Wireless Systems Gain Popularity as Future-Proof Solutions against Hardwired Counterparts

Convenience advantages of wireless home security solutions are pervasively capturing consumer visibility. These novel solutions are posing as an alternative to conventional security systems that require a technician to open up the wall and other system peripherals for maintenance checks. The easy install and uninstall attribute of wireless home security solutions are generating value-grab opportunities for companies. Such advantages are contributing to the growth of the home security solutions market, which is anticipated to expand at a CAGR of ~21% during the forecast period.

High prevalence of renters is another winning imperative for the adoption of wireless security solutions. Wireless alarm systems possess minimum chances of damage of alterations. Such attributes are increasing attractiveness of the home security solutions market. Flexibility and scalability in adding additional cameras and motion detectors in wireless systems are proving beneficial in various applications. Thus, wireless systems are being highly publicized as future-proof solutions, as compared to other hardwired counterparts.

home security solutions market infographic

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Smarter Versions of Security Elements Drive Home Security Solutions Market

Security innovations for smart homes is another highly talked-about concept in the home security solutions market. Smart locks and video doorbells are becoming increasingly mainstream in the global market landscape. An alarming rate of thefts and vulnerable safety of individuals has compelled end users to invest in home security solutions. Since home security is one of the top priorities that individuals desire to have in their homes, companies in the market are capitalizing on this widespread trend. As such, there is a growing demand for solutions that offer real-time updates and notifications, especially when users are away from home.

Moreover, remote monitoring of door locks and security cameras has become the need of the hour in the market for home security solutions. Companies are extending innovative services wherein technicians are capable of changing traditional security elements such as deadbolt locks and doorbells into ‘smarter’ versions of themselves. This is evident since the services component segment is estimated for exponential growth in the market.

Companies Unlock Potential of IoT in Smart Home Environment

Another aspect that is bringing about a change in the market for home security solutions is the build-up of IoT in smart home environment. IoT is acquiring popularity for its promising potential to address several societal challenges. However, the insufficiency of well-established practices from governments for the enforcement of IoT poses as a barrier for growth of the home security solutions market. Hence, companies are introducing systems that offer superior security methods and attributes such as daily monitoring to incorporate IoT in the smart home environment.

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Companies in the home security solutions market are increasing R&D to unlock the potential of IoT in devices to be able to connect and transfer data through the Internet. Moreover, market trends such as increasing adoption of IoT devices in the coming years are creating incremental opportunities for manufacturers. As such, the market for home security solutions is fragmented with regional and local players accounting for ~90% of the market share.

Interconnectivity of Devices and Robotics Help in Effective Assessment of Security Breach

The room-by-room guide to home automation is one of the key focus points when companies are aiming to target consumers in high-income groups. The growing trend of luxury homes is one of the key drivers for the home security solutions market. Smart home hubs, smart thermostats, and smoke detectors, among others are only the basis of smart home transformations. In order to cater to the needs of middle- and low-income groups, manufacturers are developing affordable and easy-to-install solutions to help users get hands-on with smart technology.

Inter-device communication and robotics are revolutionizing the home security solutions market. The advantages of door and window sensors are increasingly benefitting end users, as the systems immediately notify the users if the door is open or ajar. Companies in the market for home security solutions are increasing R&D to help establish a seamless network of interconnected devices to alert the alarm company in case of a security breach.

home security solutions market segmentation

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Analysts’ Viewpoint

Wireless driveway alarms and window alarms are gaining recognition in the home security solutions market. Window alarms are ideal for first-floor windows in the light of potential thefts that could hamper the safety of individuals. Proliferation of mobile apps is another key trend that is providing real-time notifications to users to meet the needs of remote monitoring.

Additionally, IoT technologies are making homes smarter in order to improve security, efficiency, and comfort of homes. However, lack of critical security features and trust between devices pose as a restraint for market players. Hence, companies should increase research in the development of IoT devices with high confidentiality and integrity to meet end user requirements.

Home Security Solutions Market: Overview

  • Home security refers to measures adopted by consumers for the prevention and detection of criminal activities using electronic equipment. This equipment is used for video surveillance, access control, detection, monitoring, and control of unwanted entry in residences. These measures are delivered through state-of-the-art technologies such as electronic locks, cameras, sensors and detectors, alarms, and gesture control systems. 
  • The global market for home security solutions has been evolving at a rapid pace in the past few years. The global home security solutions market was valued at ~US$ 17.8 Bn in 2019 and is expected to expand at a CAGR of ~21% during the 2019 to 2027 forecast period, reaching ~US$ 81 Bn by 2027.
  • Demand for home security solutions has peaked recently due to rising concerns related to the security of homes, family, properties, and residential premises, against the growing instances of unwanted activities such as home invasions, property theft, burglary, and homicides.

