstalled smart security cameras, and 63 % wanted smart door locks. Additionally, according to the FBI, there were around 1,401,840 burglaries reported in 2017. In 2017, burglary victims lost an estimated $3.4 billion in goods as a result of their crimes. An increase in the installation of combinations of more effective security equipment and security device such as CCTV, fire alarm, access control, and others, in the homes and apartment buildings has boosted the demand for the home security solution market. The rise in crime rates, technical developments, and the growth of the smartphone and tablet markets are all factors contributing to this expansion.

To know more about global home security solution market drivers, get in touch with our analysts here.

High Installation and Monitoring Cost of the Home Security Solutions to Restrain Market Growth

The cost associated with the installation of solution is high which may hinder the growth of the market. The system is expensive to install in the first place, security companies charge a daily or monthly fee for monitoring services.

Technological Improvements and Growing Consumer Spending on Home Safety to Create Growth Opportunities

Over the past few years, in order to protect and secure the home, many homeowners have considered home security solutions to be a priority. Independent homes have the highest adoption rate of these in the current market condition. The rising number of security risks and breaches has resulted in a significant need for improved safety and security systems such as CCTV cameras, electronic alarm sensors, and other similar devices. This is expected to boost the global market for home security solutions. Cameras, sensors, panic buttons, sirens, and other home security options are available (biometric locks, wireless locks, magnetic or electric card locks, keypad locks) in the market. Security cameras are expected to see increased adoption as homeowners focus on improving their surveillance capabilities. Furthermore, increased urbanization and technological improvements have prompted the development of improved security solutions that can be monitored through cellphones. The home security solution market would expand due to continuous technological advancements and rising income of consumers spending on home security.

To know more about global home security solution market opportunities, get in touch with our analysts here.

Home Security Solution Market
By Type

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Based on component, the market has been divided into hardware, Software/Platform, service, and others. Software/Platform sub-segment accounted for the highest revenue share in 2020, and service sub-segment is also predicted to show the fastest growth during the forecast period. Click Here to Download Sample of the Report

Solutions: Research Dive Analysis

The software/platform sub-segment is anticipated to have a dominant market share and generate a revenue of $54,744.4 million by 2028, growing from $18,044.3 million in 2020. Adoption of artificial intelligence and machine learning software in the residential security sector, as well as constant advancements of security technology such as smart cameras and sensors, are emerging that have a direct impact on the dynamics of the home security market.

The service sub-segment is anticipated to have the fastest growth and generate a revenue of $46,427.0 million by 2028, growing from $14,308.6 million in 2020 with the healthy CAGR of 15.4%. The service sub-segment is likely to witness fastest growth owing to the increasing demand of services including consulting & integration, professionally monitoring services, risk assessment & analysis, and maintenance & support. Moreover, there has been increasing preference by users for professionally monitored services, owing to ease of controls and improved efficiency of the integrated systems. For instance, as of December 2020, ADT corporation, an American company that provides security, automation, and smart home solutions to consumer and business customers, was operating nine monitoring centers situated throughout the U.S. to offer professional monitoring services to their customers.

Home Security Solution Market
By Solutions

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Based on solutions, the analysis has been divided into Video Surveillance System, alarm system, access control system, and others. Out of these, Video Surveillance System sub-segment is predicted to be the most dominant and access control system sub-segment is anticipated to show the fastest growth during the forecast period.

Solutions: Research Dive Analysis

The video surveillance system sub-segment of the global home security solution market is anticipated to have a dominant market share and surpass $57,180.7 million by 2028, with an increase from $18,654.8 million in 2020. A video surveillance system, often known as CCTV, is made up of cameras, displays, and recorders. The use of surveillance system helps in protecting the property and not only deters criminal activity but also offers evidence in the event of crime and increases the safety of home, apartment, people. Moreover, the capabilities of video surveillance systems have been greatly enhanced by modern technology is booming the demand for it across the globe.

