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The home security system market size is estimated to grow by USD 25.80 billion, at a CAGR of 8.1% between 2023 and 2028. The market is experiencing significant growth, driven by the rise of Do-It-Yourself (DIY) home security systems and the evolution of Internet of Things (IoT). DIY systems have gained popularity due to their affordability and ease of installation, allowing homeowners to secure their properties without relying on professional installers. Additionally, the integration of IoT technology in home security systems has enabled remote monitoring, real-time alerts, and seamless integration with smart homes. However, the market faces challenges such as increasing instances of false alarms, which can lead to customer dissatisfaction and a need for improved technology to reduce these occurrences. Overall, the home security system market is expected to continue growing, driven by advancements in technology and the increasing demand for home security solutions.
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The home security system market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The video surveillance system segment is estimated to witness significant growth during the forecast period. The video surveillance system segment comprises the monitoring or observing of activities, behavior, and movements of an individual or a group of people to maintain improved security at a given place. This segment, which includes smart home cameras, is extensively used across several industries such as retail stores, government departments, hospitals, transportation and logistics companies, and law enforcement agencies, apart from the residential sector, to prevent criminal activities.
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The video surveillance system segment was the largest segment and was valued at USD 23.30 billion in 2018. There are several technological advancements in this segment that have resulted in the launch of wireless video surveillance and IP video surveillance systems. Furthermore, the video surveillance system segment has become affordable for many price-conservative users due to the emergence of edge-based surveillance. Hence, these factors are expected to fuel the growth of video surveillance, which in turn will drive home security system market growth during the forecast period.
The growing popularity of security systems across the offline segment will increase the market growth during the forecast period. The offline segment includes specialty stores, department stores, and mass merchandisers (hypermarkets, supermarkets, convenience stores, and clubhouse stores). This segment provides a wide variety of products at competitive prices. Additionally, systems comprise a major portion of annual sales of departmental stores. Departmental stores are one of the main offline distribution channel segments that offer systems at competitive prices when compared to other channels. Hence, such factors are expected to fuel the growth of this segment, which in turn will drive home security system market growth during the forecast period.
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Europe is estimated to contribute 29% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another significant region contributing to the market growth is North America. One of the main factors that is significantly contributing to the global market in North America is the increasing number of house intrusions and burglaries in the region. There is an increasing adoption of video surveillance cameras across many houses in countries such as the US and Canada.
As a result, the region has developed network infrastructure to enable smooth connectivity between video surveillance components. Several prominent companies in North America, such as Apple, are offering security solutions by collaborating with other market players. These factors are expected to drive market growth in the region during the forecast period.
The market is witnessing significant advancements driven by wireless home technologies and deep learning algorithms. These systems encompass comprehensive fire protection systems, including smoke detectors, flame detectors, and heat detectors. Moreover, they integrate video surveillance systems and electronic access control systems, ensuring robust security measures for residential spaces. With the increasing prevalence of smart homes, these technologies provide enhanced safety features against fire hazards and intrusions. Leveraging wireless technologies and deep learning, these systems offer efficient and reliable protection, addressing concerns regarding home security effectively.
One of the key factors driving the market growth is the growth of DIY home security systems. Factors such as low cost, ease of installation, and smartphone-enabled operation are significantly contributing to the growth of the market. There is increasing adoption of DIY systems in America, with the US being the major contributor to the market growth. Additionally, these are less expensive when compared to professional security systems, which are positively impacting home security system market growth.
Furthermore, there is a wide range of security devices offered by DIY security systems market players offering consumers a range of options. The main advantage of DIY security systems is their flexibility which fuels the he overall penetration rate of homes with alarm systems. These factors are expected to drive market growth during the forecast period.
A key factor shaping the market growth is the rising investment in companies providing smart home technology. Several prominent market playersare offering smart devices as a basic package, unlike earlier versions of upgraded packages. There is an increasing demand for smart home technologies as there is a rise in demand for connected devices in the house including smart home technology to door locks.
Therefore, there is a growing popularity for smart home technology, security, and smart home suppliers among multifamily homes. Thus, it is positively impacting the market and will drive home security system market growth during the forecast period.
