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Home Security System Market Overview:
Home Security System Market size is estimated to reach $117.3 billion by 2030, growing at a CAGR of 8.4% during the forecast period 2024-2030. Increasing demand for home security systems is driven by the growing adoption of smart homes, where smart security systems are integral and technological advancements in home security are propelling the Home Security System Market growth.
Additionally, partnerships between private manufacturers for brand collaborations and market expansion are creating substantial growth opportunities for the Home Security System Market. In January 2023, Snap One acquired long-time Canadian distribution partner Staub Electronics to enhance the partner experience throughout Canada and expand the company's North American local branch footprint. Simultaneously, the changing lifestyle of the consumers for interior remodelling and smart homes with AI integration for better lifestyle are some of the major Home Security System Market opportunities. These factors positively influence the Home Security System Market outlook during the forecast period.
Market Snapshot:
Home Security System Market - Report Coverage:
The “Home Security System Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Home Security System Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The pandemic forced many people to work remotely, leading to a greater emphasis on home automation and smart security. Integration with smart home devices became more important, as homeowners sought ways to manage their security systems remotely and ensure their homes were secure while away. Also, as social distancing measures were implemented, and home visits from professionals became challenging, the popularity of DIY home security systems increased.
● Political and economic uncertainty in Eastern Europe caused by the Russia-Ukraine Conflict and its potential implications for demand-supply balances-imposed pressure on pricing variants, and import/export and trading of security systems.
Key Takeaways:
● Emergence of wireless technologies and IoT driving the market
IoT-enabled security systems can be monitored and controlled remotely, and they can receive real-time alerts through smartphones or other internet-connected devices. Wireless security systems can seamlessly integrate with other smart home devices, such as smart locks, doorbells, lighting, and thermostats. On November 3, 2023, a software framework called "Matter" launched. It was built with Apple's HomeKit as the foundation. It lets users control smart-home appliances like smart lights, smart locks, smart cameras, smart thermostats, and all other popular IoT devices using Apple devices.
● Video Surveillance driving the market growth
Video surveillance systems are becoming more sophisticated and accessible, with features like high-definition cameras, cloud storage, and real-time monitoring. House owners value the added security and convenience of video surveillance in deterring potential threats and providing evidence in the event of incidents. Abode is one of the only home security providers to offer cloud-based 24/7 video recording. 24/7 Video Recording gives you access to 10 days of continuous video to review and download clips from, plus a video timeline that makes finding the exact point in time you're looking for a breeze.
● Cost and Affordability is a challenge for the market
The cost of installing and maintaining home security systems can be a barrier for some consumers. High upfront costs, ongoing subscription fees for professional monitoring, and additional expenses for smart home integration can make security systems less accessible to price-sensitive customers.
Home Security System Market Share (%) By Region, 2023
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Home Security System Market. The top 10 companies in this industry are listed below:
1. ADT Inc.
2. ABB Ltd.
3. Google LLC
4. Arlo Technologies Inc.
5. Resideo Technologies, Inc.
6. Johnson Controls
7. ASSA ABLOY
8. Robert Bosch
9. Allegion plc
10. Secom Co., Ltd.
Scope of Report:
The Home Security System Market is projected to grow at 8.4% CAGR during the forecast period 2024-2030.
Global Home Security System Market size is estimated to be $66.7 billion in 2023 and is projected to reach $117.3 billion by 2030
The leading players in the Home Security System Market are Vivint Smart Home, Inc., ADT Inc., Ring LLC, SimpliSafe, The Brink\'s Company and others.
New designs and patterns along with consumer preference towards neutral and light-coloured vinyl rolls, sheets and tiles are some of the major Home Security System Market trends in the industry which will create growth opportunities for the market during the forecast period.
Increasing construction activities of commercial and residential buildings, better durability and performance of vinyl flooring are the driving factors of the market.