Home Security Systems Market Size, Analysis by Industry Share, Revenue and Global Forecast to 2023

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.

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 size 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 system has been segmented into North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW) for a region-specific understanding. MRFR tried to gauge the zonal importance of the market from such an endeavor.

The APAC market is in a dominating position and it is expected to continue during the forecast period. The regional market is thriving from the high construction activities in emerging economies like India, China, Thailand, and others. Japan, as a developed country, is also showing significant rise. Technological integration is getting boosted by rise in disposable income and government policies of stringent security measures.