Home Security System Market Projected to Reach US 36 Billion by 2023

The global home security system markethas been experiencing a sustained growth over the past several years. This can be accredited to the growing technological advancements and the rising security concerns across the globe.

Home security system is a network of integrated electronic devices designed to detect and defend against burglars and other potential home intruders. It works on a simple principle of securing all entry points by deploying sensors throughout the home which can be monitored by a control panel. A new research report by IMARC Group, titled “Home Security System Market Report: Global Industry Trends, Share, Growth, Opportunity and Forecast 2018-2023”, estimates that the market reached a value of more than US$ 24 Billion in 2017. The report further anticipates the home security system marketto cross US$ 36 Billion by 2023, at a projected CAGR of around 9% over the forecast period.

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Market Drivers/Constraints:

· In the recent years, the rise in the crime rates, burglaries, and home invasions have led to increased security concerns among the consumers. This has accelerated the demand for home security system market worldwide.

· The emergence of smart phones and the advancement in technology such as wireless integration and other "smart home" features which provide greater flexibility and convenience to the consumers are expected to be the other major drivers propelling the growth of home security system market across the globe.

· The improvement in network infrastructure, broadband and internet penetration along with the introduction of home automation, service bundling and intelligent building are also contributing towards boosting the market.

· The high installation cost of home security systems and their maintenance has placed the technology out of reach from many consumers, thereby restraining the growth of the global home security system market. Moreover, the low rate of IT literacy, particularly in the under-developed nations is also marring the market’s growth.

Product Type Insights:

On the basis of type, the market is segmented into security cameras, electronic and smart locks, sensors and detectors, alarms, security solutions and DIY home security. Currently, security cameras are the most popular product type, on account of their various advantages such as high video quality, Wi-Fi connectivity, accessibility on Android and iOS devices through apps, and replaceable and rechargeable batteries.

Application Insights:

Based on application, the market is segregated into the commercial, residential, public and industrial sectors.

Regional Insights:

Region-wise, the report covers North America, Asia-Pacific, Europe, Middle East and Africa, and Latin America. Currently, North America represents the largest region due to the availability of low-cost devices and the increasing usage of advanced technologies and digitalization.

Competitive Landscape:

The market is highly fragmented with the presence of several small and large manufacturers who compete in terms of cost and quality. The innovation in technology and products has led to an intense competition among the leading manufacturers of the market. Some of the key players operating in the market are:

· Bosch Security Systems, Inc.,

· Honeywell Security Group

· Johnson Controls, Inc.,

· Assa Abloy

· UTC Climate Controls & Security

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