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Home Security Products And Solutions Market Report
Home Security Products and Solutions Market, By Product (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 ...
Impact of COVID-19 on Home Security Products And Solutions Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Home Security Products and Solutions Market is estimated to grow from USD xx billion in 2020 to USD xx billion by 2026 at a healthy CAGR of 9.7% during the forecast period.
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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.
Key players operating in the home security products and solutions market are-
The growing need for home security solutions has led to the entrance of home security service providers across the globe, positively boosting the product demand. Also, due to the increase in instances of safety concerns, 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.
Based on product, the home security products and solutions 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.
By region, the 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 the regional market growth.
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.
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-
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The home security products and solutions market is expected to witness an impressive growth of 9.7% CAGR in the coming years.
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), Alarm.com (US), and Nortek Security & Control LLC (US) are the key players in the home security products and solutions market.
The growing need for home security solutions, increase in instances of safety concerns are the factors driving the growth of home security products and solutions market.
The video surveillance solution segment is expected to register a healthy growth in the home security products market in the coming years.
North America accounted for a significant share in the home security products and solutions market in 2020.
Home security products and solutions vendors, Home security products and solutions retailers, Security companies, Video surveillance companies are the target audience in the home security products and solutions market.
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