Europe Home Security System Market Size

Europe Home Security System Market Analysis

The Europe Home Security System Market is expected to grow at a CAGR of 6.8% during the forecast period. The growing security concerns are a key factor expected to spur growth in demand for smart and wired homes during the forecast period. Also, introducing innovative wireless technologies such as HVAC control, security and access control, and entertainment control is expected to stimulate market growth.

• The Internet of Things made it easier to set up a smart home using a smartphone app to remotely control door locks, lights, thermostats, vacuum cleaners, lawn mowers, and even feeders. It's also made it easier (and relatively affordable) to monitor homes from almost anywhere. Smart security systems are favorably customizable and can be purchased as a DIY kit or as a complete set that includes professional installation and monitoring. It can be used as a simple setup.
• Wireless technology has witnessed significant application in hand-held and internet-enabled devices, voice and messaging devices, and data networking devices. Video surveillance market growth is expected to be driven by the introduction of new IP-based digital technologies to detect and prevent unwanted behavior such as shoplifting, vandalism, and terrorist attacks.
• The increasing number of collaborations and unveiling of new products by key European companies are driving market growth in this region. For instance, in May 2021, Essence Group, a developer of IoT solutions for security and care industries, launched WeR@Home+, next-generation security, and home management platform. To pilot the new product, Essence collaborates with European security service providers, including Securitas Direct Switzerland.
• With a rapidly growing industry, several challenges are faced in the smart home area, mainly with the security of devices. IoT devices are popular, and this growth in the industry has resulted in many start-up companies joining the market. Devices are now being designed and built quickly to profit from the demand, resulting in lower security standards being implemented during the build stage. Therefore, several devices are released which can be vulnerable and will provide an attacker with easy access to the secure network it has been connected to.
• Home security solutions within the residential area significantly raised the call for alarm monitoring- primarily based on virtual packages at some point during the COVID-19 pandemic. However, loss of availability of professionals and disruptions in the manufacturing of hardware systems with partial and whole lockdowns via way of means governments constrained the boom of this market.