Home Security System Market by Home Type (Independent Homes, Apartments), System Type (Professionally Installed & Monitored, Self-Installed & Professionally Monitored, Do-It-Yourself), Offering (Products, Services), and Geography - Global Forecast to 2023
“Home security system market to grow at 10.40% CAGR from 2018 to 2023”
The home security system market is expected to reach USD 74.75 billion by 2023 from USD 45.58 billion in 2018, at a CAGR of 10.40% during the forecast period. The emergence of IoT and wireless technologies, and increasing customer awareness are some of the major factors driving the growth of the home security system market. However, high installation, operational, and maintenance costs inhibit the growth of the home security system market.
“Home security system market for condominiums and apartments to grow at higher CAGR during forecast period”
Owing to the increasing urbanization, the cities have started growing vertically, leading to the growth in the number of residential apartments and complexes. People in cities prefer condominiums and apartments owing to the integrated security and amenities within optimized prices. Therefore, providing a high level of security, while managing a large number of households, becomes necessary for the society builders and management bodies. Therefore, with the increasing number of condominiums and apartment projects in cities worldwide, the home security market for condominiums and apartments is expected to grow at a higher CAGR during the forecast period.
“Professionally installed and monitored security systems to account for largest share of market by 2018”
The large market for professionally installed and monitored security systems is mainly attributed to the growing concern among consumers about consistent security and real-time monitoring, and rising disposable income. Customers can completely rely on professionally installed and monitored security systems, which are backed up with engineering and maintenance support. Consumers prefer opting for this category of products as the direct involvement of experts in handling and managing such products saves time and reduces efforts. Under a complete security package, professional monitoring companies offer possible discounts and insurance benefits. Moreover, these companies can communicate with offsite monitoring centers to ask for police, firefighters, and ambulance assistance in the emergencies.
“Home security system market for products to grow at higher CAGR during forecast period”
The projected growth of the home security system market for products is mainly attributed to the increasing penetration these systems in emerging economies and the rising adoption of do-it-yourself (DIY) products. Additionally, the proliferation of smart city projects, the emergence of IoT, and the integration of wireless technology are a few factors that are expected to fuel the implementation of home security products across different households.
Breakdown of profile of primary participants:
By Company Type: Tier 1 = 55%, Tier 2 = 25%, and Tier 3 = 20%
By Designation: C-Level = 37%, D-Level = 36%, and Others = 27%
By Region: Americas = 38%, Europe = 26%, APAC = 31%, and RoW = 5%
Major players profiled in this report include:
Johnson Controls (US)
HANGZHOU HIKVISION DIGITAL TECHNOLOGY (China)
ASSA ABLOY (Sweden)
Robert Bosch (Germany)
United Technologies (US)
Godrej & Boyce (India)
Allegion (Republic of Ireland)
Schneider Electric (France)
STANLEY Convergent Security Solutions (US)
Nortek Security & Control (US)
The report segments the home security system market on the basis of home type—independent homes and condominiums/apartments; system type—professionally installed and monitored, self-installed and professionally monitored, and do-It-yourself (DIY); offering—products (fire protection systems, video surveillance systems, access control systems, entrance control systems, intruder alarms) and services (security system integration services, remote monitoring services, fire protection services, video surveillance services, and access control services). The study also covers geographic forecast of the market size for various segments with regard to 4 main regions—Americas, Europe, APAC, and RoW.
Reasons to Buy the Report:
The report would help the leaders/new entrants in this market in the following ways:
This report segments the home security system market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions
The report gives the detailed analysis of the home security system market with the help of competitive landscape, value chain analysis, including the key companies in the market and their relations in the ecosystem.
The report helps stakeholders understand the pulse of the market and provides them the information on key drivers, restraints, challenges, and opportunities pertaining to the home security system market.