The consumers are more concerned these days about the security and safety of their properties and families due to 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 entrance of home security service providers globally, positively contributing to the market growth. Due to the increase in instances of safety concerns the need for security measures by residential homes the market for home security solutions is expanding.
Integrated home security systems that enables monitoring of residences by connecting them to smart phones is an outcome of 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. Design of wireless, sophisticated, effective and user friendly security systems are the key drivers that are expected to enhance the market growth.
The accessibility of remote monitoring with the help of mobile devices and advantageous insurance policies also led to 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 faced by the market players and manufactures. Software glitches, connectivity issues, radio or electrical interference, non-compatibility issues and more are few restraints to be 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 on the basis of components into hardware, software and services. The market is also segmented on the basis of product type into sensors, fire sprinklers & extinguishers, cameras, electronic locks, panic buttons and alarms.
The market is further segmented on the basis of solution type includes video surveillance systems, medical alert systems, intercom systems, access control & management systems, fire protection systems, intruder alarm systems and integrated systems. On the basis of region 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 major concern of people towards security. APAC is an emerging market for the global home security solution and is considered to be a promising market in the near future.
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.