Home Security System Market Size

Report on Industry Size & Market Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Home Security System Market is segmented by component (hardware (electronic locks, security cameras, fire sprinklers, window sensors, door sensors), software, services), type of system (video surveillance system, alarm system, access control system, fire protection system), distribution channel (online, offline) and geography. The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

Home Security System Market Size

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Home Security System Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 8.92 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Home Security System Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Home Security System Market Analysis

The Home Security System Market size was valued at USD 56.17 billion in the previous year and is expected to register a CAGR of 8.92 % during the forecast period to become USD 92.76 billion by the next five years. 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.

  • Artificial intelligence (AI) can significantly boost innovation in the home security and monitoring market. AI combined with machine learning could reduce the chances of false alarms, enhance the detection of abnormal activities, perform video analytics, and offer better video verification and surveillance capabilities. The introduction of this combination in security and monitoring systems can attract more consumers.
  • Further, the demand for home security systems is driven by the growing adoption of smart homes, where smart security systems are integral. Also, 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 market for home automation has increased in recent years, a trend that was hastened by COVID-19 and the fact that lockdown measures compelled individuals to spend more time at home for better protection, contributing to the growth of Chinese home security systems.

Home Security System Market Trends

Access Control System is Expected to Witness Significant Growth

  • Access control systems restrict entry to secure areas of a property, room, house, building, drawer, or other area containing sensitive information, assets, or data. The automated nature of these systems provides 24/7 protection along with 24/7 access. The adoption of access control systems is gradually increasing in home security as these systems offer quick and convenient access to an authorized person while tracking and monitoring the movement of those who enter the house.
  • In housing properties, every entrance, varying from entrances to doors, can benefit from the implementation of access control to guarantee that only authorized individuals pass through. Gate and door access control systems help keep entrances locked and secure 24/7 so only approved staff, residents, and guests can access the space.
  • Access control technology is progressing and evolving at the fastest pace ever in the home security industry. The need for enhanced security due to new sources of threats, growing smart homes, and increased liability has led to the widespread adoption of these systems for home security.
  • Furthermore, for most homeowners, the access control system is limited only to a key-locking door handle and a deadbolt lock on the front and rear doors of the house. However, sliding glass doors and the like are secured only with a toggle lock that is not all that burglar-proof. Adding additional access control security to these parts can enhance the security of houses. Such instances can boost the demand for access control systems for additional security in houses.
  • Market vendors offer a wide range of access control systems for home security, such as Proximity access control, Smart Card access control, Key Fob access control, Swipe Card access control, Keypad access control, Biometric access control, Mobile access control, Wireless access control, etc. A wide range of access control systems by market vendors provides the ability to lock and unlock doors, which is gaining popularity for home security across the world.
  • The growing adoption of advanced technologies by prominent market players for innovative solutions to meet consumer expectations and ensure security and resilience against robberies and break-ins in homes is expected to propel the growth of the market over the forecast period.
  • For instance, in May 2023, Rhombus announced its new product line, Rhombus Access Control. Through this line, the company will offer a single-pane-of-glass experience where customers can manage controlled access, video security, alarms, sensors, and integrations from a unified web-based console or mobile app.
  • Similarly, in September 2022, Motorola Solutions announced a new access control and video security portfolio at GSX 2022. The company will showcase new software, hardware, and cloud-based solutions, which will further allow security operations to identify and analyze incidents in real time for improved safety, security, and efficiency.
Home Security System Market - Bluetooth Smart Home Device Shipment Share, in %, by Device Type, Global, 2021 - 2022

