The global home security systems market size is expected to grow from USD 56.9 billion in 2022 to USD 84.4 billion by 2027, at a CAGR of 8.2% during the forecast period. The growth of the market is driven by factors such as growing awareness regarding home security systems and the emergence of the Internet of Things (IoT) & wireless technologies.
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 functions under the business segments of Consumer and Small Business (CSB) and commercial. The CSB segment includes revenues from the sale, installation, servicing, and monitoring of integrated security, interactive, automation systems, mobile security, and home health solutions for residential homeowners, small business operators, and other individual consumers of security and automation systems. It offers security solutions specifically designed for intrusion detection, access control, fire and smoke detection, and others, which react to various factors such as movement, smoke, carbon monoxide, flooding, and temperature, along with other environmental conditions and hazards. One of the major elements of its business strategy is the generation of new accounts through third parties. The operations revolve around retaining its existing customers and acquiring new customers efficiently by improving core operations with data and outlier management.
Resideo Technologies, Inc. operates through 2 business segments, namely Products & Solutions and ADI Global Distribution. Products & Solutions segment offerings include temperature and humidity control, thermal water and air solutions, security panels, sensors, peripherals, wire and cable, communication devices, video cameras, and awareness solutions. ADI Global Distribution segment is the wholesale distributor of low-voltage security products including intrusion, access control and video products, and participates significantly in the broader related markets of smart home, fire, access control, audio, ProAV, networking, and communications. The company invests considerably and continuously in research and development to develop and innovate high-quality products. In addition, it focuses on expanding the home security solutions market in major regions as well as in other regions, which will help the company’s growth in the coming years.
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 2027
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