According to "Home Security System Market by Home Type (Independent Homes, Apartments), System Type (Professionally Installed & Monitored, Self-Installed & Professionally Monitored, Do-It-Yourself), Offering (Products, Services), and Geography - Global Forecast to 2023", the home security system market is expected to reach USD 74.75 billion by 2023 from USD 45.58 billion in 2018, at a CAGR of 10.40% during the forecast period.
The home security system market is expected to grow from USD 45.58 billion in 2018 to USD 74.75 billion by 2023, at a CAGR of 10.40% from 2018 to 2023. The growth of the home security system market can be attributed to the emergence of IoT and wireless technologies, and increasing customer awareness. Moreover, the integration of AI and deep learning in home security systems and the proliferation of “smart cities” initiatives worlwide are expected to create huge growth opportunities for the players in the home security system market.
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The home security system market for condominiums/apartments is expected to grow at a higher CAGR during the forecast period. Owing to the increasing urbanization, the cities have started growing vertically, leading to the growth in the number of residential apartments and complexes. People in cities prefer condominiums and apartments owing to the integrated security and amenities in optimized prices. Therefore, providing a high level of security, while managing a large number of households, becomes necessary for the society builders and management bodies. To gain the market in this end-user category, the home security system providers need to collaborate with the system integrators and real estate contractors to offer integrated products and long-term services to the premises.
Home security system market for do-it-yourself security systems to grow at highest CAGR during forecast period
The home security system market for do-it-yourself security systems is expected to grow at the highest CAGR during the forecast period. One of the major factors contributing to the projected high growth of the market for DIY security systems is the cost optimization ensured by these systems. Some of the products offer integrated alarm triggers and other smart features during a break-in or security cameras for monitoring activity. The penetration of home security systems is still low, and the customers from economically developing countries prefer deploying DIY systems for the security within a budget. Also, some companies help the customers with user manuals and guidance tools for the system installation and integration.
The home security system market for products is expected to grow at a higher CAGR over services during the forecast period. The projected growth of the home security system product market is mainly attributed to the increasing penetration of home security systems in emerging economies and the rising adoption of do-it-yourself (DIY) products. Additionally, the proliferation of smart city projects, the emergence of IoT, and integration of wireless technology are a few factors that would fuel the implementation of home security products across different households. Companies in the home security system market should adopt DIY product offering along with existing products and services to gain the growth opportunities in the highly growing market for the DIY segment.
Americas to hold largest size of home security system market by 2023
The home security system market in APAC is expected to grow at the highest rate during the forecast period. APAC is a technologically and economically developing region, and countries such as China, Japan, and South Korea are driving the overall growth of the home security system market in this region. The technological and economic advancements in the region are expected to drive the overall demand for security systems. To gain the market in APAC, the companies in the home security system market should target the opportunities triggered by government initiatives for setting safety norms for various sectors as well as for the rapidly developing construction and real estate sector in the region owing to large population.
ADT (US), Honeywell (US), Johnson Controls (US), HANGZHOU HIKVISION DIGITAL TECHNOLOGY (China), ASSA ABLOY (Sweden), SECOM (Japan), Robert Bosch (Germany), United Technologies (US), Godrej & Boyce (India), Alarm.com (US), Allegion (Republic of Ireland), Control4 (US), Schneider Electric (France), Legrand (France), ABB (Switzerland), Comcast (US), STANLEY Convergent Security Solutions (US), Nortek Security & Control (US), FRONTPOINT (US), and Vivint (US) are the major players in the home security system market. Other key companies, including innovators and start-ups in the home security system market, are Armorax (US), Nest Secure (US), Notion (US), Canary (US), Scout (US), Simplisafe (US), and Cacoon (US).
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