Home Security System Market size to grow by USD 21.53 billion from 2021 to 2026|Evolution of IoT is one of the primary market trends - Technavio

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Jul 04, 2023, 17:45 ET

NEW YORK, July 4, 2023 /PRNewswire/ -- 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. Download a Sample Report now!

Home Security System Market Insights -

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

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 - Vendor Insights

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

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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Home Security System Market Scope
Report Coverage	Details
Base year	2021
Historic period	2017-2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 7.8%
Market Growth 2022-2026	USD 21.53 billion
Market structure	Fragmented
YoY growth 2022-2023 (%)	6.8
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 34%
Key countries	US, Canada, China, Germany, and the UK
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	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
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 09: Parent market
Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary

Exhibit 17: Five forces analysis - Comparison between2021 and 2026

4.2 Bargaining power of buyers

Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers

Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants

Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes

Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry

Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition

Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Product

5.1 Market segments

Exhibit 24: Chart on Product - Market share 2021-2026 (%)
Exhibit 25: Data Table on Product - Market share 2021-2026 (%)

5.2 Comparison by Product

Exhibit 26: Chart on Comparison by Product
Exhibit 27: Data Table on Comparison by Product

5.3 Video surveillance system - Market size and forecast 2021-2026

Exhibit 28: Chart on Video surveillance system - Market size and forecast 2021-2026 ($ million)
Exhibit 29: Data Table on Video surveillance system - Market size and forecast 2021-2026 ($ million)
Exhibit 30: Chart on Video surveillance system - Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on Video surveillance system - Year-over-year growth 2021-2026 (%)

5.4 Alarm system - Market size and forecast 2021-2026

Exhibit 32: Chart on Alarm system - Market size and forecast 2021-2026 ($ million)
Exhibit 33: Data Table on Alarm system - Market size and forecast 2021-2026 ($ million)
Exhibit 34: Chart on Alarm system - Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on Alarm system - Year-over-year growth 2021-2026 (%)

5.5 Access control system - Market size and forecast 2021-2026

Exhibit 36: Chart on Access control system - Market size and forecast 2021-2026 ($ million)
Exhibit 37: Data Table on Access control system - Market size and forecast 2021-2026 ($ million)
Exhibit 38: Chart on Access control system - Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on Access control system - Year-over-year growth 2021-2026 (%)

5.6 Market opportunity by Product

Exhibit 40: Market opportunity by Product ($ million)

6 Customer Landscape

6.1 Customer landscape overview

Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation

Exhibit 42: Chart on Market share by geography 2021-2026 (%)
Exhibit 43: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison

Exhibit 44: Chart on Geographic comparison
Exhibit 45: Data Table on Geographic comparison

7.3 North America - Market size and forecast 2021-2026

Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026

Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 APAC - Market size and forecast 2021-2026

Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.6 Middle East and Africa - Market size and forecast 2021-2026

Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.7 South America - Market size and forecast 2021-2026

Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026

Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 China - Market size and forecast 2021-2026

Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)

7.10 Germany - Market size and forecast 2021-2026

Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ million)
Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.11 Canada - Market size and forecast 2021-2026

Exhibit 78: Chart on Canada - Market size and forecast 2021-2026 ($ million)
Exhibit 79: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
Exhibit 80: Chart on Canada - Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on Canada - Year-over-year growth 2021-2026 (%)

7.12 UK - Market size and forecast 2021-2026

Exhibit 82: Chart on UK - Market size and forecast 2021-2026 ($ million)
Exhibit 83: Data Table on UK - Market size and forecast 2021-2026 ($ million)
Exhibit 84: Chart on UK - Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on UK - Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography

Exhibit 86: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

Exhibit 87: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

Exhibit 88: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption

Exhibit 89: Overview on factors of disruption

9.4 Industry risks

Exhibit 90: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered

Exhibit 91: Vendors covered

10.2 Market positioning of vendors

Exhibit 92: Matrix on vendor position and classification

10.3 ADT Inc.

Exhibit 93: ADT Inc. - Overview
Exhibit 94: ADT Inc. - Product / Service
Exhibit 95: ADT Inc. - Key news
Exhibit 96: ADT Inc. - Key offerings

10.4 Godrej and Boyce Manufacturing Co. Ltd.

Exhibit 97: Godrej and Boyce Manufacturing Co. Ltd. - Overview
Exhibit 98: Godrej and Boyce Manufacturing Co. Ltd. - Business segments
Exhibit 99: Godrej and Boyce Manufacturing Co. Ltd. - Key offerings
Exhibit 100: Godrej and Boyce Manufacturing Co. Ltd. - Segment focus

10.5 Honeywell International Inc.

Exhibit 101: Honeywell International Inc. - Overview
Exhibit 102: Honeywell International Inc. - Business segments
Exhibit 103: Honeywell International Inc. - Key news
Exhibit 104: Honeywell International Inc. - Key offerings
Exhibit 105: Honeywell International Inc. - Segment focus

10.6 Johnson Controls International Plc

Exhibit 106: Johnson Controls International Plc - Overview
Exhibit 107: Johnson Controls International Plc - Business segments
Exhibit 108: Johnson Controls International Plc - Key news
Exhibit 109: Johnson Controls International Plc - Key offerings
Exhibit 110: Johnson Controls International Plc - Segment focus

10.7 Link Interactive

Exhibit 111: Link Interactive - Overview
Exhibit 112: Link Interactive - Product / Service
Exhibit 113: Link Interactive - Key offerings

10.8 Monitronics International Inc.

Exhibit 114: Monitronics International Inc. - Overview
Exhibit 115: Monitronics International Inc. - Business segments
Exhibit 116: Monitronics International Inc. - Key offerings
Exhibit 117: Monitronics International Inc. - Segment focus

10.9 Panasonic Corp.

Exhibit 118: Panasonic Corp. - Overview
Exhibit 119: Panasonic Corp. - Business segments
Exhibit 120: Panasonic Corp. - Key offerings
Exhibit 121: Panasonic Corp. - Segment focus

10.10 Robert Bosch GmbH

Exhibit 122: Robert Bosch GmbH - Overview
Exhibit 123: Robert Bosch GmbH - Business segments
Exhibit 124: Robert Bosch GmbH - Key news
Exhibit 125: Robert Bosch GmbH - Key offerings
Exhibit 126: Robert Bosch GmbH - Segment focus

10.11 Schneider Electric SE

Exhibit 127: Schneider Electric SE - Overview
Exhibit 128: Schneider Electric SE - Business segments
Exhibit 129: Schneider Electric SE - Key news
Exhibit 130: Schneider Electric SE - Key offerings
Exhibit 131: Schneider Electric SE - Segment focus

10.12 Zhejiang Dahua Technology Co. Ltd.

Exhibit 132: Zhejiang Dahua Technology Co. Ltd. - Overview
Exhibit 133: Zhejiang Dahua Technology Co. Ltd. - Business segments
Exhibit 134: Zhejiang Dahua Technology Co. Ltd. - Key offerings
Exhibit 135: Zhejiang Dahua Technology Co. Ltd. - Segment focus

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

Exhibit 136: Inclusions checklist
Exhibit 137: Exclusions checklist

11.3 Currency conversion rates for US$

Exhibit 138: Currency conversion rates for US$

11.4 Research methodology

Exhibit 139: Research methodology
Exhibit 140: Validation techniques employed for market sizing
Exhibit 141: Information sources

11.5 List of abbreviations

Exhibit 142: List of abbreviations

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