The Global Home Security Solution Market is Anticipated to Generate a Revenue of $1,21,421.70 Million, Growing at a CAGR of 10.56% from 2022 to 2030Download Sample Reports Overview
The global home security solution market is estimated to be valued at $1,21,421.70 million by 2030, surging from $48,061.20 million in 2021, at a noteworthy CAGR of 10.56%
Impact Analysis of COVID-19 on the Home Security Solution Market
COVID-19 has thrown a wrench in the works, forcing individuals, organizations, and governments to rethink their policies, priorities, and actions. These developments are acting as a stimulus for technological advancement and creativity. As more people stay at home and close to home due to the pandemic, IoT technology will become more popular. In the long run, a wider base of IoT users will lead to industry expansion, more user upgrades, and more innovative technology development. It will be critical for smart home tech suppliers to produce relevant and easy-to-use, easy-to-adopt technologies in order to leverage on user growth. Consumers will priorities ease of installation, integration with other IoT devices, and security. Growing awareness of home security systems, the emergence of the wireless technologies & Internet of Things and increasing acceptance of IP cameras for video surveillance amid the COVID-19 problem are all expected to drive the growth of the home security solution market.
Global Home Security Solution Market Analysis
Increased security threats and breaches have resulted in a strong demand for increased safety and security systems such as alarm system & sensors, CCTV cameras, and other similar devices. This is expected to boost the global market for home security systems. Furthermore, growing urbanization and technological improvements have necessitated the development of better security systems that can be monitored via cellphones. This has also aided in the creation of new concepts such as home automation, intelligent building, and security integration, all of which have aided in the growth of the home security market. Furthermore, as bandwidth, network infrastructure, and internet penetration grow, people are opting for wireless and technologically advanced items to provide greater protection to their families.
The security and privacy concerns & complexity associated with the installation of the solution can act as restraining factors for the home security solution market. Although, the security solutions provide an extra protection by continuous surveillance at residential areas, many times issues of privacy hinderance are reported by many people. Also, sometimes some naughty society elements or goons can also misuse these security cameras. These factors are anticipated to impede home security solution market share growth in the coming years.
The home security solution market for condominiums and apartments is expected to grow at a faster rate, as cities have begun to grow vertically as a result of increased urbanization, resulting in an increase in the number of residential flats and complexes. As a result, the society builders and management organization must provide a high level of security while managing a huge number of families. As a result, the home security market for condominiums and apartments is predicted to rise over the forecast period, owing to the growing number of condominium and apartment projects in cities around the world. Furthermore, the expansion of smart city initiatives, the introduction of IoT, and the integration of wireless technologies are all contributing to the market's growth prospects.
Global Home Security Solution Market, Segmentation
The global home security solution market is segmented based on type, solutions, installation, end-use, and region.
The type segment is further classified into hardware, software/platform, and service. The service sub-segment is expected to have the fastest growing market, with revenues exceeding $42,619.10 million by 2030, up from $16,338.10 million in 2021. Due to the convenience of controls and better efficiency of the integrated system, users are increasingly preferring professionally monitored services. Furthermore, as the demand for services grows, offering a high level of security while managing a big number of families becomes vital for society builders and management organizations.
The solutions segment is further classified into video surveillance system, alarm system, access control system, and others. The video surveillance system sub-segment is expected to have a dominant market share of $48,290.00 million by 2030, up from $20,387.90 million in 2021. The increasing incorporation of high-tech video surveillance systems in developing as well as developed region is propelling the security industry growth. The demand for real time monitoring and reduction in the associated crime rates in residential and private buildings are booming the market of this type of solutions.
The installation segment is further divided into professionally installed and do-it-yourself (DIY). The professionally installed sub-segment is expected to have a dominating market share and surpass $89,148.20 million by 2030, up from $35,722.90 million in 2021. The rising adoption of the security solution worldwide is creating new opportunities for the professionally installed home security solution providers. This is primarily because the users are adopting the technologically advanced devices, which comprise of artificial intelligence, machine learning, and others. Moreover, leading service providers are challenging the promises made by home improvement and DIY kits about how easy it is to install them, and they are using this method to grow their customer base in the smart home installation services industry.
The end-use segment is further divided into independent homes, condominium, and apartment. The independent homes sub-segment is expected to have a dominating market share and surpass $67,514.20 million by 2030, up from $27,659.20 million in 2021. Due to the widespread adoption of the independent house, both emerging developing and developed regions are expected to have rapid growth throughout the forecasted period. As the pandemic-induced lockdown drove many to consider a second home, real estate developers are witnessing increased demand for plots and independent houses. In addition, the rising disposable income and the growing economy are further fueling the market growth.
The home security solution market in the North America region is projected to have the largest share. The market in North America generated a revenue of $20,041.50 million in 2021 and is projected to reach up to $48,374.40 million by 2030. The growing popularity of home security solutions which refers to authentications, detection, tracking, and monitoring of the activities happening in residential area is being witnessed. The demand for home security solution market in North America is increasing. Due to growing spending of individuals to ensure the safety and security of the family and home, it is expected to result in an increase in the deployment of the home security solution in the country. A sense of home privacy and security has increased among the people in the region due to increase in crime cases reported like theft, burglary, and murder. Hence, to increase home safety, many people have started installing security solutions at their residential places. Such factors are likely to have a positive impact on home security solution market size growth.
Key Players in the Global Home Security Solution Market
Some of the leading global 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 SERVICE
- Vivint, Inc.
- Bosch GmbH
- Alarm.com Incorporated
- Brink’s Home Security (MONI Smart Security).