Home Security System Market To Witness Enhanced Demand Owing To Rising Use Of Smartphones For Remote Monitoring Till 2022 | Million Insights
Global home security system market expected to grow at a significant CAGR of 6.66% in the upcoming period as the scope and its applications are rising enormously across the globe. Home security systems implies safeguarding entry points into a home with sensors that are intercepted through a control panel or command center mounted at a convenient location in the home. As such, the security system includes a control panel, door and window sensors, wired or wireless security cameras, motion sensors for both interior and exterior, and a high-decibel siren or alarm. Motion sensors are used to secure the open spaces inside the homes.
Rising use of smartphones for remote monitoring and growing population, using smartphone and tablet are documented as the major driving factors to Home Security System Market. The market is segmented based on home type, product type, solution, and region. Independent Homes, Condominiums, and Apartments are the home types that could be explored in Home Security System in the forecast period.
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Sensors, Security Cameras, Alarms, Fire Sprinklers & Extinguishers, Panic Buttons, and Electronic Locks are the product types that could be explored in Home Security System in the forecast period. The security cameras sector accounted for the substantial market share of Home Security System in terms of revenue; the reasons being, use of advanced technology like rechargeable and replaceable batteries and Wi-Fi connectivity. Moreover, an overview of IP-based cameras and remote monitoring using smartphone will also expand the market segment.
The market may be categorized based on solutions like Medical Alert System, Intercom System, Fire Protection System, Access Control & Management Solution, Intruder Alarm Solution, Video Surveillance Solution, Integrated Security Solution, and others could be explored in the forecast period. Globally, North American regional market accounted for the substantial market share of Home Security System in 2017 and is estimated to lead the overall market in the near future. The reason behind the overall market growth could be rising adoption of mobile exhibitions, and growing demand for integration. Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period.
The key players of Home Security System Market are Honeywell International Inc., Axis Communications AB, Vivint Inc., Tyco Security, ADT Security Services, Nortek Security and Control, ASSA ABLOY, Bosch Security Systems, Alarm.com, Axis Communications, Monitronics International, Hikvision Digital, and MOBOTIX. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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Market Segment:
The market is divided into the following segments based on geography:
• Americas
• APAC
• EMEA
Global home security systems market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
• Robert Bosch
• Honeywell
• ADT
• LiveWatch Security
• FrontPoint Security Solutions
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