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.
  • Moreover, the IoT market's rapid expansion, cost-cutting measures made possible by home automation systems, the proliferation of manufacturers expanding their product lines, and the growing significance of home monitoring from remote locations are all factors that have contributed to the growth of the home security market. The demand for smart home technology is growing, and so are security and privacy breaches. Privacy and security concerns are limiting the development of the smart home market.
  • Therefore, India's smart home security camera market is expanding consistently due to consumers' increasing concern for personal safety on their property. Increased customer interest, heightened security concerns, a shift from conventional security cameras, and brand marketing efforts through discounts and promotions all contribute to the increase.
  • In India, there has been a significant rise in customers adopting the smart home movement. While ease is one of the factors, safety is the primary aspect Indians seek in a smart home offering. Video door surveillance, motion-detecting cameras combined with night vision technology, intelligent alerts, electronic locks, windows, and alarms are some of the electronic devices designed to improve the security of a residence.
  • The growing product development in smart locks further drives the market growth. For instance, in May 2022, Lockin and Blockchain Lock launched a new product, Lockin Smart Lockbox L1 and Lockin Smart Lock G30. G30 is designed for more than 40 countries and regions, especially the US, Japan, and Europe. According to the company, Japan has a broad development space for the smart lock industry and a high penetration rate of smart security households. Kozo KeikakuEngineering, Inc.
  • Similarly, in May 2022, Delta, the keyless access solutions provider for smarter homes, launched the 'Delta X1 Smart Lock Onyx Rose Gold' with the 'No WiFi' feature smart lock in India. It is based on the one-time password technology and fingerprint sensor.
  • The Asia Pacific Market is anticipated to witness major growth in the forecasted period; crime rates drive the market, and developing countries like Indonesia, Vietnam, Malaysia, and other South Asian countries are prone to theft and burglary. Further, the region is witnessing rapid business growth with increasing urbanization and investments in smart homes.
Home Security System Market: growth rate by region

Home Security System Industry Overview

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., Bosch Service Solutions GmbH, Arlo Technologies Inc., and SimpliSafe Inc., among others.

In June 2023, ABB Ltd. announced the acquisition of Eve Systems GmbH, a Munich-based leader in smart home products with operations in the United States and Europe. Through this acquisition, the company aims to accelerate its delivery of safe, smart, and energy-efficient homes and buildings through Eve's extended complementary range of consumer-facing products tailored to the retrofit market.

In March 2023, ADT and Google announced the availability of the first integrated smart home security system for DIY customers. ADT Self Setup integrates Google's Nest smart home products with ADT security and life safety technology as well as ADT SMART Monitoring, all with the convenient control of the new ADT+ app. This system unifies safety, security, home automation, and analytics through one easy-to-use application.

Home Security System Market Leaders

  1. Arlo Technologies Inc.

  2. Google LLC

  3. ABB Ltd

  4. Zmodo

  5. ADT Inc.

*Disclaimer: Major Players sorted in no particular order

Home Security System Market Concentration
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Home Security System Market News

  • June 2023: Volt, a smart home solution provider, announced a strategic partnership with Ring, an Amazon company, to expand its smart home security solutions. Through this partnership, Volt will likely introduce smart home security products, including security cameras and video doorbells, to meet the increasing demand for advanced home security systems and aims to strengthen its position in the market.
  • November 2022: Arlo Technologies Inc. unveiled the Arlo Home Security System. The system had a first-of-its-kind multi-sensor that could perform eight separate sensing functions. The system works in conjunction with Arlo's new 24/7 professional monitoring service, giving users access to highly qualified security experts who monitor and respond to emergencies.

Home Security System Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Consumers

      2. 4.2.2 Bargaining Power of Suppliers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Impact of COVID-19 on the Market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Emergence of Internet of Things (IoT) and Wireless Technology

