According to a new market report published by Credence Research, Inc., “Global Home Security Systems Market (By Product Type (Security Cameras, Alarms, Sensors and Detectors, Fire Sprinklers & Extinguishers, Panic Buttons, RFID & Smart Cards, and Biometrics, Electronic and Smart Cards), By System Type (Fire Protection Systems, Video Surveillance Systems, Access Control Systems, Entrance Control Systems, Intruder Alarms Systems, and Others), By End-user (Condominiums & Apartments and Independent Homes)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global home security systems market is expected to witness a growth of 8.3% CAGR during the forecast period from 2018 to 2026.
The global market for home security systems is expected to see significant growth, growing at 8.3 per cent CAGR during the forecast period from 2018 to 2026. Security has been a major concern in every home in the world to keep appliances and valuables safe and secure. The increase in crime rates has led to a higher adoption of enhanced security and security systems, thereby boosting the growth prospects of the domestic security systems market. Rising advancements in smartphone technology and remote monitoring, coupled with growing demand for smart homes, are another key factor facilitating global market growth.
The global market for home security systems, based on the system type, was led by video surveillance systems in 2017 and is likely to continue to lead over the forecast period from 2018 to 2026. The growth of this segment is mainly underpinned by the growing need for home security solutions. On the basis of end-users, independent homes accounted for the largest market share in the global market for home security systems. Increasing security and security concerns among independent homeowners is increasing the demand for home security systems.
Furthermore, based on geography, North America acquired the largest market share in 2017 and is expected to grow at a significant rate in the coming years. The growth is mainly due to the early adoption of home security systems, as the countries in the region have a large number of high disposable income households. In addition, the presence of some of the leading players, including Johnson Controls, ADT Inc., Honeywell International Inc., United Technologies Corporation, etc., is expected to provide a variety of opportunities for the home security systems market during the 2018-2026 forecast period.
Major domestic security systems players include Robert Bosch Limited, Honeywell International, Inc., ADT Inc., Brinks Home Security, Frontpoint Security Solutions, Johnson Controls International plc, United Technologies Corporation, Godrej & Boyce Manufacturing Company Limited, Alarm.com, Allegion plc, Control4 Corporation, Schneider Electric, Legrand, ABB, Comcast, STANLEY Convergent Sec.
Home security systems manufacturers are adopting a number of strategies to thrive in a competitive environment. Partnerships, new product developments are the most important strategies implemented by key players to gain superiority over other market players.