The home security solution is the precautionary measures taken by individuals to curb criminal activities by using electronic equipment. This equipment is used for detection, monitoring, access control, video surveillance, and control of unwanted entry in residences.
Market Statistics:
The global home security solutions market is expected to surpass US$ 81,777.6 Mn in terms of value by the end of 2028.
Market Driver
Emergence of affordable managed security solutions is expected to propel the global home security solutions market growth over the forecast period. Home security solutions address the key concerns of customers such as burglary, home intrusions, and other property security issues by providing robust technology with enhanced equipment and intelligent operations. Service providers are focused on the home security industry have addressed various drawbacks that had previously hindered the market penetration. By offering managed security solutions, the service provider side is able to broaden their offerings to consumers as well as enhance the revenue potential of existing networks.
Market Opportunity
Interoperability of multiple devices can present lucrative growth opportunities in the global home security solutions market. There is great scope for improvements in terms of compatibility and accessibility between smart monitoring services with different platforms and interfaces. Interoperability with a high level of convergence would lead to greater market attraction. This would also lead to growth of enabling technologies and platforms. For example, smartphones can act as single control mechanisms for multiple devices. They can be applied for security devices as well. Moreover, this would help reduce the investment costs on hardware drastically, thereby expanding the potential customer base.
Global Home Security Solutions Market: Recent Developments
- In December 2019, Hangzhou Hikvision Digital Technology launched the DS-KV8X13/DS-KV61X3 series of IP Villa Door Stations, which offer a simpler video intercom solution for homes and small buildings, as well as increased convenience and security at the front door. Both flush and surface mounting options are provided in the DS-KV8X13 series, allowing for a more flexible installation.
- In November 2019, ASSA ABLOY signed agreement to acquire AM Group, an Australian industrial door manufacturer that specialized in entry automation, in November 2019. The purchase will be a good fit for the company, which specialises in creative entry automation.
- In August 2020, Arlo launched an entry-level wireless home security camera it is a user-friendly product at an inexpensive price can rotate at 130 degrees, it has a reduced field of view enabled with Amazon Alexa and Google Assistant,
Market Restraint
Low IT literacy among consumers is expected to hamper the global home security solutions market growth over the forecast period. IT literacy plays a major role in making the right decisions in choosing the best deal according to the need and available options. Low penetration of high-speed Internet and limited IT interaction globally have resulted in limited awareness about home-security-related options available around the globe. According to the World Bank, in 2014, around 45% of the global population had used the Internet, which is increasing at an average rate of 2%. Thus with a lack of availability of enabling technologies, the growth of home security solutions is largely dependent on the quick expansion of required infrastructure.
Global Home Security Solutions Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 pandemic has significantly impacted the global home security solutions market. The global sales of home security solutions witnessed a sharp decline during 2020 due to stringent regulations on physical distancing and adoption of nationwide lockdown policies. The outbreak of novel coronavirus has severely impacted global supply chain industry in emerging economies such as China and India, which led to decrease in the demand for home security solutions. However, the global home security solutions market is expected to regain its lost traction, especially in developed countries with rollout of vaccines and decreasing cases of COVID-19. Many countries have started relaxing COVID-19 regulations, which is expected to aid in the market growth.
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https://www.coherentmarketinsights.com/market-insight/home-security-solution-market-4884
Key Takeaways:
- The global home security solutions market was valued at US$ 21,151.4 Mn in 2020 and is forecast to reach a value of US$ 81,777.6 Mn by 2028 at a CAGR of 18.00% between 2021 and 2028, owing to enhanced security requirement from end users
- The Hardware segment was valued US$ 78,440.1 Mn in 2020 and is expected to witness a CAGR of 18.2% over the forecast period. This is owing to growing requirement of hardware components such as cameras, detectors
Market Trends
Most of the home security solutions available in the market have remote monitoring features that enable consumers to have access while they are away from home. The prospect of home safety could be thus another value addition. Safety concerns associated with natural disasters and accidental incidents are another major factor for consumer’s peace of mind. Embedded safety features such as remote alerts in case of break-ins, fires, gas leakage, storms, floods, etc. would add value to home security services and drive market attractiveness. Customers are expected to adopt these solutions, especially in disaster-prone areas.
DIY (Do It Yourself) security solutions are gaining popularity among the growing number of consumers worldwide due to their cost-effectiveness and increased ease of usage. DIY security solutions are considered as one of the creative innovations made under the home security solution market in terms of technology, design, and compatibility with all the wireless platforms. Generally, these systems are portable, easy to handle, and compact wireless equipment. DIY based solutions are preferred over traditional security solutions which are more expensive and completely dependent on the service providers for equipment setup, uninstallation, maintenance, or any other post-installation services.
Competitive Section
Key players operating in the global home security solutions market are Vivint Inc., Axis Communications AB, Assa Abloy AB, HikVision Digital Technology Co., Ltd., Tyco International Ltd., Protect America, Inc., Honeywell International, Inc., SimpliSafe, Inc., ADT Corporation, and Frontpoint Security Solutions.
