Home Security System Market size to grow by USD 21.53 billion from 2021 to 2026 | ABB Ltd., ADT Inc., ASSA ABLOY AB, Bay Alarm Co. and more among the key companies in the market - Technavio

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Nov 09, 2023, 20:15 ET

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!

Technavio has announced its latest market research report titled Global Home Security System Market 2023-2027

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.

Drivers, & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

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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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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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