What is the global market size of Home Security Systems Market?

Home Security Systems Market size was valued at USD 51.9 billion in 2021 and is poised to grow from USD 56.36 billion in 2022 to USD 118.43 billion by 2030, growing at a CAGR of 8.6% in the forecast period (2023-2030).

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 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.

Home Security Systems Market Report Snapshots

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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).

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. '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.'

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.

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.

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Home Security Systems Market Regional Insights

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