Consumers are more concerned about the security and safety of their properties and families due to the increase in home intrusions and property-related crimes across the globe, which is creating a demand for home security solutions. The rising need for home security solutions has led to the entrance of home security service providers globally, positively contributing to the market growth. Due to the increase in instances of safety concerns and the need for security measures by residential homes, home security solutions are expanding.
Integrated home security systems that enable monitoring of residences by connecting them to smartphones are an outcome of the emergence of smart homes and innovation in technology. There is a wide variety of devices such as electronic and smart locks, night vision cameras, internet connectivity, motion sensitivity, and wireless devices which are easily available. The design of wireless, sophisticated, effective, and user-friendly security systems is the key driver expected to enhance the market growth.
The accessibility of remote monitoring with the help of mobile devices and advantageous insurance policies also led to the growth of the global market for home security solutions. The opportunity for key players lies in successful customer retention and acquisition during the forecast period. Lack of awareness, low adoption rate, cost of maintenance, and huge initial investment are the key challenges the market players and manufacturers face. Software glitches, connectivity issues, radio or electrical interference, non-compatibility issues, and more are few restraints faced by the global home security solutions market.
To overcome these issues, initiatives are taken by the key players in the industry to provide effective security solutions to the customers. The global home security market is bifurcated based on components into hardware, software, and services. The market is also segmented based on product type into sensors, fire sprinklers & extinguishers, cameras, electronic locks, panic buttons, and alarms.
The market is further segmented based on solution type includes video surveillance systems, medical alert systems, intercom systems, access control & management systems, fire protection systems, intruder alarm systems, and integrated systems. The global home security solutions market is bisected into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America dominates the global market for home security solutions and is expected to continue dominating in the coming years due to the major concern of people towards security. APAC is an emerging market for the global home security solution and is considered a promising market shortly. The reason is increasing crime rates and growing infrastructure development.
Some chief players in the global home security market are Robert Bosch GmbH, Assa Abloy, Honeywell International Inc., Allegion PLC, Control4 Corporation, Ingersoll Rand Solutions, Godrej & Boyce Manufacturing Company Limited, United Technologies Corporation, Nortek Security & Control LLC., Alarm.com, Tyco International Ltd., Frontpoint Security Solutions, Protect America, Inc., Axis Communications AB, SimpliSafe, Inc., ADT Corporation, UTC Fire & Security, and Vivint Inc. among others.