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Issues such as installation complexities, technical malfunctions, maintenance, and troubleshooting, which are faced by consumers, are now addressed by managed security service providers. This has significantly broadened the consumer offerings, which further drives the growth of the home security solutions market. Governments of both developed and developing nations around the world have taken initiatives to develop smart and secure townships for urban development, which have propelled the need for home security solutions in the residential segment. The high installation cost and low levels of IT literacy among home owners is a major hindrance to the growth of the home security solutions market. Providing home safety along with home security, and improvements in terms of compatibility and accessibility between smart monitoring services with different platforms and interfaces is expected to be a good growth opportunity for the home security solutions market in the future. Also, enhancing the market presence and customer touch points would result in greater brand awareness about home security solutions among people. The global home security solutions market generated revenue worth US$ 17,790.5 Mn in 2019 and is projected to expand at a CAGR of 19.7% during the forecast period (2020 – 2024) to reach a market size of US$ 30,293.0 Mn by 2022.
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On the basis of component type, the home security solutions market has been categorized into hardware, software, and services. The hardware segment consists of video surveillance, access control, electronic locks, alarms, and sensors and detectors. The application of video surveillance systems range from complete security to remote monitoring accessibility. The growing acceptance of video surveillance globally is mainly for the purpose of detecting home invasions, robberies, thefts, property crimes, and other home-based criminal incidents. Video surveillance systems are further segmented into analog, IP-based systems, and other systems such as recorders and storage, CCTV monitors, and encoders. Analog-based video surveillance is the older technology, with a complex structure and low costs. On the other hand, IP-based video surveillance provides better video quality with live HD streaming feature even away from home, unlike analog, and is slowly replacing the analog solutions.
Access control and authentication refers to the various measures, either physical or electronic, designed for the monitoring of people and objects, and controlling access to and preventing intrusion of any property and information. It is primarily concerned with the restriction of the physical access to unauthorized people in controlled facilities and buildings. The access control systems discussed here include biometrics, RFID, and card-based access control. Biometrics have various applications of fingerprint recognition, facial recognition, and iris recognition. This technology is already a big success in the commercial sector, due to which consumers are now considering it for domestic purposes as well for advanced and personalized security. Biometrics is gaining popularity in the home security solutions market due to the remote scanning feature where the door locks can be controlled from distant locations. Radio-frequency identification (RFID) is a wireless noncontact system applying radio-frequency electromagnetic fields and is mostly used in real-time tracking applications.
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In the coming years, Asia Pacific, Latin America, and Middle East & Africa (MEA) are expected to be the major geographies that drive the growth of the home security solutions market. In 2014, key home security solutions vendors included
- Assa Abloy AB
- ADT Corporation
- Honeywell International, Inc
- Vivint, Inc.
- Tyco International Ltd
- HikVision Digital Technology Co., Ltd.
- Axis Communications AB
- Frontpoint Security Solutions
- SimpliSafe, Inc.
- Protect America, Inc.
Home Security Solutions Market: Overview
- Home security refers to measures adopted by consumers for the prevention and detection of criminal activities using electronic equipment. This equipment is used for video surveillance, access control, detection, monitoring, and control of unwanted entry in residences. These measures are delivered through state-of-the-art technologies such as electronic locks, cameras, sensors and detectors, alarms, and gesture control systems.
- The global market for home security solutions has been evolving at a rapid pace in the past few years. The global home security solutions market was valued at ~US$ 17.8 Bn in 2019 and is expected to expand at a CAGR of ~21% during the 2019 to 2022 forecast period, reaching ~US$ 81 Bn by 2022.
- Demand for home security solutions has peaked recently due to rising concerns related to the security of homes, family, properties, and residential premises, against the growing instances of unwanted activities such as home invasions, property theft, burglary, and homicides.
Home Security Solutions Market: Definition
- The home security solutions market report provides analysis of the global home security solutions market for the period 2017 – 2024, wherein 2018 is the base year and 2019 to 2022 is the forecast period. Data for 2017 has been included as historical information.
- The study on the home security solutions market would help clients understand the analysis of home security solutions based on different industry verticals
- Smart home applications are in demand and are supported by the increased usage of smartphones and tablets in the market. Home security has become an integral part of various smart home applications which people are adopting these days. Security is the main feature of smart applications used for homes. People are opting for latest technologies and solutions available in the market to ensure high levels of security and automation in their home premises. Smart home applications are now including more advance features such as advance security aspects (security alarms, sensors, electronic locks, cameras etc.) along with other smart features such as extensive control over home living environments (self-powered lighting, climate controls, fire alarms, and power management). People are adopting advanced security features embedded in their smart home applications and considering them as value added service for better quality of living.
Home Security Solutions Market Segmentation
- The home security solutions market is segmented on the basis of component and region. The component segment can be further classified on the basis of hardware, software, and services. The different types of hardware associated with home security solutions include video surveillance, access control and authentication, alarms, electronic locks, and other systems. The services segment is further sub-divided into installation, technical support, consulting, and cloud-based.
- Based on region, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America recorded the maximum implementation of home security solutions in terms of hardware, software, and services, and the region is expected to dominate the home security solutions market. Demand for home security solutions continues to grow in the region with the recovery in residential construction activities and improvement and renovation activities in residential infrastructure. This has increased home security solutions spending in recent years. Demand will also be aided by ongoing perceived concerns about crime and anti-social activities such as thefts and burglaries in residential areas.
Home Security Solutions Market: Company Profiles
- Some of the key players of the global home security solutions market are
- ADT Corporation
- Assa Abloy AB
- Axis Communications AB
- Frontpoint Security Solutions
- HikVision Digital Technology Co., Ltd
- Honeywell International, Inc.
- Protect America, Inc.
- SimpliSafe, Inc.
- Tyco International Ltd.
- Vivint Inc.
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