SkyQuest Technology Consulting Pvt. Ltd.
Global home security systems market was valued to be US$ 54.4 billion in 2021, and it is anticipated to reach US$ 90.5 billion by 2028 at a CAGR of 8.3% over the forecast period 2022–2028.
Westford, USA, Dec. 01, 2022 (GLOBE NEWSWIRE) — As the world becomes more connected, and more and more people are working from home, the demand for home security systems is increasing. Home security systems provide peace of mind by deterring criminals and protecting homeowners in the event of a break-in. There are a number of factors driving the increased demand for home security systems market. The first is the increased incidents of home invasions and burglaries. Home invasions are often violent, and can leave homeowners feeling violated and scared.
Another factor driving the demand for the products is the rise in “smart home” technology. Homeowners are increasingly adopting “smart” devices such as thermostats, lighting controls, and door locks that can be controlled remotely via a smartphone or tablet. This convenience comes at a price, however, as these devices are often targeted by criminals who know how to exploit their vulnerabilities.
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SkyQuest Analysis: Installed Base of Home security to Exceed 525 million by 2028 in Global Home Security Systems Market
In the SkyQuest’s latest analysis of the market, we found that the market is growing at a healthy rate with strong prospects for the future. The installed base of home security systems is expected to grow from 280 million in 2021 to 525 million by 2028, driven by increasing awareness of security threats and advances in technology. The do-it-yourself (DIY) segment is forecast to be the fastest-growing part of the market, expanding at a CAGR of 12% between 2022 and 2028.
Our analysis shows that there is a huge opportunity for growth in the home security systems market, especially in the DIY segment. With more people becoming aware of security threats and advances in technology making DIY systems more affordable and easier to install, we expect to see strong growth in this area in the years to come. This growth is being driven by a number of factors, including the increasing prevalence of smart devices and the growing need for security solutions that can protect people and property.
SkyQuest has found that the average household in the US spends around $600 on home security products and services each year. This figure is expected to rise to over $900 by 2028. The majority of this spending goes towards monitoring services, with an estimated $400 being spent on these services each year.
The report on global home security systems market provides an overview of the current state of the market, including key players, trends, and challenges. It also offers insights into the future …….