PUBLISHER: SkyQuest | PRODUCT CODE: 1260055
PUBLISHER: SkyQuest | PRODUCT CODE: 1260055
Global home security systems market was valued to be USD 54.4 billion in 2021, and it is anticipated to reach USD 90.5 billion by 2028 at a CAGR of 8.3% over the forecast period (2022-2028).
The components of a home security system include both hardware and software. The use of the internet is necessary for remote monitoring and control from any location and on any device. The main goal of a security system is to stop any unauthorised entry into the building so that when someone tries to breach the secured area, they can be protected. After installation, the home security system can be viewed online on a computer or smartphone. Artificial intelligence and the internet of things have made significant advances in technology, and as a result, sensors with these features are now used in security systems to increase safety.
A growing number of people are worried about protecting their homes and families, which is driving the market for security systems to expand quickly. Due to the rise in criminal activity and crimes, consumers are placing a greater emphasis on safety and security systems in their homes. This industry is being further fueled by the introduction of new wired or wireless technologies like internet of things technology and high-tech cameras for video surveillance.
Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Home Security Systems Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Home Security Systems Market is segmented based on home type, component, type of system, security, and region. Based on the home type, it is categorized into Independent Homes, Apartments and Condominiums. Based on the component, it is categorized into Hardware, Software, and Services. Based on Type of System, it is categorized into Video Surveillance System, Alarm System, Access Control System, and Fire Protection System. Based on security, it is categorized into Professionally-Installed & Monitored, Self-Installed & Professionally Monitored, and Do-It-Yourself (DIY). Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Drivers
IoT-based security systems provide users with timely notifications to ensure security. When smart sensing detects changes in motion, heat, or sound, it alerts the user. IoT makes a lot of high-quality data readily available, which raises the level of sophistication of the devices. For example, the use of HD cameras, infrared lighting, and night vision surveillance systems ensures that any event's specifics are always available. Motion activation records and transmits data when there is actual movement. It is possible to choose a specific event's clip from the entire recording for a specific date and time using digital video recording (DVR) equipment. Therefore, it is anticipated that the development of Internet of Things (IoT) devices and efficient wireless communication will hasten the adoption of home security systems with flexible security features.
Restraints
How many people decide to use home security system solutions is significantly influenced by the cost of the hardware, software, and services required to set up a security system. The upfront installation cost of a professionally installed system is higher due to expensive hardware and consulting fees. The cost of ownership is high due to the system's frequent maintenance requirements, replacement costs in the event of damage, and membership fees that must be paid. Software that has extensive analytics capabilities is also expensive and raises the overall cost of the system.
Market Trends
Deep learning and artificial intelligence (AI) in home security systems: Ambient Insights, which uses AI to provide central monitoring stations with more information, was introduced in 2021 by companies like Alarm.com. Using this additional data, monitoring stations can more effectively rank alarms and dispatch the proper emergency services. Although Alarm.com isn't the only business with AI integrated into its platform to lessen false alarms, AI will be crucial in 2022 to lessen false alarms and provide emergency responders with more information. The global home security systems market should benefit from this.