New Analysis from Global Industry Analysts Reveals Steady Growth in Home Security Systems, with Market Expected to Reach $68.2 Billion Worldwide by 2026

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FACTS AT A GLANCE
Editing: 5; Published: October 2021
Executive Pool: 752
Companies: 217 – Players covered include ABB; ADT; Alarm.com; Allegation; Assa Abloy; Comcast; Control4 Corp. ; Hangzhau digital high vision technology; Internal Honeywell, Inc.; Johnson Controls; Security and Nortek solution; Robert Bosch; Secom; Simplisafe; Vivin and others.
Blanket: All major geographies and key segments
segments: Segment (CCTV systems, access control systems, entry control systems, fire protection systems, intruder alarm systems, services); Security (professionally installed and monitored, self-installed and professionally monitored, do-it-yourself (DIY))
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.

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ABSTRACT-

Global home security systems market to reach US$68.2 billion by 2026
A home security system is designed to protect a home from intrusion by burglars or others with malicious intent, and can monitor for floods, fires, or other environmental threats that could damage a home. The demand for home security systems is growing rapidly. The scenario therefore creates a demand for highly sophisticated security solutions like access control systems, IP video surveillance, digital CCTVs and remote monitoring solutions. Demand is also driven by the low penetration rate of home security systems in the United States, which is estimated at only around 17% of the total number of American homes. This factor, coupled with the $2500 average value loss through burglary, presents increased opportunities for home security systems. Technological developments also ensure that building security systems have become affordable to meet the budgetary requirements of consumers at all levels. The current generation of home security solutions offer unparalleled connectivity, control and accessibility and, more importantly, allow homeowners to access a wide range of features remotely using a PC or smartphones. The growing popularity of smart security systems is also widely attributed to their innovative features such as remote arming and disarming, viewing stored video clips of various events, accessing home appliances and monitoring movement even when ‘they are far from home, to name a few.

Amid COVID-19 crisis, Global Home Security Systems Market Estimated at US$50.2 billion in 2020, is expected to reach a revised size of US$68.2 billion by 2026, growing at a CAGR of 5.4% over the analysis period. CCTV Systems, one of the segments analyzed in the report, is expected to grow at a CAGR of 6.4% to reach US$28.8 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the access control systems segment is readjusted to a revised CAGR of 5.2% for the next 7-year period. This segment currently accounts for a 17.8% share of the global home security systems market. Video surveillance involves the process of monitoring the activity and behavior of individuals, groups of individuals and/or machines with the aim of managing, directing, influencing or protecting them. High demand for network cameras is driving the growth of CCTV system segment. Rising demand for smart locks is driving the growth of access control systems segment. Smart locks are electromechanical locks designed to automatically lock and unlock a door through commands from an authorized device or an authentication PIN, have established themselves as a next-generation door locking system. The access control solution monitors the multiple use of a card in locations that do not allow its use.

The US market is estimated at $16.9 billion in 2021, when China is expected to reach $7.4 billion by 2026
The United States home security system market is estimated at US$16.9 billion in 2021. The country currently accounts for a 32.7% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$7.4 billion in 2026 with a CAGR of 7.2% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 4.3% and 4.7% respectively over the analysis period. In Europe, Germany is expected to grow at around 4.8% CAGR while the rest of the European market (as defined in the study) will reach US$8.1 billion at the end of the analysis period.

Segment of entry control systems to reach $8.9 billion by 2026
In the global segment of entrance control systems, United States, Canada, Japan, China and Europe will drive the CAGR of 4.1% estimated for this segment. These regional markets representing a combined market size of US$5.6 billion in the year 2020 will reach a projected size of US$7.4 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$798.6 million by 2026. Continued

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Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
E-mail: [email protected]

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