Home Security System Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027) – Yahoo Finance
The home security system market is expected to reach USD 84. 55 billion in five years, registering a CAGR of 8. 52% during the forecast period. The market studied is based on the revenue generated from the hardware sold in the market and the software and services used to integrate the connected home security device and surveillance solutions.
New York, Dec. 06, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Home Security System Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06370513/?utm_source=GNW
A home security system’s primary goals are home protection and family safety. A security system detects various threats, including smoke, fire, carbon monoxide poisoning, water damage, and burglary.
The demand for home security systems is driven by the growing adoption of smart homes, where smart security systems are integral. Additionally, the adoption of Home Security Systems is made possible by increasing awareness of security at home, which increases the adoption of IP cameras in security systems.
Home security devices are experiencing substantial evolution driven by AI and IoT technology. The intelligent monitors and sensors of the IoT, combined with high-speed network solutions and artificial intelligence, improve the performance and capabilities of security services. The introduction of IoT in security devices is a significant market driver for home security.
Security systems are poor at burglary prevention; burglars have learned to avoid setting off motion detectors by identifying the regular locations. This can be a challenge for the home security system market.
The COVID-19 pandemic has brought to light the constantly growing demand for home monitoring to safeguard assets and guarantee the safety of loved ones from any location. The Cocoon Effect, a recent study, found that 81% of respondents are concerned for their parents’ or kids’ welfare when they leave them alone at home.
Key Market Trends
Access Control System is expected to Hold Major Market Share
The services of home security systems include security system integration services, remote monitoring services, fire protection services, video surveillance services, and access control services. Furthermore, the services component of the home security systems market includes installing, maintaining, and monitoring home security equipment such as CCTV systems, video cameras, building monitors, entry alarms, panic buttons, and motion sensors.
Video surveillance system services that install, maintain and monitor video surveillance equipment may help clients to determine if a high-resolution camera system is necessary at home. These companies may also be able to perform maintenance activities for video cameras and building monitors.
The increasing complexities of home security systems in today’s environment with continuous technological development have resulted in a growing demand for services of these systems for installation, maintenance, and continuous monitoring.
The security systems integrator services deploy various evolving products and services to protect home security systems. Even as the technology changes, integrators’ main objective remains the same: to seamlessly coordinate and link various security subsystems to counter ever-increasing physical threats.
Increasing urbanization and adaptation of advanced technologies by leading market players for innovative solutions to fulfill consumer expectations and ensure security and resilience against break-ins, and robberies, in homes is expected to foster the market’s growth over the forecast period.
Asia-Pacific is Expected to be the Fastest Growing Market
The development of China’s security sector spans more than 40 years. The security system was initially only employed in a few specialized units and departments, but the application sectors have been substantially broadened in recent years. Surveillance cameras are everywhere, and the Chinese security sector has undergone seismic shifts.
The market has expanded quickly during the last two decades. China’s society and economy have undergone significant change due to the country’s significant increases in manufacturing capacity and expanding consumer spending. China is a significant manufacturer of both industrial and consumer goods worldwide. China is the world’s fastest-growing market for the consumption of goods and services, outperforming other economies by a wide margin.
The rapid urbanization of the Chinese region is significantly boosting the market for smart home security cameras. In China, cities were home to around 64,7% of the country’s inhabitants in 2021. According to the National Bureau of Statistics of China, the rate of urbanization in China has been rising rapidly over the past few decades. This rapid urbanization can be seen as a significant boost for the Home Security Systems in China. Sales of smart cameras are increasing in China due to the country’s strong market players. Additionally, there are now more possibilities for selecting smart cameras on a big scale thanks to the simplicity of installation and the accessibility of cameras.
The outlook for the residential sector suggests that the Japanese market for home security is expected to witness growth over the coming years. The main factors driving this market’s growth are the falling security product prices, rising concern for personal safety and security, and the expanding use of cloud-based technologies. The adoption of artificial intelligence and machine learning software in the residential security sector, as well as ongoing innovations of security technology, such as smart cameras and sensors, are emerging trends that directly affect the dynamics of the home security market.
However, as the region is witnessing rapid urbanization and social awareness toward modern and advanced home security systems, the demand for video surveillance and alarm systems can significantly increase demand during the forecasted period. Furthermore, these systems enable users to control smart home appliances like locks and cameras from a distance using their smartphones.
The home security system market is fragmented and consists of major players. In terms of market share, no company has absolute control over the market, and everyone has their fair share. Major players include Honeywell International Inc., ADT Inc., Assa Abloy AB, Bosch Service Solutions GmbH, and Vivint Inc., among others.
June 2022 – The Arlo Go launched two outdoor security cameras. The smart camera could be installed in more remote locations, such as a vacation house or a construction site because it uses cellular data and Wi-Fi. The gadget has a built-in siren and a two-way communication system.
March 2022 – Vivint Inc., one of North America’s leading smart home companies, announced the launch of new products that will enhance the company’s advanced smart home experience and provide intelligent new solutions that set the standard. The company launched Doorbell Camera Pro, Outdoor Camera Pro, Spotlight Pro, and Indoor Camera Pro. Each new device integrates effortlessly with Vivint’s smart home solution, linked by the company’s proprietary AI platform and rich, first-party data environment.
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