Enjoy complimentary customisation on priority with our Enterprise License!
The Home Security System Market size is estimated to grow at a CAGR of 8.33% between 2022 and 2027. The market size is forecast to increase by USD 24.84 billion. The growth of the market depends on several factors, including the growth of DIY home security systems, the growing adoption of smart homes, and home security solutions aiding insurance discounts. Home security system is a collection of physical and technological components that protect a home or structure from intruders by securing entry points such as doors and windows (including basement windows) as well as the interior area. Outside forces will, in most situations, trigger a home security systems alarm, alerting law enforcement or homeowners so that they can intervene. House security systems assist homeowners in actively preventing home intrusions.
This home security system market report extensively covers market segmentation by product (video surveillance system, alarm system, and access control system), distribution channel (offline and online), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
One of the key factors driving the home security system market growth is the growth of DIY home security systems. Factors such as low cost, ease of installation, and smartphone-enabled operation are significantly contributing to the growth of DIY security systems. There is increasing adoption of DIY home security systems in America, with the US being the major contributor to the market growth. Additionally, these security systems are less expensive when compare to professional security systems which are positively impacting the market growth.
Furthermore, there is a wide range of security devices offered by DIY security systems market players offering consumers a range of options. The main advantage of DIY security systems is their flexibility which fuels the he overall penetration rate of homes with alarm systems. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the home security system market growth is the rising investment in companies providing smart home technology. Several prominent market players such as KB Homes and Lennar are offering smart devices as a basic package, unlike earlier versions of upgraded packages. There is an increasing demand for smart home technologies as there is a rise in demand for connected devices in the house including smart home technology to door locks.
Therefore, there is a growing popularity for smart home technology, security, and smart home suppliers among multifamily homes. Thus, it is positively impacting the market. Hence, such factors are expected to drive market growth during the forecast period.
Issues associated with media storage are one of the key challenges hindering the home security system market growth. There is an increasing requirement for storing captured data due to the growing popularity of video surveillance. A minimum of 1 GB volume of data is generated from one surveillance camera in a day. It can increase to 8 GB if is an HD imaging video surveillance camera.
However, there is limited investment in surveillance across apartments and residential buildings Thus, several video compression techniques like Moving Picture Experts Group (MPEG) and Joint Photographic Experts Group (JPEG) are being implemented to control the data volume generated from surveillance cameras. but it is not sufficient to store huge volume of data generated by video surveillance cameras in the residential sector. Hence, such factors can negatively impact the market which in turn will hinder the market growth during the forecast period.
The video surveillance system segment is estimated to witness significant growth during the forecast period. The video surveillance system segment comprises the monitoring or observing of activities, behavior, and movements of an individual or a group of people to maintain improved security at a given place. This segment is extensively used across several industries such as retail stores, government departments, hospitals, transportation and logistics companies, and law enforcement agencies, apart from the residential sector, to prevent criminal activities.
Get a glance at the market contribution of various segments View Free PDF Sample
The video surveillance system segment was the largest segment and was valued at USD 22.18 billion in 2017. There are several technological advancements in this segment that have resulted in the launch of wireless video surveillance and IP video surveillance systems. Furthermore, the video surveillance system segment has become affordable for many price-conservative users due to the emergence of edge-based surveillance. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
The growing popularity of security systems across the offline segment will increase the market growth during the forecast period. The offline segment includes specialty stores, department stores, and mass merchandisers (hypermarkets, supermarkets, convenience stores, and clubhouse stores). This segment provides a wide variety of products at competitive prices. Additionally, home security systems comprise a major portion of annual sales of departmental stores. Departmental stores are one of the main offline distribution channel segments which offer home security systems at competitive prices when compared to other channels. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors which are significantly contributing to the global home security system market in North America is the increasing number of house intrusions and burglaries in the region. There is an increasing adoption of video surveillance cameras across many houses in countries such as the US and Canada.
As a result, the region has developed network infrastructure to enable smooth connectivity between video surveillance components. Several prominent companies in North America such as Apple are offering security solutions by collaborating with other market players. For example, Apple has collaborated with Logitech to offer weatherproof wired security cameras. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global home security system market witnessed a significant slowdown due to disruptions in the supply chain, unavailability of raw materials, and extended closures of manufacturing plants in the region in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of industrial operations and the continuation of construction projects. Such factors are expected to drive the market during the forecast period.
The home security system market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Home Security System Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers home security systems such as Busch Watchdog 70 MasterLINE, ABB Welcome and ABB free at home.
ADT Inc: The company offers home security systems such as Build Your Own, Smart Home, and Video and Smart Home.
Allied Universal: The company offers home security systems such as Smart Security, Video Monitoring and Access under its subsidiary G4S plc.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The home security system market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Home Security System Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
171 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.33% |
|
Market growth 2023-2027 |
USD 24.84 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
7.24 |
|
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
North America at 33% |
|
Key countries |
US, Canada, China, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ABB Ltd., ADT Inc., Alarm.com Holdings Inc., Allied Universal, Amazon.com Inc., August Home Inc., Canary Connect Inc., Cisco Systems Inc., Comcast Corp., EMERSON RADIO CORP., General Electric Co., Honeywell International Inc., Johnson Controls International Plc, Kuna Systems Corp., LG Electronics Inc., Ooma Inc., Samsung Electronics Co. Ltd., SimpliSafe Inc., Vanderbilt International GmbH, and Panasonic Holdings Corp. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