The access control system sub-segment of the global home security solution market is expected to develop at the fastest rate, exceeding $29,638.5 million by 2028, up from $ 9,251.9 million in 2020, with a CAGR of 15.3%. Any combination of devices that secures a residence and prevents or detects an unlawful entry through a door, or other exterior feature that can be utilized to gain access to a home is referred to as an access control system. Residential access control systems comprise of a range of devices such as card reader, door locks, motorized gates, and others that can be used to gain access to a secured home. One of the major driving factors of the market is players across the globe improving and adapting technologies to fulfill consumer expectation and ensure security and resilience against break-ins, robbery, and more.

Home Security Solution Market
By Installation

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Based on installation, the analysis has been divided into Professionally Installed and do-it-yourself (DIY). Among these, Professionally Installed is predicted to be the most dominant sub-segment and do-it-yourself (DIY) sub-segment is anticipated to have the fastest growth during the forecast period.

Solutions: Research Dive Analysis

The professionally installed sub-segment of the global home security solution market is anticipated to have a dominant market share and surpass $93,889.4 million by 2028, with an increase from $31,729.3 million in 2020. The number of professional installations has increased as it helps in accurate installation, saves time, and offers trusted company services. Professional installations are preferred by the real estate and construction companies. The growing preference for the apartment over the independent home in developing region such as Asia- Pacific, and expansion of construction firm are few of the major driving factors of the growth.

With professionally installed home security systems, one will have a company standing by to help make repairs as needed

The do-it-yourself (DIY) sub-segment of the global home security solution market is anticipated to have the fastest growth and surpass $38,845.8 million by 2028, with an increase from $10,802.7 million in 2020, with a CAGR of 16.96%. DIY home security solutions refer to solutions in which monitoring, and installation of the systems are done by homeowners themselves. For example the Sequoia Capital operates as a venture capital firm, made an early investment in SimpliSafe, a company that sells self-installed security systems, with a $57 million investment in 2014. The rising prices and hefty installation fee of the professional installation of home security solution has boosted the demand for the do it your self-type of installation among the populace

Home Security Solution Market
By End Use

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Based on end-use, the analysis has been divided into independent home, condominium, and apartments. Among these, Independent Homes sub-segment is predicted to be the most dominant sub-segment and apartments sub-segment is anticipated to have the fastest growth during the forecast period.

Solutions: Research Dive Analysis

The independent home sub-segment is expected to have a dominant market share and surpass $75,791.0 million, up from $24,744.3 million in 2020. Growth in the number of independent home units has been leveling off over time in North America. According to a research issued by Harvard University's joint center for housing studies, existing home sales increased by 5.6% in 2020, while new single-family home sales increased by 20.4%. Due to these gains, total home sales reached their highest level since the peak of the housing boom in 2006. Moreover the growing installation of the security system, for primary residences, including new construction, restored and classic home including vacation homes as well in developed and developing region is one of the major driving factors of the growth.

The apartment sub-segment of the global home security solution market is anticipated to have the fastest growth and surpass $25,164.7 million by 2028, with an increase from $ 7,775.6 million in 2020, with the CAGR 15.4 %. The continuing and expanding affordability issues for independent renters, as well as the rising incidence of cost burdens among middle-income renters, are especially visible in bigger, high-cost metropolitan areas. High costs of independent homes and increasing attention of people towards buying apartments in developing regions are considered as driving factor of the growth. In addition, the increasing use of security solution by societies and apartment complexes to provide and manage security protocol and communication has boosted the demand for the home security solution.

