According to a new market report published by Credence Research, Inc., “Global Home Security Systems Market (By Product Type (Security Cameras, Alarms, Sensors and Detectors, Fire Sprinklers & Extinguishers, Panic Buttons, RFID & Smart Cards, and Biometrics, Electronic and Smart Cards), By System Type (Fire Protection Systems, Video Surveillance Systems, Access Control Systems, Entrance Control Systems, Intruder Alarms Systems, and Others), By End-user (Condominiums & Apartments and Independent Homes)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global home security systems market is expected to witness a growth of 8.3% CAGR during the forecast period from 2018 to 2026.
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The global home security systems market is expected to witness a notable growth, growing at a CAGR of 8.3% during the forecast period from 2018 to 2026. Security has been a major concern in every home all over the world to keep the appliances and valuables safe & secure. Increase in crime rates have led to the higher adoption of enhanced safety and security systems, thereby driving the growth prospects of the home security systems market. Rising advancements in smartphone technology and remote monitoring coupled with growing demand for smart homes is another major factor facilitating the market growth worldwide.
The global home security systems market, based on system type was led by the video surveillance systems in 2017 and is likely to continue its lead throughout the forecast period from 2018 to 2026. The growth of this segment is primarily backed by the rising need for home security solutions. Based on end-user, independent homes accounted for largest market share in the global home security systems market. Increasing safety and security concerns among the independent homeowners is enhancing the demand for home security systems. Further, based on geography, North America garnered the largest market share in 2017 and is expected to grow at a significant rate in the years to come. The growth of is mainly attributed to be early adoption of home security systems as the countries in this region hold a large number of homes with high disposable income. Also, the presence of some leading players including Johnson Controls, ADT Inc., Honeywell International Inc., United Technologies Corporation, etc. is expected to provide varied opportunities to the home security systems market during the forecast period from 2018 to 2026.
Major players in the home security systems market include Robert Bosch Limited, Honeywell International, Inc., ADT Inc., Brinks Home Security, Frontpoint Security Solutions, Johnson Controls International plc, United Technologies Corporation, Godrej & Boyce Manufacturing Company Limited, Alarm.com, Allegion plc, Control4 Corporation, Schneider Electric, Legrand, ABB, Comcast, STANLEY Convergent Security Solutions, Inc., Nortek Security and Control, and Vivint, Inc. among others. The home security systems manufacturers are adopting quite a few strategies in order to thrive in the competitive environment. Partnerships, new product developments are the most significant strategies that are implemented by the key players to gain superiority over other market players.
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