The global home security systems market size was valued at USD 53.6 billion in 2020 and is expected to reach USD 89.02 billion by 2027, at a CAGR of 7.5 % during the forecast period. The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems, the emergence of the Internet of Things (IoT) and wireless technologies and increasing adoption of IP cameras for video surveillance amid COVID-19 crisis
The emergence of IoT has led to the development of miniaturized sensors and actuators and low-power wireless communication technologies. Besides, the growing adoption of the internet, tablets, and smartphones is paving the way for the introduction of IoT in home security, with the use of smart services. The IoT has enhanced the quality of products and the consistency of automation systems. Mobile devices and the web act as an interface for the connection of security systems to the cloud; the integration of home security systems with cloud helps in remote monitoring of homes or other infrastructure.
The recent advancements in smart sensing and actuating devices, and relevant communication technologies such as Bluetooth Low Energy (BLE), ZigBee, and ANT have eased the integration of IoT in home security systems. The successful integration of the IoT network, which facilitates remote, real-time, and automated monitoring of the home environment, has helped in the development of smart homes. Thus, the wireless technology-enabled security systems are among the major advancements in the field of home security solutions and IoT, which are widely preferred by the homeowners to ensure effective protection. The wireless access to several security options, such as access control, and fire and gas detection systems, offers flexibility, convenience, and assurance to consumers. Wireless control over the smart home devices has increased consumers’ likelihood of purchasing these devices.
The high cost associated with the installation and maintenance of home security systems is expected to be the key factor limiting the growth of the market. Customers are increasingly becoming aware of the benefits of home security systems; at the same time, they are sceptical of making investments since the prices of security systems are still not affordable for many consumers. Expensive hardware and cost of ownership have hampered the adoption of home security systems.
The introduction of security solutions based on data-driven machine learning and AI is the emerging trend in the home security systems market. The intelligent virtual assistants (IVA), such as Alexa and Google, have already been integrated by companies in different home security systems. The surveillance cameras today use AI and deep learning to empower security with more reliability and accuracy. For instance, Hangzhou Hikvision Digital Technology (China) launched DeepinView Camera Series enabled with the deep learning feature to provide accurate and consistent video content analytics (VCA) performance.
The prominent players in home security system market are United Technologies Corporation Nortek Security & Control LLC, Vivint Inc., Control4 Corporation, Honeywell International Inc. Tyco International Ltd., ADT Corporation, Robert Bosch GmbH, Godrej &Boyce Manufacturing Company Limited, AssaAbloy AB, Allegion PLC, Axis Communications AB, SimpliSafe, Inc., and HikVision Digital Technology Co., Ltd. among others.
Americas to hold the largest share of the market, in terms of value, in 2020. The largest size of the American market is attributed to the early adoption of home security systems in this region. Moreover, the region is home to major companies functional in the market, such as Johnson Controls (US), Honeywell (US), and UCT (US). Also, the prominent monitoring security service providers—such as ADT (US), Vivint (US), and Protect America (US)—generate the majority of their revenues from this region. Moreover, economically and technically developed countries, such as the US and Canada, hold a large number of households with high disposable income. Additionally, the introduction of IoT and the development of smart cities have fuelled the growth of the home security systems market in the region.
The emergence of IoT has led to the development of miniaturized sensors and actuators and low-power wireless communication technologies. Besides, the growing adoption of the internet, tablets, and smartphones is paving the way for the introduction of IoT in home security, with the use of smart services. The IoT has enhanced the quality of products and the consistency of automation systems. Mobile devices and the web act as an interface for the connection of security systems to the cloud; the integration of home security systems with cloud helps in remote monitoring of homes or other infrastructure.
The recent advancements in smart sensing and actuating devices, and relevant communication technologies such as Bluetooth Low Energy (BLE), ZigBee, and ANT have eased the integration of IoT in home security systems. The successful integration of the IoT network, which facilitates remote, real-time, and automated monitoring of the home environment, has helped in the development of smart homes. Thus, the wireless technology-enabled security systems are among the major advancements in the field of home security solutions and IoT, which are widely preferred by the homeowners to ensure effective protection. The wireless access to several security options, such as access control, and fire and gas detection systems, offers flexibility, convenience, and assurance to consumers. Wireless control over the smart home devices has increased consumers’ likelihood of purchasing these devices.
The high cost associated with the installation and maintenance of home security systems is expected to be the key factor limiting the growth of the market. Customers are increasingly becoming aware of the benefits of home security systems; at the same time, they are sceptical of making investments since the prices of security systems are still not affordable for many consumers. Expensive hardware and cost of ownership have hampered the adoption of home security systems.
The introduction of security solutions based on data-driven machine learning and AI is the emerging trend in the home security systems market. The intelligent virtual assistants (IVA), such as Alexa and Google, have already been integrated by companies in different home security systems. The surveillance cameras today use AI and deep learning to empower security with more reliability and accuracy. For instance, Hangzhou Hikvision Digital Technology (China) launched DeepinView Camera Series enabled with the deep learning feature to provide accurate and consistent video content analytics (VCA) performance.
The prominent players in home security system market are United Technologies Corporation Nortek Security & Control LLC, Vivint Inc., Control4 Corporation, Honeywell International Inc. Tyco International Ltd., ADT Corporation, Robert Bosch GmbH, Godrej &Boyce Manufacturing Company Limited, AssaAbloy AB, Allegion PLC, Axis Communications AB, SimpliSafe, Inc., and HikVision Digital Technology Co., Ltd. among others.
Americas to hold the largest share of the market, in terms of value, in 2020. The largest size of the American market is attributed to the early adoption of home security systems in this region. Moreover, the region is home to major companies functional in the market, such as Johnson Controls (US), Honeywell (US), and UCT (US). Also, the prominent monitoring security service providers—such as ADT (US), Vivint (US), and Protect America (US)—generate the majority of their revenues from this region. Moreover, economically and technically developed countries, such as the US and Canada, hold a large number of households with high disposable income. Additionally, the introduction of IoT and the development of smart cities have fuelled the growth of the home security systems market in the region.
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