Home Security Solution Market
By Region

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The home security solution market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Solutions: Research Dive Analysis

The Market for Home Security Solution in North America to be the Most Dominant

The North America home security solution market accounted $18,646.0 million in 2020 and is projected to register a revenue of $56,677.9 million by 2028. This is majorly due to the combination of breakneck technological advances and the pandemic in 2020 that has boosted the market in North America region. Also, the robust presence of leading players such as Vivint, Inc. ADT LLC dba ADT Security Services and is considered as one of the key driving factors of growth of home security solution. For example, ADT LLC dba ADT Security Services company has over eight million customers across North America. The increasing demand for the home security solution and growing adoption of do-it-yourself installation type of solution is increasing the market demand.

The Market for Home Security Solution in Asia-Pacific to be the Most Lucrative

The Asia-Pacific home security solution market accounted $11,458.1 million in 2020 and is projected to register a revenue of $37,497.7 million by 2028. The Asia-Pacific home security solution market is expected to grow at a significant CAGR of 15.6%, over the forecast period. The growing construction market in Asia-Pacific comprises of single-family and multi-family homes, as well as apartments and apartment blocks, houses, and similar structures, but excludes hotels and other forms of commercial, transient accommodation. The expansion of construction industry leads to an increase in the demand for the home security solution in this region.

Competitive Scenario in the Global Home Security Solution Market

Product advancements, innovations, and business expansion are common strategies followed by major market players.

Competitive Scenario in the Global Home Security Solution Market

Solutions: Research Dive Analysis

Some of the leading home security solution market players are, Johnson control (Tyco Security Products), Nortek Security and Control, Honeywell International Inc, ASSA ABLOY, ADT LLC DBA ADT SECURITY SERVICES, Vivint, Inc., Bosch GmbH, MOBOTIX, Alarm.com Incorporated, and Brinks Home Security (MONI Smart Security).

Porter’s Five Forces Analysis for the Global Home Security Solution Market:

  • Bargaining Power of Suppliers: There are many suppliers in the home security solution market and introduction of new technologies for home security, also there is low demand for home security solution from developing countries due to lack of awareness
    Thus, the bargaining power suppliers is low.
  • Bargaining Power of Buyers: Buyers have bargaining power because establishing a home security solution requires a large capital investment. However, the customer’s adoption rate is low.
    Thus, the bargaining power of the buyers is high.
  • Threat of New Entrants: The companies entering home security solution market deal with latest technologies for the development of security solutions.
    Thus, the threat of the new entrants is high.
  • Threat of Substitutes: There are many leading players available in the market who comes up with the new solution for better security solution. Some companies offering the same solution in low cost to the consumers.
    Thus, the threat of substitutes is high
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is extensive mainly because the number of players operating in home security solution industry are focusing on the advanced technologies for creating the solutions.
    Therefore, competitive rivalry in the market is moderate.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Component

  • Hardware
  • Software/Platform
  • Service
  • Others

  Segmentation by Solutions

  • Video Surveillance System
  • Alarm System
  • Access Control System
  • Others

  Segmentation by Installation

  • Professionally Installed
  • Do-It-Yourself (DIY)

  Segmentation by End-Use

  • Independent Home
  • Condominiums
  • Apartment

  Key Companies Profiled

  • Johnson Controls, Inc. (Tyco Security Products)
  • Nortek Security & Control LLC
  • Honeywell International Inc
  • ASSA ABLOY
  • ADT LLC DBA ADT SECURITY SERVICES
  • Vivint, Inc.
  • Bosch GmbH
  • MOBOTIX
  • Brinks Home Security (MONI Smart Security).
  • Alarm.com

Frequently Asked Questions
 

A. The size of the global home security solution market was over $42,532.0 million in 2020 and is projected to reach $132,735.2 million by 2028.

A. ADT LLC DBA ADT SECURITY SERVICES and Vivint, Inc. are some of the major companies operating in the global home security solution market.

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

A. The growth rate of the Asia-Pacific Home Security Solution market is 15.6%.

A. Product innovations, technological advancements, and business expansions are the key strategies opted by the operating companies in this market.

