Home Security Systems Market Analysis, Segmentation and Trends | Impact of COVID-19

Market Highlights

Home security systems are becoming imperative for a lot of institutions and individuals as the growing unrest across the world is causing much distress. The high lifestyle people are aspiring for has in its center the promise of tranquility, which often gets disturbed by unwanted intrusions. The home security systems market is founded on that promise and is expected to shoot up to a valuation of USD 55 billion during the forecast period (2018-2023) with a 9% CAGR. Market Research Future (MRFR) has found several growth factors that would impact trends of the home security systems market in the coming years.

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.

Among the factors to impact the market, growing social unrest, increase in disposable income, inclusion of better technologies at cost-affordable rates, and others are playing significant roles. At the same time, the ability to monitor round-the-clock and better IoT management are giving this type of service an edge over the manual service provided.

Segmentation:

MRFR’s attempt to dissect the global home security system market growth resulted in a segmentation based on product, type, and end-users. This attempt is an effort to get a closer peek of the market to understand factors that have been driving the market ahead.

Based on the product, the home security system market includes RFID, smart cards, fire sprinklers & extinguishers, cameras, sensors, biometrics, alarms, panic buttons, and electronic locks. Smart cards and biometrics are gaining high traction due to their increased use in the residential and commercial sectors. Governments have made the installation of fire sprinklers & extinguishers fire sprinklers & extinguishers mandatory in many countries, which is also providing push to the market.

Based on the type, the home security system market includes intruder alarm solution, integrated security solution, video surveillance solution, medical alert system, intercom system, fire protection system, and access control & management solution. The intercom system has a wide-spread application in both residential and commercial buildings.

Based on the end-user, the home security system market includes condominiums, apartments, and independent homes.

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.

Competitive Dashboard:

Companies have been inspired a lot by various openings on offer by the global home security system market. MRFR in their report on the global home security system market included detailed profiles of companies like Vivint Inc., United Technologies Corporation Nortek Security & Control LLC, Tyco International Ltd., Control4 Corporation, Honeywell International Inc., Godrej & Boyce Manufacturing Company Limited, ADT Corporation, Robert Bosch GmbH, HikVision Digital Technology Co. Ltd., Axis Communications AB, SimpliSafe, Inc., Assa Abloy AB, Allegion PLC, and others. The intention is to assess their market impacts and learn about trends launched.

In July 2019, Ring launched a new series of light and surveillance camera that would surround house and simplify monitoring facilities. These devices are easy to install, cost affordable, and run on batteries or solar charge, features that have reduced the installation hassles of other models from various companies.

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