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Key Revenue Pockets : Home Security Solutions Market
The residential security solutions market has gained momentum in the recent past. This is mainly attributed to the rapid rise in crime rates and technological advancements. Electronic security systems are installed at homes for several purposes, such as intrusion detection, increased safety, and more. In addition, the growing awareness about energy conservation and need for medical access control, detection of hazardous conditions such as fire and gas leaks, and monitoring of elderly people as well as children at home also motivates people to install energy management systems and medical alert systems, along with other security solutions. These systems have been observed to gradually become a part of security solutions.
The global home security solutions market is projected to reach $47,542.52 Million by 2020, growing at a CAGR of 8.7% between 2015 and 2020. It is expected that the intruder alarm systems and intercom systems would be the major solutions contributing toward the growth of this market. Whereas, in terms of products, sensors (shock & audio glass break detectors; motion sensors; entry sensors; and fire, flame, carbon-monoxide, & smoke detectors); cameras (fixed dome, PTZ, one-way, & outdoor/indoor day/night cameras); and electronic locks (keypad locks, biometrics locks, magnetic stripe locks, electric strip locks, electromechanical door locks, and wireless locks) are expected to contribute at an extreme level toward the home security solutions market.
The demand for intruder alarm systems has increased considerably in the past few years, mainly due to the alarming rise in the number of burglaries and crime rates. Intruder alarm systems produce a sharp noise while responding to a hazardous situation, such as burglary. Additional advantages of a loud alarm sound are the ability to alert neighbors and passersby, and potentially even frighten intruders present in the vicinity of the alarm system. Besides, the sight of an alarm system alone is enough to discourage the burglars to intrude a home premise. Highly effective and often easy-to-use, this electronic security solution is an efficient way to provide peace of mind to homeowners and business operators.
In terms of various products offered by market players to home security solutions customers, one of the major products are cameras as they are expected to grow at the highest growth rate during the projected period (2015–2020). Cameras facilitate homeowners to accurately view their homes from anywhere in the world with the help of a Wi-Fi connection. They can be installed easily with lesser time consumption. They can record data directly from users’ existing home computers with minimal additional hardware in a matter of minutes. Thus, there is immense scope for this product type in the home security solutions market.
The Americas accounted for the largest market share of ~61% for home security solutions market in 2014, followed by APAC and Europe. The Americas market is expected to reach ~$28,988.49 million by 2020. The major reasons behind this are the key players that are located in this region and the growing concern toward residential security. APAC is expected to grow fast as compared to other regions. This may be due to the rapid growth in infrastructure developments and increasing crime rates in the region. The global home security solutions market report, along with its sub-segments, such as products, solutions, home types, and geography, would provide valuable insights about the market till 2020.
There are a number of players in the market that provide a wide variety of security solutions and other allied solutions, such as Tyco (Ireland), ASSA ABLOY (Sweden), UTC Fire & Security (U.S.), Honeywell International, Inc. (U.S.), Bosch Security Systems (Germany), Ingersoll Rand Solutions (Ireland), Allegion PLC (Ireland), Godrej & Boyce Manufacturing Company Limited (India), Control4 Corporation (U.S.), Alarm.com (U.S.), and Nortek Security & Control LLC (U.S.).
Home Security Solutions Market by Product (Electronic locks, Sensors, Cameras), Solutions (Intruder Alarm, Intercom, Access Control, Fire Protection, Integrated Security, Video Surveillance & Others), Home Type, & Geography - Global Forecast to 2020
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