A. ADT LLC DBA ADT SECURITY SERVICES and Vivint Inc; these companies are investing more on R&D practices.

A. SimpliSafe, ADT LLC DBA ADT SECURITY SERVICES, and Verisure, are some of the best alarm systems in UK.

A. Ring's $10 monthly fee.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By Component trends
2.3.By Solution trends
2.4.By Installation trends
2.5.By End Use trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Solution landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview

3.8.1.By Component
3.8.2.By Solution
3.8.3.By Installation
3.8.4.By End Use

3.9.Market value chain analysis

3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Distribution channel analysis
3.9.5.Operating vendors

3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors

3.10.Strategic overview

4.Home Security Solution Market, by Component

4.1.Hardware

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Software/Platform

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

4.3.Service

4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028

5.Home Security Solution Market, by Solution

5.1.Video Surveillance System

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.Alarm System

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Access Control System

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

5.4.Others 

5.4.1.Market size and forecast, by region, 2020-2028
5.4.2.Comparative market share analysis, 2020 & 2028

6.Home Security Solution Market, by Installation

6.1.Professionally Installed

6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020 & 2028

6.2.Do-It-Yourself (DIY)

6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020 & 2028

7.Home Security Solution Market, by End Use

7.1.Independent Homes 

7.1.1.Market size and forecast, by region, 2020-2028
7.1.2.Comparative market share analysis, 2020 & 2028

7.2.Condominium

7.2.1.Market size and forecast, by region, 2020-2028
7.2.2.Comparative market share analysis, 2020 & 2028

7.3.Apartments

7.3.1.Market size and forecast, by region, 2020-2028
7.3.2.Comparative market share analysis, 2020 & 2028

8.Home Security Solution Market, by Regions

8.1.North America

8.1.1.Market size and forecast, by Component, 2020-2028
8.1.2.Market size and forecast, by Solution, 2020-2028
8.1.3.Market size and forecast, by Installation, 2020-2028
8.1.4.Market size and forecast, by End Use 2020-2028
8.1.5.Market size and forecast, by country, 2020-2028

8.1.6.U.S.

8.1.6.1.Market size and forecast, by Component, 2020-2028
8.1.6.2.Market size and forecast, by Solution, 2020-2028
8.1.6.3.Market size and forecast, by Installation, 2020-2028
8.1.6.4.Market size and forecast, by End Use, 2020-2028

8.1.7.Canada

8.1.7.1.Market size and forecast, by Component, 2020-2028
8.1.7.2.Market size and forecast, by Solution, 2020-2028
8.1.7.3.Market size and forecast, by Installation, 2020-2028
8.1.7.4.Market size and forecast, by End Use, 2020-2028

8.1.8.Mexico

8.1.8.1.Market size and forecast, by Component, 2020-2028
8.1.8.2.Market size and forecast, by Solution, 2020-2028
8.1.8.3.Market size and forecast, by Installation, 2020-2028
8.1.8.4.Market size and forecast, by End Use, 2020-2028

8.2.Europe

8.2.1.Market size and forecast, by Component, 2020-2028
8.2.2.Market size and forecast, by Solution, 2020-2028
8.2.3.Market size and forecast, by Installation, 2020-2028
8.2.4.Market size and forecast, by End Use, 2020-2028
8.2.5.Market size and forecast, by country, 2020-2028

8.2.6.Germany 

8.2.6.1.Market size and forecast, by Component, 2020-2028
8.2.6.2.Market size and forecast, by Solution, 2020-2028
8.2.6.3.Market size and forecast, by Installation, 2020-2028
8.2.6.4.Market size and forecast, by End Use, 2020-2028

8.2.7.UK

8.2.7.1.Market size and forecast, by Component, 2020-2028
8.2.7.2.Market size and forecast, by Solution, 2020-2028
8.2.7.3.Market size and forecast, by Installation, 2020-2028
8.2.7.4.Market size and forecast, by End Use, 2020-2028

