Home Security Systems Market

Market Leader - Home Security Systems Market

The global home security systems market size was valued at USD 53.6 billion in 2020 and is expected to reach USD 78.9 billion by 2025, at a CAGR of 8.0% during the forecast period. The growth of the market is driven by factors such as growing awareness regarding home security systems, the emergence of the Internet of Things (IoT) & wireless technologies, and increasing adoption of IP cameras for video surveillance amid the COVID-19 crisis.

The home security systems market is highly competitive, owing to the presence of a large number of regional and global players. The key players are focusing on enhancing their product portfolios and increasing market share through strategies, such as product launches, partnerships, agreements, and collaboration, and acquisitions. Many market players adopted product launches as their key business strategies

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Top 2 players in the home security systems market:

ADT is the leading provider of monitored security, interactive home, and business automation solutions. The company focuses on offering 24×7 monitoring services and a professional monitoring network, which handles ~15 million alarms annually. ADT leverages the new opportunities created by increasingly connected and active lifestyles to enable customers to access professional monitoring services via various connected and wearable devices. The company holds strong brand equity; however, high competition from a large number of small regional and local companies is creating a price-sensitive environment for the company. The company focuses on offering value-based solutions and services with optimum pricing to position itself in the new and existing markets. For instance, its collaboration with Samsung enabled it to expand its business in the DIY market.

Honeywell, through its one of the major segments, i.e., Home and Building Technologies, serves the home security systems market. The company’s major focus is on the development of newer security solutions, including hardware and software. The company has launched products with newer technologies, such as cloud-based and Amazon Alexa-integrated solutions. Honeywell focuses on organic growth through R&D investments, which help it achieve technological excellence to deliver innovative products. The company follows the favorable global megatrends—including energy efficiency, infrastructure investment, urbanization, and safety—to create value to its customers through its portfolio.

Related Reports:

Home Security Systems Market by Home Type (Independent Homes, Apartments), Security (Professionally Installed & Monitored, Do-It-Yourself), Systems (Access Control Systems), Services (Security System Integration Services), Region - Global Forecast 2025

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Report Code
SE 6558
RI Published ON
7/9/2020
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