Home Security Solutions Market: Definition

  • The home security solutions market report provides analysis of the global home security solutions market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
  • The study on the home security solutions market would help clients understand the analysis of home security solutions based on different industry verticals
  • Smart home applications are in demand and are supported by the increased usage of smartphones and tablets in the market. Home security has become an integral part of various smart home applications which people are adopting these days. Security is the main feature of smart applications used for homes. People are opting for latest technologies and solutions available in the market to ensure high levels of security and automation in their home premises. Smart home applications are now including more advance features such as advance security aspects (security alarms, sensors, electronic locks, cameras etc.) along with other smart features such as extensive control over home living environments (self-powered lighting, climate controls, fire alarms, and power management). People are adopting advanced security features embedded in their smart home applications and considering them as value added service for better quality of living.

Home Security Solutions Market Segmentation

  • The home security solutions market is segmented on the basis of component and region. The component segment can be further classified on the basis of hardware, software, and services. The different types of hardware associated with home security solutions include video surveillance, access control and authentication, alarms, electronic locks, and other systems. The services segment is further sub-divided into installation, technical support, consulting, and cloud-based.
  • Based on region, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America recorded the maximum implementation of home security solutions in terms of hardware, software, and services, and the region is expected to dominate the home security solutions market. Demand for home security solutions continues to grow in the region with the recovery in residential construction activities and improvement and renovation activities in residential infrastructure. This has increased home security solutions spending in recent years. Demand will also be aided by ongoing perceived concerns about crime and anti-social activities such as thefts and burglaries in residential areas.

Home Security Solutions Market: Company Profiles

  • Some of the key players of the global home security solutions market are
    • ADT Corporation
    • Assa Abloy AB
    • Axis Communications AB
    • Frontpoint Security Solutions
    • HikVision Digital Technology Co., Ltd
    • Honeywell International, Inc.
    • Protect America, Inc.
    • SimpliSafe, Inc.
    • Tyco International Ltd.
    • Vivint Inc.

Home Security Solutions Market – Scope of the Report

TMR’s recent publication on the home security solutions market provides audiences with an overall market outlook, with the help of comprehensive assessment of the global market scenario. TMR’s study on the home security solutions market analyzes the industry with respect to the historical and current market scenario, and offers forecast for the period 2019–2027.

Report readers are able to make important decisions pertaining to their business with a wealth of information and exclusive home security solutions market insights enclosed in the study. The home security solutions market report also provides an in-depth understanding of the key industry trends and developments undertaken by players in the market. This TMR report is divided into different sections that allow readers to gain an individual understanding of the home security solutions market.

Key Queries Addressed in the Report

  • How much revenue is the home security solutions market expected to generate by the end of the forecast period?
  • Which home security solutions component is likely to generate the highest revenue by 2027?
  • What are the key growth indicators and market dynamics that are expected to drive the growth of the home security solutions market in the next five years?
  • Which regions are likely to provide profitable scope of opportunities for home security solutions market competitors?
  • What are the essential strategies incorporated by key home security solutions market players in an attempt to expand their market presence?

The first section in the TMR report on the home security solutions market begins with a premise that includes the report scope, market segmentation, and research highlights. Following this is the executive summary that emphasizes the home security solutions market aspects covered in the study. This section provides a brief understanding of the market elements, and enables readers to understand the aspects covered in the study. The report also includes market dynamics that offer an understanding of the market drivers, restraints, and opportunities.

The next section includes an extensive segmentation analysis of the home security solutions market. This evaluation includes the division of the home security solutions market segments on the basis of key factors such as component and region. Furthermore, an analysis of these key segments in the home security solutions market, year-on-year growth projections, and basis point share analysis are included in the report, which helps readers identify promising market growth areas.

The TMR study on the home security solutions market offers an assessment of the geographical landscape of the market. A regional study helps market competitors make important decisions pertaining to their business. Individualized, country-wise, and segment-wise analysis pertaining to individual regions helps readers of the home security solutions market report to decipher the potential of the market in various geographies. Supported by year-on-year growth projections, and global value and volume share, this section is a vital part of the report.

The study on the home security solutions market offers a holistic competitive value judgment, with the details of leading and emerging market players. The dashboard view of the competitors in the home security solutions market report allows readers to understand their business and the strategies implemented by key players, along with their performance in the market.

Research Methodology

The TMR report on the home security solutions market is based on a detailed estimation of the market, with the inclusion of comprehensive primary and secondary research inputs. Detailed investigation of the home security solutions market in terms of competitive scenario is supported by an individual-level examination of different avenues related to the industry. Additionally, an analysis of the historical and current global market for home security solutions is focused on key market segments, major regions, market drivers, and other qualitative inputs, which help TMR’s analysts derive crucial predictions and forecast analysis of the home security solutions market. Readers can access the home security solutions market study to gain a forecast market analysis for the period 2019–2027.

Home Security Solutions Market – Segmentation

Component

  • Hardware
    • Video Surveillance
      • Analog
      • IP
    • Access Control and Authentication
      • Biometrics
      • Card-based
      • RFID
    • Alarms
    • Electronic Locks
    • Other Systems
  • Software
  • Services
    • Installation
    • Technical Support
    • Consulting
    • Cloud-based

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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