8.2.8.France

8.2.8.1.Market size and forecast, by Component, 2020-2028
8.2.8.2.Market size and forecast, by Solution, 2020-2028
8.2.8.3.Market size and forecast, by Installation, 2020-2028
8.2.8.4.Market size and forecast, by End Use, 2020-2028

8.2.9.Spain

8.2.9.1.Market size and forecast, by Component, 2020-2028
8.2.9.2.Market size and forecast, by Solution, 2020-2028
8.2.9.3.Market size and forecast, by Installation, 2020-2028
8.2.9.4.Market size and forecast, by End Use, 2020-2028-2028

8.2.10.Italy 

8.2.10.1.Market size and forecast, by Component, 2020-2028
8.2.10.2.Market size and forecast, by Solution, 2020-2028
8.2.10.3.Market size and forecast, by Installation, 2020-2028
8.2.10.4.Market size and forecast, by End Use, 2020-2028

8.2.11.Rest of Europe

8.2.11.1.Market size and forecast, by Component, 2020-2028
8.2.11.2.Market size and forecast, by Solution, 2020-2028
8.2.11.3.Market size and forecast, by Installation, 2020-2028
8.2.11.4.Market size and forecast, by End Use, 2020-2028

8.3.Asia Pacific

8.3.1.Market size and forecast, by Component, 2020-2028
8.3.2.Market size and forecast, by Solution, 2020-2028
8.3.3.Market size and forecast, by Installation, 2020-2028
8.3.4.Market size and forecast, by End Use, 2020-2028
8.3.5.Market size and forecast, by country, 2020-2028

8.3.6.China

8.3.6.1.Market size and forecast, by Component, 2020-2028
8.3.6.2.Market size and forecast, by Solution, 2020-2028
8.3.6.3.Market size and forecast, by Installation, 2020-2028
8.3.6.4.Market size and forecast, by End Use, 2020-2028

8.3.7.India 

8.3.7.1.Market size and forecast, by Component, 2020-2028
8.3.7.2.Market size and forecast, by Solution, 2020-2028
8.3.7.3.Market size and forecast, by Installation, 2020-2028
8.3.7.4.Market size and forecast, by End Use, 2020-2028

8.3.8.Japan

8.3.8.1.Market size and forecast, by Component, 2020-2028
8.3.8.2.Market size and forecast, by Solution, 2020-2028
8.3.8.3.Market size and forecast, by Installation, 2020-2028
8.3.8.4.Market size and forecast, by End Use, 2020-2028

8.3.9.South Korea

8.3.9.1.Market size and forecast, by Component, 2020-2028
8.3.9.2.Market size and forecast, by Solution, 2020-2028
8.3.9.3.Market size and forecast, by Installation, 2020-2028
8.3.9.4.Market size and forecast, by End Use, 2020-2028

8.3.10.Australia

8.3.10.1.Market size and forecast, by Component, 2020-2028
8.3.10.2.Market size and forecast, by Solution, 2020-2028
8.3.10.3.Market size and forecast, by Installation, 2020-2028
8.3.10.4.Market size and forecast, by End Use, 2020-2028

8.3.11.Rest of Asia Pacific

8.3.11.1.Market size and forecast, by Component, 2020-2028
8.3.11.2.Market size and forecast, by Solution, 2020-2028
8.3.11.3.Market size and forecast, by Installation, 2020-2028
8.3.11.4.Market size and forecast, by End Use, 2020-2028

8.4.LAMEA

8.4.1.Market size and forecast, by Component, 2020-2028
8.4.2.Market size and forecast, by Solution, 2020-2028
8.4.3.Market size and forecast, by Installation, 2020-2028
8.4.4.Market size and forecast, by End Use, 2020-2028
8.4.5.Market size and forecast, by country, 2020-2028

8.4.6.Latin America  

8.4.6.1.Market size and forecast, by Component, 2020-2028
8.4.6.2.Market size and forecast, by Solution, 2020-2028
8.4.6.3.Market size and forecast, by Installation, 2020-2028
8.4.6.4.Market size and forecast, by End Use, 2020-2028