Issues associated with media storage are one of the key challenges hindering market growth. There is an increasing requirement for storing captured data due to the growing popularity of video surveillance. A minimum of 1 GB volume of data is generated from one surveillance camera in a day. It can increase to 8 GB if is an HD imaging video surveillance camera.
However, there is limited investment in surveillance across apartments and residential buildings Thus, several video compression techniques like moving picture experts group (MPEG) and joint photographic experts group (JPEG) are being implemented to control the data volume generated from surveillance cameras. but it is not sufficient to store a large volume of data generated by video surveillance cameras in the residential sector. Hence, these factors can negatively impact home security system market growth during the forecast period.
The home security system market research and growth report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the home security system market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers home security systems such as Busch Watchdog 70 MasterLINE, ABB Welcome, and ABB free at home.
ADT Inc: The company offers home security systems such as Build Your Own, Smart Home, and Video and Smart Home.
Allied Universal: The company offers home security systems such as Smart Security, Video Monitoring and Access under its subsidiary G4S plc.
The home security system market forecast report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is dedicated to achieving the primary goals of home protection and family safety, utilizing cutting-edge technologies like artificial intelligence (AI) and machine learning to minimize false alarms and detect abnormal activities. With video analytics and video verification, surveillance capabilities are enhanced through IP cameras and other home security devices. Integration of smart homes, wireless networking, and closed-circuit television (CCTV) further strengthens security systems. Increasing awareness of safety, affordable solutions, and the cost of installation and equipment play a key role in the adoption of these systems. Home automation features, including lockdown measures, offer enhanced protection by tracking movement and controlling entrances through gate and door access control systems. Proximity access control and biometric access control provide additional layers of security for homes. Integrating AI and IoT technology, intelligent monitors and sensors are deployed alongside high-speed network solutions to bolster burglary prevention and improve motion detectors.
Furthermore, market leaders drive market expansion in regions like APAC, leveraging manufacturing capacity and consumer spending to meet the demands of the growing IoT market. In regions like India, security breaches drive customer interest in advanced features such as video door surveillance, night vision technology, and electronic locks, ensuring personal safety amidst rising crime rates in developing countries like Indonesia, Vietnam, and Malaysia. As urbanization increases, so do investments in systems, marking a seismic shift towards safer living environments. The home security system market is evolving with advancements in smart locks, mobile access control, and home automation systems. Technologies such as movement tracking, motion-detecting cameras, and intelligent alerts enhance security by monitoring windows, sliding glass doors, and drawer access, while smart card access control and wireless access control provide advanced entry solutions.
Personalization and expandability are becoming crucial as consumers seek systems tailored to their needs, despite monthly subscription fees and privacy concerns. Integration challenges with existing infrastructure and installation and use complexity can affect adoption. False alerts and technical problems are areas for improvement, impacting the perceived value. Additionally, fire analysis software, sprinklers, extinguishers, fire alarms, and sirens remain vital components for comprehensive safety, addressing carbon monoxide poisoning and water damage in buildings. The market is also focused on protecting sensitive information and assets while improving value perception and reducing limited value perception concerns.
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Market Scope |
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Report Coverage |
Details |
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Page number |
184 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.1% |
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Market growth 2024-2028 |
USD 25.8 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.38 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 29% |
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Key countries |
US, China, Germany, Canada, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., ADT Inc., Alarm.com Holdings Inc., Allied Universal, Amazon.com Inc., August Home Inc., Canary Connect Inc., Cisco Systems Inc., Comcast Corp., EMERSON RADIO CORP., General Electric Co., Honeywell International Inc., Johnson Controls International Plc., Kuna Systems Corp., LG Electronics Inc., Ooma Inc., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Simplisafe Inc., and Vanderbilt International GmbH |
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Market dynamics |
Parent market analysis, market trends and analysis, market research and growth, Market forecasting, market report, market report, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our home security system market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Additional Value/Volume Data
6 Five Forces Analysis
7 Market Segmentation by Product
8 Market Segmentation by Distribution Channel
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
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