Home Security System Industry Overview
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia-Pacific|
*Disclaimer: Major Players sorted in no particular order
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Home Security System Market Analysis
The home security system market is expected to register a CAGR of 8.52% during the forecast period. 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 and 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 has been hastened by COVID-19 and the fact that lockdown measures have compelled individuals to spend more time at home for better protection, contributing to the growth of Chinese home security systems.
Home Security System Industry Segments
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 component - 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 billion) for all the above segments.
|By Type of System|
|Video Surveillance System|
|Access Control System|
|Fire Protection System|
|By Distribution Channel|
|Rest of the World|
Home Security System Market Trends
This section covers the major market trends shaping the Home Security System Market according to our research experts:
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.
- The access control technology is progressing and evolving at the fastest pace ever in the home security industry. And 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 provide the ability to lock and unlock doors, which is gaining popularity for home security across the world.
- The increasing 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 growth of the market over the forecast period.
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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.
- 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.
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Home Security System Market Competitor Analysis
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.
- November 2022 - Arlo Technologies Inc. unveiled the Arlo Home Security System. The system has a first-of-its-kind multi-sensor that can 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.
- June 2022 - Rhythm Energy announced the Simply Secure 24 plan, a new bundle that provides Texans with a fixed-rate energy plan and a comprehensive home security system from SimpliSafe.
Home Security System Market Top Players
Arlo Technologies Inc.
*Disclaimer: Major Players sorted in no particular order
Home Security System Market Recent Developments
- October 2022 - Snap One announced the new Luma x20 family of surveillance products that are entirely NDAA-compliant, deliver AI-powered security features and provide customers greater peace of mind while simplifying installation and long-term maintenance. New features in Luma for home and small businesses could include AI-powered human and vehicle detection, synchronized multi-channel event playback, easy video sharing, smooth integration with control systems, and expanded color-at-night cameras.
- September 2022 - Azena announced upgrades to its open platform for smart cameras that offer new integration capabilities into existing video surveillance systems and tools for more efficient device management for systems integrators. The new integration capabilities could make it simpler for the integrator to configure and deploy smart cameras using specialized analytics, producing unique events in a customer’s existing video surveillance system.
Home Security System Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Emergence of Internet of Things (IoT) and Wireless Technology
5.1.2 Growing Awareness Regarding Home Security Systems
5.2 Market Restraints
5.2.1 Risks of Cybersecurity
5.2.2 High Installation, Maintenance and Operational Costs
6. MARKET SEGMENTATION
6.1 By Component
22.214.171.124 Electronic Locks
126.96.36.199 Security Cameras
188.8.131.52 Fire Sprinklers
184.108.40.206 Window Sensors
220.127.116.11 Door Sensors
18.104.22.168 Other Hardware
6.2 By Type of System
6.2.1 Video Surveillance System
6.2.2 Alarm System
6.2.3 Access Control System
6.2.4 Fire Protection System
6.3 By Distribution Channel
6.4 By Geography
6.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
6.4.4 Rest of the World
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 Arlo Technologies Inc.
7.1.2 Google LLC
7.1.3 ABB Ltd
7.1.4 Zmodo Technology Corporation Ltd
7.1.5 ADT Inc.
7.1.6 Honeywell International
7.1.7 SimpleSafe Inc.
7.1.8 Bosch Service Solutions GmbH
7.1.9 Abode Systems Inc.
7.1.10 Johnson Controls International PLC
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Home Security System Market Research FAQs
What is the study period of this market?
The Home Security System Market is studied from 2018 - 2028.
What is the growth rate of Home Security System Market?
The Home Security System Market is growing at a CAGR of 8.52% over the next 5 years.
Which region has highest growth rate in Home Security System Market?
Asia-Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Home Security System Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Home Security System Market?
Arlo Technologies Inc., Google LLC, ABB Ltd, Zmodo, ADT Inc. are the major companies operating in Home Security System Market.
Home Security System Industry Reports
In-depth industry statistics and market share insights of the Home Security System sector for 2020, 2021, and 2022. The Home Security System research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Home Security System report PDF.