The global market for home security systems is projected to have considerable CAGR of around 8.5% during the forecast period. The major factor that propels the market growth include growing demand of smart homes coupled with rising smart city projects across the globe. There is a significant surge in the demand for intelligent home security systems such as smart doorbell cameras and smart locks and others in smart homes. According to the alarms.org (official site of the National Council for Home Safety and Security), the global market for smart home is estimated to reach $40 billion by 2020. There is a significant integration of smart homes as it saves time, energy and money. 57% of the Americans claim that they are able to save an average of 30 minutes per day due to the adoption of smart home technology products; and 45% of the Americans claim that $98.30 per month or $1179.60 per year is saved with these smart home products. Security is the major concern for the smart home users thus the growing security concern further propels the market growth.
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Moreover, growing demand of home security solutions in emerging economies such as India, China , and others further provide significant opportunity to the market. There is a significant demand of smart home solutions in India due to concern for the security & comfort in homes. Smart homes consist of devices and information technology that connects gadgets and instruments in the house to provide enhanced comfort, convenience, security & entertainment to resident in a sustainable way. According to a survey, conducted by Schneider-India 78% of the customer (with a budget of $70,485 or above) want to go for Smart Homes. Almost every customer is aware of the security features of a smart home & for about 51% of the total, security is the primary motivator for buying a smart home and so of this there are significant possibilities for the market of home security appliances in India in future.
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Home security systems are one of the major components of smart homes. With the rising adoption of smart cities and smart home, the market for home security will witness a significant growth globally. In addition, rising per capita income and increasing concern for comfort & luxury in homes have given a push for smart homes adoption that in turn impact the growth of the home security systems market in a positive manner. The IoT is being adopted rapidly across the globe. Millions of connected sensors and smart devices are deployed on a daily basis in offices, homes, cities that results in the reduction of cost, energy consumption, and improvement of the efficiency and customer services. The IoT is one of the biggest breakthroughs in technical industry. Therefore proliferation of IoT connected devices further provides significant opportunity to the market.
Global Home Security Systems Market Segmentation
By Product Type
- Hardware
- Software & Services
By Systems
- Access Control System (ACS)
- Fire Protection Systems
- Video Surveillance Systems
- Intruder Alarm Solution
- Others (Medical Alert Systems)
