Home Security Products and Solutions Market Growth Analysis

Market Highlights

The Home Security Products and Solutions Market is likely to grow at a healthy CAGR of 9.7% during the forecast period.

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What are home security products and solutions?

Home security products and solutions are electronic security systems that are designed and used to monitor personal property, homes, living premises, and residential setups to protect them from crimes such as homicides, robberies, property crimes, and home intrusions.

Trends

In industrialized nations like North America, the usage of smart homes and gadgets is projected to increase. Increased domestic security will be required for smart houses, and it will be supported by cutting-edge products and solutions including security alarms, sensors, electronic locks, and smart home device control systems.

Moreover, in the upcoming years, home security systems with remote access and management will become more popular. The development of home security systems that connect with a central monitoring system that the user controls have been made easier by the growth of machine-to-machine communication. Manufacturers are adapting to increasing consumer demand for these sophisticated security systems, which are becoming more popular in the home market.

Additionally, the market for NFC-enabled access control systems is expanding significantly. To boost their customer base, companies in the home security products and solutions market are designing and developing cutting-edge software and applications for access control solutions that can be accessed through smart cards or smartphones. Consumers are increasingly favoring smart card/smartphone-based device control.

Market Dynamics

The home security products and solutions market is driven by a host of factors, some of which are noted below:

• The growing need for home security solutions has led to the entrance of home security service providers across the globe, positively boosting product demand.
• Increase in instances of safety concerns, and the need for security measures by residential homes, the industry is expanding.
• Integrated home security systems enable monitoring of residences by connecting them to smartphones is an outcome of the emergence of smart homes, thus offering lucrative opportunities to the industry players.
• Additionally, the demand for cutting-edge home security systems, like CCTV cameras and electronic alarm sensors, is rising as crime rates rise in most of the world's nations.
• Consumers are now able to purchase high-end home security solutions and products because of an increase in disposable income on a global scale. Consumers are interested in technology and favor products with cutting-edge features. Additionally, there has been a considerable increase in consumer purchasing power, particularly in emerging economies, which is promoting market expansion.
• Moreover, video surveillance, access control, and fire control systems are examples of home security solutions that assist in tracking traffic statistics throughout numerous nations. Another element influencing the adoption of cutting-edge home security products and solutions is this.
• On the other hand, another aspect that affects revenue is the integration of smart home security systems with smartphones. Due to rapid urbanization and technological improvements, customers now rely mostly on smartphones for day-to-day tasks. The market is expanding as a result of the demand for better security systems that can be monitored via smartphones, particularly in certain regions of Europe.
• Furthermore, the demand for integrated home security solutions like video surveillance systems is projected to increase due to an increase in development activity in the Asia Pacific region.

COVID-19 Impact

The COVID-19 outbreak has moderately affected the home security products and solutions industry. The ongoing COVID-19 pandemic has negatively influenced the infrastructure development industry and so the product demand. This is mainly due to soaring coronavirus cases, implementation of stringent lockdown measures, and limited movement of people to curb the spread of the virus. Considering stringent government regulations, the construction and infrastructure development industry has suspended its operation, thus affecting the market growth.

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on home security products and solutions?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Key Players

Key players operating in the home security products and solutions market are-

• Alarm.com (US)
• Assa Abloy (Sweden)
• United Technologies Corporation (US)
• Honeywell International Inc. (US)
• Robert Bosch GmbH (Germany)
• Ingersoll Rand (Ireland)
• Allegion PLC (Ireland)
• Godrej & Boyce Manufacturing Company Limited (India)
• Control4 Corporation (US)
• Nortek Security & Control LLC (US)

Segment Analysis

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By Product Type

• Electronic Locks [Keypad Locks, Biometric Locks, Magnetic Strip Locks, Electric Strip Locks, Electromechanical Door Locks, Wireless Locks]
• Sensors
• Cameras
• 7.5 Panic Buttons
• Fire Sprinklers & Extinguishers
• Alarms

By Solution Type

• Medical Alert System
• Access Control & Management Solution
• Intruder Alarm Solution
• Intercom System
• Video Surveillance Solution
• Fire Protection System
• Integrated Security Solution

By Home Type

• Independent Homes
• Condominiums
• Apartments

By Region

• North America
• Asia-Pacific
• Europe 
• Rest of the World

Solution Trends

The market is classified into the medical alert system, access control & management solution, intruder alarm solution, intercom system, video surveillance solution, fire protection system, an integrated security solution. The video surveillance solution segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline.

Video analytics improves the performance of video surveillance systems through post-event analysis, real-time event detection, and statistical data extraction while saving manpower costs and improving the effectiveness of the surveillance system operations, further bolstering the segment growth.

Regional Insights

North American market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. 

This is mainly ascribed to a rise in household income, rapid urbanization, change in lifestyles of the population, and early adoption of home security systems in this region. Moreover, the introduction of IoT and the development of smart cities further proliferate regional market growth.

Additionally, North America and Asia Pacific continued to dominate the global market for home security goods and services in 2021, In emerging economies with low penetration of home security goods and solutions, the upcoming years would perceive good growth potential. Key market participants in the market for home security products and services around the world are anticipated to benefit from these lucrative market prospects.

Considering Latin America as an example, home security products and solutions are only being adopted in the real estate industry, where developers are putting them in high-end housing projects throughout Tier-1 and Tier-2 cities. Since several other crucial industry areas have yet to be investigated, this represents a sizable opportunity for businesses offering home security products and solutions.

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Target Audience

Here is the list of the group of customers that the home security products and solutions market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

What deliverables will you get in this report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.