8.4.7.Middle East 

8.4.7.1.Market size and forecast, by Component, 2020-2028
8.4.7.2.Market size and forecast, by Solution, 2020-2028
8.4.7.3.Market size and forecast, by Installation, 2020-2028
8.4.7.4.Market size and forecast, by End Use, 2020-2028

8.4.8.Africa

8.4.8.1.Market size and forecast, by Component, 2020-2028
8.4.8.2.Market size and forecast, by Solution, 2020-2028
8.4.8.3.Market size and forecast, by Installation, 2020-2028
8.4.8.4.Market size and forecast, by End Use, 2020-2028

9.Company profiles

9.1.Johnson Controls, Inc. (Tyco Security Products )

9.1.1.Business overview
9.1.2.Financial performance
9.1.3.Product portfolio
9.1.4.Recent strategic moves & developments
9.1.5.SWOT analysis

9.2.Honeywell International Inc.

9.2.1.Business overview
9.2.2.Financial performance
9.2.3.Product portfolio
9.2.4.Recent strategic moves & developments
9.2.5.SWOT analysis

9.3.ASSA ABLOY

9.3.1.Business overview
9.3.2.Financial performance
9.3.3.Product portfolio
9.3.4.Recent strategic moves & developments
9.3.5.SWOT analysis

9.4.ADT LLC dba ADT Security Services

9.4.1.Business overview
9.4.2.Financial performance
9.4.3.Product portfolio
9.4.4.Recent strategic moves & developments
9.4.5.SWOT analysis

9.5.Vivint, Inc.

9.5.1.Business overview
9.5.2.Financial performance
9.5.3.Product portfolio
9.5.4.Recent strategic moves & developments
9.5.5.SWOT analysis

9.6.Bosch GmbH.

9.6.1.Business overview
9.6.2.Financial performance
9.6.3.Product portfolio
9.6.4.Recent strategic moves & developments
9.6.5.SWOT analysis

9.7.MOBOTIX

9.7.1.Business overview
9.7.2.Financial performance
9.7.3.Product portfolio
9.7.4.Recent strategic moves & developments
9.7.5.SWOT analysis

9.8.Brinks Home Security(MONI Smart Security)

9.8.1.Business overview
9.8.2.Financial performance
9.8.3.Product portfolio
9.8.4.Recent strategic moves & developments
9.8.5.SWOT analysis

9.9.Alarm.com Incorporated.

9.9.1.Business overview
9.9.2.Financial performance
9.9.3.Product portfolio
9.9.4.Recent strategic moves & developments
9.9.5.SWOT analysis

9.10.Nortek Security and Control

9.10.1.Business overview
9.10.2.Financial performance
9.10.3.Product portfolio
9.10.4.Recent strategic moves & developments
9.10.5.SWOT analysis

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 Solutions Market

The global home security solution market is expected to witness an enormous growth during the forecast period (2021-2028), 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 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 $132,735.2 million by 2028, growing exponentially at a CAGR of 14.9% during the forecast period. The prominent players of the market include Johnson Controls, Inc., ASSA ABLOY, Honeywell International Inc., Bosch GmbH, MOBOTIX, Alarm.com, Vivint, Inc., Nortek Security and Control LLC, Brinks Home Security, Nortek Security and Control LLC, ADT LLC DBA ADT SECURITY SERVICES, and many more.

Recent 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 2021, Smitch, an innovative Internet of Things (IOT) company, launched two new modern Wi-Fi enabled security cameras on Flipkart, a dominant e-commerce platform. These security cameras possess infrared night vision, two-way communication, and motion detection.

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.

Most Profitable Region

The North America region is expected to have the largest market share, and hence, dominate the market during the forecast period. The North America home security solutions market is expected to generate a revenue of $56,677.9 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 market.

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