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Global Security Services Market for Smart Homes - Segmented by Product (Video Surveillance, Access Control), Installation (Professional Installation, Self-Installation), and Region - Growth, Trends, And Forecast (2018 - 2023)

Global Security Services Market for Smart Homes - Segmented by Product (Video Surveillance, Access Control), Installation (Professional Installation, Self-Installation), and Region - Growth, Trends, And Forecast (2018 - 2023)

Security services market for smart homes is expected to register a CAGR of 24.1%, during the forecast period (2018 - 2023). Security services market for smart homes is undergoing huge transition, owing to commercialization of smart homes and increasing adoption of IoT. The scope of this report is limited to the type of security products being used and by the type of installation. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Growing security concerns and increasing smart homes market are a few factors driving the growth of security services market for smart homes, whereas, high installation costs is inhibiting its growth.

Growing Safety Concerns

Integrating many devices in smart homes not only makes our life easier but also, makes it prone to various security concerns, such as theft and extortion. A hacker might hack into your smart things system and get access to various sensors and cameras. The hacker might even change the security passwords. With the number of cyber-attacks on the global scale growing, the concerns regarding the security and safety of connected systems are growing in the market. Companies, thus, are focusing heavily on the security aspect of the smart homes so as to build confidence among the consumers buying this product.

Video Surveillance

With the increase in smart homes, the prominence of video surveillance has increased. The ability to monitor a smart home from remote location on real-time basis is fuelling the demand of this market. As per FBI, in 2016, the burglary rates dropped by 7.8% due to increase in installation of video surveillance systems. With security being the concern in smart homes, the security services market in smart homes is bound to grow.

Key Developments In The Market

  • January 2018 - Interlogix, brand of UTC, introduced New UltraSync™ SmartHome System to provide homeowners with more convenient, improved home security and automation solutions
  • April 2017 - Control4 Corporation launched the new Pakedge PowerPak family of power control devices. PowerPak PDUs provide centralized power control and management with surge protection for all equipment in a connected home

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  • 1. Introduction
    1.1 Key Deliverables of the Study
    1.2 Study Assumptions
    1.3 Market Definition
    1.4 Key Findings of the Study
    2. Research Approach and Methodology
    3. Executive Summary
    4. Market Dynamics
    4.1 Market Overview
    4.2 Factors Driving the Market
    4.2.1 Increase in BFSI Services
    4.2.2 Rise in Cyber Data Breaches
    4.2.3 Increasing Adoption of Cloud-Based Security Solutions
    4.2.4 Digitization of BFSI Services
    4.2.5 Need for Securing Sensitive Information
    4.3 Factors Restraining the Market
    4.3.1 Lack of Interoperability Between Security Products
    4.3.2 High Cost of Security Solution
    4.4 Industry Attractiveness - Porter's Five Industry Forces Analysis
    4.4.1 Bargaining Power of Suppliers
    4.4.2 Bargaining Power of Consumers
    4.4.3 Threat of New Entrants
    4.4.4 Threat of Substitute Products or Services
    4.4.5 Competitive Rivalry among Existing Competitors
    5. Security Services Market for BFSI Sector Segmentation
    5.1 By Type of Security
    5.1.1 Physical Security Access Control Video Surveillance Intrusion and Fire Detection Physical Security Information Management (PSIM) Maintenance and Support System Integration Others
    5.1.2 Information Security Identity and Access Management Risk and Compliance Management Disaster Recovery Encryption Firewall Unified Threat Management (UTM) Data Loss Protection Web Filtering Others
    5.2 By Services
    5.2.1 Consulting
    5.2.2 Managed Security Services
    5.2.3 Risk & Threat Assessment
    5.2.4 Others
    5.3 By Sub-vertical
    5.3.1 Financial Markets
    5.3.2 Insurance
    5.3.3 Retail Banking
    5.3.4 Others
    5.4 By Geography
    5.4.1 North America US Canada
    5.4.2 Europe UK Germany France Rest of Europe
    5.4.3 Asia-Pacific China Japan India Rest of Asia-Pacific
    5.4.4 Middle East & Africa Saudi Arabia UAE Rest of Middle East & Africa
    5.4.5 Latin America Brazil Mexico Rest of Latin America
    6. Competitive Intelligence - Company Profiles
    6.1 Booz Allen Hamilton
    6.2 Cisco Systems
    6.3 Computer Sciences Corporation
    6.4 EMC Corporation
    6.5 Symantec Corporation
    6.6 IBM Corporation
    6.7 McAfee Secuirty
    6.8 Trend Micro Incorporated
    6.9 Honeywell International
    6.10 Sophos Group
    7. Investment Analysis
    8. Future Outlook of Security Services Market for BFSI Sector

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