NEW YORK, Nov. 9, 2023 /PRNewswire-PRWeb/ — According to Technavio, the home security system market size is estimated to grow by USD 21.53 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 7.8% during the forecast. The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market vendors, including – ABB Ltd., ADT Inc., ASSA ABLOY AB, Bay Alarm Co., Frontpoint Security Solutions LLC, Godrej and Boyce Manufacturing Co. Ltd., Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., Johnson Controls International Plc, Link Interactive, Monitronics International Inc., Nice SpA, Nortek Security and Control LLC, Panasonic Corp., Robert Bosch GmbH, Schneider Electric SE, Scout Security Ltd., SimpliSafe Inc., Stanley Black and Decker Inc., Vivint Smart Home Inc., Zhejiang Dahua Technology Co. Ltd., and Snap One LLC Download a Sample Report now!
Home Security System Market Insights –
- Vendors: 15+, Including ABB Ltd., ADT Inc., ASSA ABLOY AB, Bay Alarm Co., Frontpoint Security Solutions LLC, Godrej and Boyce Manufacturing Co. Ltd., Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., Johnson Controls International Plc, Link Interactive, Monitronics International Inc., Nice SpA, Nortek Security and Control LLC, Panasonic Corp., Robert Bosch GmbH, Schneider Electric SE, Scout Security Ltd., SimpliSafe Inc., Stanley Black and Decker Inc., Vivint Smart Home Inc., Zhejiang Dahua Technology Co. Ltd., and Snap One LLC among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Product (Video surveillance system, Alarm system, and Access control system) and Geography (North America, Europe, APAC, Middle East and Africa, and South America)
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Home Security System Market – Market Dynamics
Major Drivers –
The major factor driving the global home security system market growth is the growth of DIY home security systems. This popularity is due to the advantages of DIY home security systems, including low cost, ease of installation, and smartphone-enabled operation. North America is one of the largest adopters of the DIY home security system, with the US in the lead. The low cost of these systems compared to professional security systems is the major factor that will be propelling the market growth during the forecast period. For instance, compared to those offered as part of a professional package, cameras used in DIY systems are less expensive. Furthermore, the flexibility associated with DIY security systems will support non-traditional security equipment providers to improve the overall penetration rate of homes with alarm systems.
Significant Trends
The evolution of IoT is one of the emerging trends that is expected to influence the home security system market positively during the forecast period. The factors that make IoT efficient are the interconnection of embedded software, hardware devices, communication services, and IT-related services. This support in the efficient remote monitoring and management of multiple interconnected devices. Also, IoT helps to use the wireless video surveillance system to capture videos through cameras and transmit them over a wireless network to other devices, such as sensors, for immediate response. Moreover, other benefits, such as easy storage and flexibility to install more video surveillance components such as storage devices, cameras, and video recorders, based on the changing requirements of the residential sector, will also drive the market growth during the forecast period.
Key challenges –
The major challenge that may hinder the global home security system market growth is the increasing instances of false alarms owing to the failure to access the property. The operator may not respond to genuine alarm conditions due to such alarms. Because of minor errors in the application programs, false alarms usually happen, particularly when the sensor is unable to read the object which is nearing the boundary. This not only leads to customer dissatisfaction but also results in the mishandling and loss of sensitive customer information and other fraudulent activities. Therefore, such factors may hinder the growth of the market during the forecast period.
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What are the key data covered in this Home Security System Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the home security system market between 2022 and 2026
- Precise estimation of the home security system market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the home security system market across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of home security system market vendors
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Table of contents
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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