Best Home Security Systems Market of 2019: Reviewed, Key Player & Opportunity to 2023
by Rahul Rastogi Market Research AnalystThe global home security
system market has been experiencing
a sustained growth over the past several years. This can be accredited to the
growing technological advancements and the rising security concerns across the
globe.
Home
security system is a network of integrated electronic devices designed to
detect and defend against burglars and other potential home intruders. It works
on a simple principle of securing all entry points by deploying sensors
throughout the home which can be monitored by a control panel. A new research
report by IMARC Group, titled “Home
Security System Market Sizing and Forecast:
Global Industry Trends, Share, Growth and Opportunity 2018-2023”, estimates
that the market reached a value of more than US$ 24 Billion in 2017. The report
further anticipates the home security system market to cross US$ 36 Billion by 2023, at a projected CAGR of around 9%
over the forecast period.
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Global Home Security System Market
Drivers/Constraints:
·
In the recent years, the rise in the crime
rates, burglaries, and home invasions have led to increased security concerns
among the consumers. This has accelerated the demand for enhanced home security
system worldwide.
·
The emergence of smart phones and the
advancement in technology such as wireless integration and other "smart
home" features which provide greater flexibility and convenience to the
consumers are expected to be the other major drivers propelling the growth of
home security system market across the globe.
·
The improvement in network infrastructure,
broadband and internet penetration along with the introduction of home
automation, service bundling and intelligent building are also contributing
towards boosting the market for home security systems.
·
The high installation cost of home security
systems and their maintenance has placed the technology out of reach from many
consumers, thereby restraining the growth of the global home security
system market. Moreover, the low rate of IT literacy, particularly in the
under-developed nations is also marring the market’s growth.
Product
Type Insights:
On the basis of type, the market is segmented into security
cameras, electronic and smart locks, sensors and detectors, alarms, security
solutions and DIY home security. Currently, security cameras are the most
popular product type, on account of their various advantages such as high video
quality, Wi-Fi connectivity, accessibility on Android and iOS devices through
apps, and replaceable and rechargeable batteries.
Application Insights:
Based on application, the market is segregated into the
commercial, residential, public and industrial sectors.
Regional Insights:
Region-wise, the report covers North America, Asia-Pacific,
Europe, Middle East and Africa, and Latin America. Currently, North America
represents the largest region due to the availability of low-cost devices and
the increasing usage of advanced technologies and digitalization.
Competitive Landscape:
The market is highly fragmented with the presence of several
small and large manufacturers who compete in terms of cost and quality. The
innovation in technology and products has led to an intense competition among
the leading manufacturers of the market. Some of the key players operating in
the market are:
·
Bosch Security Systems, Inc.,
·
Honeywell Security Group
·
Johnson Controls, Inc.,
·
Assa Abloy
·
UTC Climate Controls & Security
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with TOC and List of Figure: https://www.imarcgroup.com/home-security-system-market
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Created on Apr 30th 2019 06:56. Viewed 324 times.