Asia-Pacific Home Security System Market - Growth, Trends, and Forecasts (2022 - 2027)

The Asia-Pacific Home Security System Market is expected to register a CAGR of less than 7% over the forecast period. Home security appliances can be connected to Wi-Fi and accessed from anywhere using smart devices, such as smartphones, smartwatches, or voices. Moreover, energy and insurance savings drive awareness and increase the adoption of smart home security systems.

Key Highlights

• In countries like China, Japan, and India, the increasing adoption of video doorbells is significantly rising in the home security systems market. The majority of smart video doorbell cameras possess the capability to send alerts on sensing motion. In addition, they tend to send a live video feed to the desired device platform. Recently, these features have witnessed functional uplifts in the form of the new trend of integrating security systems through platforms like Amazon's Alexa or Google Assistant for voice-based functioning.
• On a similar note, in January 2022, Eufy launched Video Doorbell Dual, a smart doorbell that uses two cameras. The unique design of this doorbell aids security and recognition and adds clarity to the people's home's first line of defense. However, the distinction is that the new Eufy's Video Doorbell Dual also has on-device A.I. to distinguish family and friends from strangers and detect packages. The A.I. detection helps the Eufy Security app send unique notifications to inform the users who or what is at the door.
• In India, Aliste technologies offer smart appliances such as motion sensing devices and security devices like CCTV cameras that can be controlled with a mobile application. This Noida-based company provides home security solutions for customers by combining climate consciousness with luxury. Factors like this are further indicative of surging market demand, as several small players introduce new products with enhanced features and, thus, gain better market shares.
• According to a hardware technology development center in China, as of the first quarter of 2021, the Chinese smart lock brand Kinlong had a market share of almost 20 percent in the domestic market. Intelligent door locks are very popular among Chinese consumers. The most used identification method is password and fingerprint recognition. The advancement of biometric recognition (e.g., fingerprint recognition) and wireless communication (4G, Bluetooth, NFC, NB IoT) technologies are some drivers catering to the security and product utility of smart door locks.
• During the COVID-19 prevailing supply chains for home security products faced supply constraints, as factories operated at constrained capacities, in addition to component shortages (component manufacturers' factory shutdowns, component suppliers restricted on inter-country exports due to nation-wise lockdowns. The outbreak of COVID-19 has led to an additional motivation and incentive for voice control in the home, which has, in turn, drive awareness and adoption of a range of other home devices and applications. Therefore, a shift in spending toward technology-enabled services for home consumption is expected.

Key Market Trends

5G Will Drive the Adoption of Home Security Systems

• In May 2021, the Department of Telecommunications (DoT), Government of India, approved permissions to Telecom Service Providers (TSPs) for trials for the use and applications of 5G technology. The Government of India is taking active measures to bridge the digital divide by directing its efforts to bring 5G services. With ultra-low latency, 5G, the next-generation cellular technology, will impart faster and more reliable communication. The 5G services will act as a catalyst for new-age technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), and machine-to-machine communications, thereby supporting a much more extensive range of newer and improved forms of applications and use cases like facial recognition systems, connected home security appliances, and much more.
• In India, the increasing need to improve home security has propelled the implementation of AI-powered devices. Most home security appliances can be controlled remotely using smartphones. These devices encompass a variety of features, including threat analysis, facial recognition, and smart home integration, which, in turn, safeguards homeowners from security threats.
• There is a rapid increase in consumers onboarding the home security revolution in India. While convenience is one of the factors, security is the top feature Indians look for in a smart home offering with the help of 5G technology in smartphones. Video door monitoring, motion-sensing cameras integrated with night vision technology, smart alarms, digital locks, windows, and alarms are amongst the range of electronic gadgets aimed at enhancing the security of a house.
• According to Vibe smart homes, India's smart homes sector is expected to grow beyond USD 14 billion by 2026. Many households in India now have smart Internet of Things (IoT) enabled devices such as Amazon Alexa and Google Home, through which they can control their home security appliances with the help of smartphones. The data traffic exchanged between house security devices and smartphones will be higher. The information will be crucial for implementing improvements, preventing accidents, increasing efficiency, and managing resources, among other possibilities.

Japan to Witness Significant Growth

• In Japan, the growth of the home security market is attributed to factors such as a significantly growing IoT market, cost reduction measures enabled by home automation systems, several manufacturers expanding their product portfolios, and the growing importance of home monitoring from a remote location. The smart access control systems in the current marketplace of Japan are dominated by solutions that utilize the fingerprint recognition system to identify the authorized people to allow them to access their homes.
• The physical security system, which includes CCTV surveillance, locks, access control, and fire protection, is expected to witness increased adoption over the forecast period in Japan. For instance, in January 2021, Hikvision announced the availability of HikCentral Professional. The software facilitates the remote monitoring of diverse, integrated physical security systems, including its facial recognition technology, from a centralized platform.
• HikCentral Professional is a truly integrated physical security platform. It combines the agility of a powerful video management system (VMS) and intelligent analytics with mission-critical security systems such as access control and video intercom systems to provide users with comprehensive management, control, and analysis solution. Hence, a huge untapped market opportunity for a physical security system to radically scale by leveraging a user's query to look deeper into the video surveillance feed.
• In July 2021, Idemia partnered with Shoden, a Japanese manufacturer of enterprise-grade systems and equipment, and Genetec Inc., a unified security solutions provider, to deploy 3D facial recognition access control, a part of physical security systems in Japan. The partnership will integrate Idemia's VisionPass device and the patented Genetec Security Center into Shoden's security infrastructure offering, which will be installed as part of the access control system for a large Japanese utility company.

Competitive Landscape

The Asia-Pacific Home Security System Market is competitive and consists of several partakers like Honeywell International Inc, Assa Abloy, Bosch Limited, Ring LLC, Secom co. Ltd., Allegion plc, Hangzhou Hikvision Digital Technology Co., Ltd, Johnson Controls, Schneider Electric, and many more. The companies are increasing their market share by forming multiple partnerships, investing in smart home projects, and launching new products in the market.

• December 2021 - Honeywell acquired US Digital Designs, Inc. The acquisition aimed to expand the company's line of solutions for public safety communications and integrate into Honeywell's Fire and Connected Life Safety systems business. Honeywell company is integrating intelligence throughout the fire alarm transmission process from the fire panel to the first responders and providing uninterrupted communications to first responders.
• December 2021 - Japanese security service provider Secom Co. has acquired firms in Malaysia and Singapore to extend its reach into Southeast Asia. Secom bought all shares of Kuala Lumpur-based ADT Services (M) Sdn. Bhd. in September and those of Singapore-based ADT Integrated Security Solutions Pte. Ltd. in October, both subsidiaries of Johnson Controls International PLC of Ireland. The two businesses offer security systems mainly for homes and small and midsize companies.

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