      2. 5.1.2 Growing Awareness Regarding Home Security Systems

    2. 5.2 Market Restraints

      1. 5.2.1 Risks of Cybersecurity

      2. 5.2.2 High Installation, Maintenance and Operational Costs

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Component

      1. 6.1.1 Hardware

        1. 6.1.1.1 Electronic Locks

        2. 6.1.1.2 Security Cameras

        3. 6.1.1.3 Fire Sprinklers

        4. 6.1.1.4 Window Sensors

        5. 6.1.1.5 Door Sensors

        6. 6.1.1.6 Other Hardware

      2. 6.1.2 Software

      3. 6.1.3 Services

    2. 6.2 By Type of System

      1. 6.2.1 Video Surveillance System

      2. 6.2.2 Alarm System

      3. 6.2.3 Access Control System

      4. 6.2.4 Fire Protection System

    3. 6.3 By Distribution Channel

      1. 6.3.1 Online

      2. 6.3.2 Offline

    4. 6.4 By Geography

      1. 6.4.1 North America

        1. 6.4.1.1 United States

        2. 6.4.1.2 Canada

      2. 6.4.2 Europe

        1. 6.4.2.1 United Kingdom

        2. 6.4.2.2 Germany

        3. 6.4.2.3 France

        4. 6.4.2.4 Italy

        5. 6.4.2.5 Spain

        6. 6.4.2.6 Nordics

        7. 6.4.2.7 Benelux

        8. 6.4.2.8 Rest of Europe

      3. 6.4.3 Asia-Pacific

        1. 6.4.3.1 China

        2. 6.4.3.2 Japan

        3. 6.4.3.3 India

        4. 6.4.3.4 Rest of Asia-Pacific

      4. 6.4.4 Rest of the World

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Arlo Technologies Inc.

      2. 7.1.2 Google LLC

      3. 7.1.3 ABB Ltd

      4. 7.1.4 Zmodo Technology Corporation Ltd.

      5. 7.1.5 ADT Inc.

      6. 7.1.6 Honeywell International

      7. 7.1.7 SimpleSafe Inc.

      8. 7.1.8 Bosch Service Solutions GmbH

      9. 7.1.9 Abode Systems Inc.

      10. 7.1.10 Johnson Controls International PLC

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Home Security System Industry Segmentation

A home security system is a group of physical and electronic components that all work together to protect a home. The scope of the study has been segmented based on the components - hardware, software, and services. Hardware has been further segmented into electronic locks, security cameras, fire sprinklers, window sensors, door sensors, and other hardware products. These components are used in various systems, such as video surveillance, alarm, access control, and fire protection systems.

The Home Security System Market is segmented by Component (Hardware (Electronic Locks, Security Cameras, Fire Sprinklers, Window Sensors, Door Sensors), Software, Services), Type of System (Video Surveillance System, Alarm System, Access Control System, Fire Protection System), Distribution Channel (Online, Offline) and Geography. The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Component
Hardware
Electronic Locks
Security Cameras
Fire Sprinklers
Window Sensors
Door Sensors
Other Hardware
Software
Services
By Type of System
Video Surveillance System
Alarm System
Access Control System
Fire Protection System
By Distribution Channel
Online
Offline
By Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Italy
Spain
Nordics
Benelux
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
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Home Security System Market Research FAQs

The Home Security System Market is projected to register a CAGR of 8.92% during the forecast period (2024-2029)

Arlo Technologies Inc., Google LLC, ABB Ltd, Zmodo and ADT Inc. are the major companies operating in the Home Security System Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Home Security System Market.

The report covers the Home Security System Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Home Security System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Key factors driving the Home Security System Market are: a) Increasing burglary rates b) Advancements in IoT and wireless technologies c) Homeowner awareness about home security benefits

Emerging trends in the Home Security System Market are: a) Integration of AI and machine learning for smarter security solutions b) The rise of Do it yourself (DIY) systems c) Adoption of cloud-based services

Home Security System Industry Report

The global home security systems market is witnessing remarkable growth, fueled by heightened safety awareness and technological advancements like IoT and wireless technologies. This sector, featuring alarms, cameras, sensors, and electronic locks, is evolving through innovations in AI and deep learning, enhancing home security and monitoring systems. Despite the hurdles of high installation costs and complex systems, the demand for sophisticated security solutions is on the rise. The market, led by the largest home security companies, is innovating to deliver efficient and reliable security solutions. The fusion of smart home technologies with traditional security systems is fostering a more connected, secure home environment, especially in regions like North America. This growth is supported by statistics from Mordor Intelligence™ Industry Reports, which offer insights into market share, size, and revenue growth, along with a forecast outlook. For a comprehensive understanding, a free report PDF download is available, showcasing the future of integrated, intelligent security solutions as a staple in daily life.

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Home Security System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)