USD 51.9 billion
Home Security Systems Market Size, Share, Growth Analysis, By Home Type(Independent Homes, Apartments, Condominiums), By Component(Hardware, Software, Services), By Type of System(Video Surveillance System, Alarm System, Access Control System, Fire Protection System), By Security(Professionally-Installed & Monitored, Self-Installed & Professionally Monitored, Do-It-Yourself (DIY)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20O2009 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
118
|Figures:
77
Home Security Systems Market Insights
Home Security Systems Market size was valued at USD 51.9 billion in 2019 and is poised to grow from USD 56.36 billion in 2023 to USD 118.43 billion by 2031, growing at a CAGR of 8.6% in the forecast period (2024-2031).
A home security system consists of both hardware as well as software. The ability to monitor and control from any location and on any device requires the usage of the internet. A security system's main objective is to find any unauthorized access into the building in order to provide safety when someone tries to breach the secured area. The home security systems system can be viewed online on a computer or smartphone after it has been installed. Thanks to technological breakthroughs like internet of things technology and artificial intelligence, sensors with these features are now used in security systems to ensure greater safety.
The market for security systems is growing quickly as people's concerns about the protection of their homes and families grow. Consumers are placing more emphasis on safety and security systems in their homes as a result of the number of criminal activity and crimes rising steadily. The introduction of new wired or wireless technologies, such as internet of things technology and high-tech cameras for video surveillance, are further driving this industry.
US Home Security Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Video Surveillance System
Fastest Growth
Video Surveillance System
Growth Rate
8.6% CAGR
Global Home Security Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Home Security Systems Market Segmental Analysis
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.
Home Security Systems Market Analysis by Type of System
On the basis of type of system, the home security systems market is anticipated to be dominated by the segment of video surveillance systems. The fact that the video surveillance system provides security, monitoring, and analysis of suspicious movements of people over a perimeter is one of its main advantages. The hardware components of video surveillance systems, including cameras, monitors, servers, storage units, and other accessories, make up a sizable portion of the systems. The hardware products currently on the market are both economical and cutting-edge in terms of technology. One of the most current and appealing innovations in the video surveillance industry is the use of high-definition (HD) cameras, panoramic cameras, and body-worn or spy cameras.
Global Home Security Market By Type of System, 2021 (%)
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Home Security Systems Market Regional Insights
Based on the region, the North American and European regions currently dominate the global home security systems market with respect to market share and it is predicted to have the highest share over the forecast period. In comparison to other regions, North America and Europe are leading the way in the adoption of smart home systems. Numerous businesses are developing new products and security systems that include multi-room technologies, network cameras, smart thermostats, and security systems. In North America, there are a lot of new competitors, including Vivint, Inc., who are challenging established businesses like Honeywell International Inc. Apart from this, the world's two fastest-growing economies and burgeoning markets for home security systems products are India and China.
Global Home Security Market By Geography, 2022-2028
- Largest
- Fastest
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Home Security Systems Market Dynamics
Home Security Systems Market Drivers
- The rise of wireless technology and the Internet of Things (IoT): IoT-based security systems guarantee security by sending users prompt notifications. Smart sensing tells the user when it notices variations in motion, heat, or sound. IoT increases the sophistication of the devices by making a lot of high-quality data available. For instance, the employment of HD cameras, infrared, and night vision surveillance systems ensures the availability of any event's specifics around-the-clock. When there is actual movement, motion activation captures and transmits the information. Devices for digital video recording (DVR) make it possible to select a specific event's clip from the whole recording for a specific date and time. As a result, it is anticipated that the development of IoT devices and efficient wireless communication will accelerate the adoption of home security systems with flexible security features.
Home Security Systems Market Restraints
- High expenditures for installation, maintenance, and operation of the home security systems systems: The price of the hardware, software, and services needed to establish a security system has a big impact on how many people choose to use home security systems solutions. Due to high priced hardware and consultancy fees, a professionally installed system has a higher upfront installation cost. Due to the system's frequent maintenance needs, membership payments, and replacement costs in the event of damage, the cost of ownership is also very expensive. Additionally, software equipped with extensive analytics functions is pricey and raises the system's overall cost.
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Home Security Systems Market Competitive Landscape
The home security systems system market is fragmented and consists of many players, both big and small. All the market players are competing with each other globally in the international home security systems systems market by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc.
Home Security Systems Market Top Players Company Profiles
- ADT Inc.
- Honeywell International Inc.
- Johnson Controls International plc
- ASSA ABLOY AB
- Securitas AB
- Bosch Security Systems
- Allegion plc
- Control4 Corporation
- UTC Fire & Security
- Alarm.com Holdings, Inc.
- Comcast Corporation
- Frontpoint Security Solutions, LLC
- Vivint, Inc.
- Godrej & Boyce Manufacturing Company Limited
- Nortek Security & Control LLC
- Tyco International Ltd.
- SimpliSafe, Inc.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Axis Communications AB
- Hanwha Techwin Co., Ltd.
Home Security Systems Market Recent Developments
- In July 2021, Adams Rite expanded its product line with the introduction of the DL100 wireless deadlatch – an advanced, aluminum-stile electrified deadlatch with Aperio® wireless technology. The DL100 combines electrified locking hardware with an access control system in standard aluminum-stile doors. It easily interfaces with other access control elements to extend real-time security cost-effectively to more openings.
- In July 2022, Videx Security, the manufacturer and supplier in access control and door entry kits, introduced its new vandal-resistant digital IP panel range, the 4514 series. The 4514 compliments the existing Videx IP system offering a digital call panel which is ideal for larger installations, capable of calling up to 5,000 apartments, making it the access control solution of choice for both private and public sector apartment buildings.
Home Security Systems Key Market Trends
- Artificial intelligence (AI) and deep learning in home security systems systems: Brands like Alarm.com unveiled Ambient Insights in 2021, which uses AI to give central monitoring stations more information. Monitoring stations can better prioritize alarms and send out the appropriate emergency services with the use of this extra information. Although Alarm.com isn't the only company with AI built into its platform to reduce false alarms, AI will be extremely important in 2022 to both reduce false alarms and give emergency responders more information. This is expected to positively affect the global home security systems industry.
Home Security Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global home security systems market is currently led by countries in the North American and European region, due to the rising adoption of smart home systems in the region. Along with this, the video surveillance systems segment is projected to lead the home security systems market, due to the various advantages associated with it such as security, monitoring, and analysis of suspicious movements of people over a perimeter among others.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 51.9 billion |
| Market size value in 2031 | USD 118.43 billion |
| Growth Rate | 8.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Home Security Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Home Security Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Home Security Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Home Security Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Home Security Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Home Security Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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