Global Home Security Solution Market Anticipated to Surpass $132,735.2 Million and Grow with a Significant CAGR of 14.9% in 2021-2028 Timeframe - Exclusive Report [273 pages] by Research Dive
Rising awareness about the need for home security solutions by people is fueling the global home security solution market growth. The COVID-19 pandemic has had a positive impact on the market. The North America market is estimated to lead the market.
NEW YORK, Sept. 2, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Home Security Solution Market by Component (Hardware, Software/Platform, and Service), Solutions (Video Surveillance System, Alarm System, Access Control System, and Fire Protection System), Installation (Professionally Installed and Do-it-yourself (DIY)), End-use (Independent homes, Condominiums, and Apartment), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
The Global Home Security Solution Market is expected to garner $132,735.2 million by 2028, at a CAGR of 14.9% from 2021 to 2028. The report offers all-inclusive insights into the present condition and future scope of the industry by deeply examining market drivers and restraints, opportunities, major segments, and regions.
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Key Segment Findings of the Market:
The market is segmented on the basis of component, solutions, installation, end-use, and region.
- In the component segment, the service sub-segment is expected to experience rapid growth with a CAGR of 15.4% during the forecast period. This growth is mainly because of the growing demand for services such as professionally monitored services, consulting & integration, maintenance & support, and risk assessment & analysis.
- In the solutions segment, the video surveillance system sub-segment is projected to grab a leading market share by garnering $57,180.7 million in the estimated period. This growth is mainly owing to the boosting popularity and demand for video surveillance devices due to increasing technological innovations in these systems.
- In the installation segment, the professionally installed sub-segment is estimated to dominate the market and surpass $93,889.4 million in the estimated period. This growth is mainly owing to the mounting preference for professional installation of home security systems in the real estate and construction sectors as they are precise, save time, and reliable.
- In end-use segment, the independent home sub-segment is projected to witness extensive growth by garnering $75,791.0 million in the estimated period. This growth is mainly owing to the surging number of independent homes, particularly in the North America.
- Among region, the North America region is foreseen to observe highest growth and hit $56,677.9 million in the projected period. This growth is mainly due to the increasing technological innovations and the rise of coronavirus pandemic in 2020 that has surged the need for home security solutions in this region.
Market Dynamics
The key factor fueling the growth of the global home security solution market is the increasing incidences of home assaults, crimes, and robberies in various nations that have surged the need for people to install home security solutions at their homes. In addition, growing investments by various companies for developing technologically advanced home security systems is estimated to create massive growth opportunities for the market growth in the projected period. However, huge investments involved in the procurement and installation of advanced home security systems is expected to hinder the market growth during the forecast period.
Impact of COVID-19 on the Home Security Solution Market Growth:
The outbreak COVID-19 pandemic has made a positive impact on the growth of global home security solution industry in 2020. This is majorly owing to the growing adoption of home security solutions by people to protect themselves and their families. Moreover, market players are increasingly investing in advanced home security solutions like video surveillance installation, networked cameras, and video doorbells during the pandemic.
Get Access to COVID-19 Impact Analysis on Home Security Solutions Market
Top 10 Key Players of the Home Security Solutions Industry
The major players of the global home security solution industry are
- Alarm.com Incorporated
- Honeywell International Inc
- Johnson control (Tyco Security Products)
- Nortek Security and Control
- ASSA ABLOY
- ADT LLC DBA ADT SECURITY SERVICES
- Bosch GmbH
- MOBOTIX
- Vivint, Inc.
- Brinks Home Security(MONI Smart Security)
Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For example, in July 2021, Godrej, India's top furniture brand in both home and institutional sector, launched its innovative 'Spotlight' range of home camera security system.
In addition, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
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