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Market Research Report
Product code
969484
Home Security Systems - Global Market Outlook (2019 -2027) |
Home Security Systems - Global Market Outlook (2019 -2027) |
Published: October 1, 2020
Stratistics Market Research Consulting
Content info: 150+ Pages
Delivery time: 2-3 business days
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According to Stratistics MRC, the Global Home Security Systems Market is accounted for $47.05 billion in 2019 and is expected to reach $93.74 billion by 2027 growing at a CAGR of 9.0% during the forecast period. Increasing adoption of IP cameras for video surveillance, growing awareness regarding home security systems, and the emergence of the internet of things (IoT) and wireless technologies are some of the major factors propelling the growth of the market. However, high installation, maintenance, and operational costs are hampering the growth of the market.
The home security system consists of a combination of software and hardware devices which are designed to detect an intrusion or unauthorised entry when a secured zone is breached. It can be operated even during power outages and also warns about environmental dangers, such as the release of carbon monoxide, fire, flood, etc. Nowadays, the home security systems are microprocessor-based, which perform a multitude of functions and provide an easy to use interface for the user.
Based on the security, the do-it-yourself (DIY) segment is anticipated to grow at a significant rate during the forecast period due to the cost optimization ensured by these systems. Customers from economically developing countries prefer to deploy DIY systems due to their low cost. By geography, Asia Pacific is anticipated to hold considerable market share during the forecast period due to the growing awareness about the potential security threats to individuals and the expanding construction industry. The security-consciousness of buyers encourages the project developers to pre-install the security solutions in new housing projects. The growing demand for digital and intelligent cameras having CMOS-based image sensors, upgraded image resolution from standard to super-high clarity, the introduction of cameras with built-in face recognition, and video content analysis are some of the key emerging trends in this region.
Some of the key players profiled in the Home Security Systems Market include Alarm.com Incorporated, Control4 Corporation, Assa Abloy, Comcast Corporation, Allegion Plc, Godrej and Boyce Mfg. Co. Ltd, Honeywell International Inc, Johnson Controls International plc, Legrand Pvt Ltd, Nortek Security & Control LLC, Robert Bosch GmbH, Schneider Electric, and United Technologies Corporation.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.