DUBLIN, January 27, 2022 /PRNewswire/ — The “Home Security Systems – Global Market Trajectory & Analytics” report has been added to from ResearchAndMarkets.com offer.
Global home security systems market to reach US$68.2 billion by 2026
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.
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.
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.
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 for Asia Pacific should reach US$798.6 million by 2026.
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. Chinathe world’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.
Main topics covered:
1. MARKET OVERVIEW
- Growing security threats and security issues in residential places are the basis for the growth of home security systems
- The race between the virus and vaccines is heating up. Amid this chaotic battle, where is the global economy headed in 2021?
- These are times when questions abound and answers are few.
- So how fast or how fast are we moving?
- Divided storylines unfold: The great vaccine divide emerges
- Progress on vaccinations, why should companies care?
- How has the construction industry, a key driver of opportunity in the home security systems market, been impacted by the pandemic and what is the new normal?
- Home Security Systems: Definition, Importance and Benefits
- Recent market activity
- Global brands
2. FOCUS ON CERTAIN PLAYERS (Total 217 featured)
- ABB Ltd.
- ADT LLC dba ADT Security Services
- Allegation plc
- Assa Abloy AB
- Bosch Service Solutions GmbH
- Frontpoint Security Solutions, LLC
- Control4 Corporation
- Teledyne FLIR LLC
- Godrej & Boyce Mfg.Co. ltd.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Honeywell International Inc.
- JOHNSON CONTROLS
- Nortek Security & Control LLC
- Schneider Electric SE
- Scout Security Inc
- SimpliSafe Inc.
- Converged Security Solutions Stanley, Inc.
3. MARKET TRENDS AND DRIVERS
- Smart locks emerge as the top growth category in the access control systems segment
- Technology Innovations in Smart Locks: A Review
- Increase in home fires, fire safety awareness and strict regulations Reinforce the importance of installing fire safety/protection systems
- Strong demand for network cameras emerges as a key trend in the home video surveillance space
- The rise of smart homes and home automation to provide growth opportunities on a plateau
- Security and Surveillance in Smart Homes: A Review
- Home automation and security systems are converging to promote security as well as comfort, energy efficiency and convenience
- Automation and home security: special attention
- Video doorbell market: a promising market
- Home renovations and the need for better buildings to live in after the pandemic to drive sales of home security systems
- Residential renovations to regain lost momentum after the pandemic
- AI to revolutionize home security. here’s how
- Role of Blockchain in Home Security Systems
- Continuous innovation remains crucial for growth
- Favorable demographic and economic trends bolster the market outlook
- Population aging: a major driver of growth
- Rapid urbanization and the increase in the number of better equipped homes for the middle class are driving the demand for home security systems
- Role of IoT in Home Security Systems
- Growing Popularity of Wireless Home Security Systems to Boost Market Prospects
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/bqpwto
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SOURCE Research and Markets