Home Security System Market Developments Status and Business Opportunities | COVID-19 Analysis

Market Highlights

The purpose of home security systems is to secure the entry points such as doors, windows and interior space containing various valuables and essentials. Market Research Future (MRFR) has published a research report on the global home security systems market anticipates aggrandizement for this market at 9% CAGR (Compound Annual Growth Rate) between 2018 and 2023. By value, the market has been figured to be worth the US $ 55 bn by the end of the forecast period.

Advancement in remote monitoring and smartphone technology and increasing demand for smart homes are a few factors that are expected to drive the home security system market during the forecast period. However, lack of awareness about the benefits of security systems and high initial installation cost are expected to limit the growth of the home security market during the forecast period.

The biggest driving factor for the global home security systems market is an advancement in remote monitoring as well as smartphone technology. Another factor enabling the market growth is the increasing demand for smart homes. However, high initial installation cost and lack of awareness about the benefits of security systems can hinder the market growth.

Segmentation:

The global home security systems market segmentation can segment the market into end-users, product, type, and lastly, region. Based on end-users, this market has been segmented into apartments, condominiums, and independent homes. The product-based segmentation has segmented market into alarms, biometrics, cameras, electronic locks, fire sprinklers & extinguishers, panic buttons, radio-frequency identification (RFID), sensors, and smart cards. By type, the market can be segmented into access control & management solution, fire protection system, intercom system, intruder alarm solution, integrated security solution, medical alert system, and video surveillance solution.

The regional segmentation of the global home security systems market segments the market into regional markets known as Asia Pacific, North America, Europe, and the rest of the world (RoW). During the forecast period, the Asia Pacific regional market is expected to dominate the global market because many governments have set the safety norms for various categories. The second factor helping the market growth in this region is the rapid development in the construction and real estate sector. Due to economic and technological development, China, Japan, and South Korea are the most important country-specific markets in this region. Due to stable technology development, high population, and large construction sector, India (followed by remaining Asia Pacific countries) is another important country-specific market.

Regional Analysis:

The global market for home security systems is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of home security system market is done for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to grow at a faster rate during the forecast period. The US, Canada, and Mexico are expected to dominate the global home security system market in the region during the forecast period. The presence of big players and early adoption of new technologies such as IoT and artificial intelligence (AI) drives the home security systems market in North America region.

Asia-Pacific is expected to dominate the global home security system market during the forecast period. Asia-Pacific is an advanced, economical region with countries such as China, Japan, and South Korea expected to dominate the global home security system market in Asia-Pacific. Also, many governments have set safety norms for various categories. Huge development in the construction and real estate sector are expected to be prominent growth factors for the home security systems market in the region.

Key Players:

The prominent players in the global home security system market are United Technologies Corporation Nortek Security & Control LLC, Vivint Inc., Control4 Corporation, Honeywell International Inc. Tyco International Ltd., ADT Corporation, Robert Bosch GmbH, Godrej & Boyce Manufacturing Company Limited, Assa Abloy AB, Allegion PLC, Axis Communications AB, SimpliSafe, Inc., and HikVision Digital Technology Co., Ltd. among others.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/home-security-systems-market-6583