Chicago, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "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", published by MarketsandMarkets™. The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems and the emergence of the Internet of Things (IoT) and wireless technologies.
- Expected Market - $84.4 Billion by 2027
- Projected to grow from - $56.9 Billion in 2022
- At a CAGR – 8.2%
- Year of Considered – 2018-2027
- Base Year – 2021
- Forecast Period – 2022-2027
- Segments Covered - Type, Security, Systems and Region
- Geographic regions covered - North America, APAC, Europe, and RoW
Market Leaders - Top Home Security Systems Companies
ADT LLC. (ADT) (US), Resideo Technologies, Inc. (US), Johnson Controls International plc. (Johnson Controls) (US) HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO. LTD. (HANGZHOU HIKVISION DIGITAL TECHNOLOGY) (China), and ASSA ABLOY AB (ASSA ABLOY) (Sweden).
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Browse in-depth TOC on "Home Security Systems Market"
131 – Tables
41 – Figures
170 – Pages
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.
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Market Dynamics:
Opportunities: Implementation of artificial intelligence (AI) and deep learning in home security systems
The AI has paved the way for automated health assessment and medical alert systems to be integrated with a complete home security system. The cognitive and physical health monitoring of the residents is also gaining traction, especially home-based monitoring of the elderly, besides increased adoption of home security systems for video surveillance, hazard detection, and access control applications. The cognitive analysis based on AI gathers and analyzes information regarding the occupant’s activities and health status. It also analyzes the behavioral and physiological patterns and the medical history of individuals to ensure safety. An in-home medical alert system consists of a base station and wireless remote devices, such as pendants, bracelets, or belt clips. The remote devices analyze personal behavior, detect the emergency, and send a signal to the base station. The base station then conveys the situation to the required authorities. The medical alert system is also helpful when kids are left alone at home and when special attention is needed with an existing critical medical condition. When used as an integrated part of the home security system, a medical alert system helps in several other ways. For instance, it can also be used to alert the monitoring station in case of other emergencies, such as burglary, intrusion, and gas leaks.
Challenges : System complexity
The home security systems are becoming complex, with the elevating number of discrete devices connected on a common platform. The integration of different devices, with varying levels of compatibilities, on a single platform, is the major design issue with security systems. The home security systems use a wide range of sensors, actuators, and other wireless devices, which generate a large volume of data. The real-time monitoring and control using the generated data create data traffic. In addition, the communication protocols, hardware, and computation resources in wireless sensor networks impose bottlenecks for seamless connectivity as well as data-handling capability. To overcome these challenges, an extensive processing of data and effective communication of the processed data with all the system components play a vital role. Another aspect of consideration is the development of energy-efficient devices for long-term monitoring and portable applications. Effective designing systems with low-power components and efficient batteries is the key challenge to achieving energy harvesting. Thus, the variations in the design and development of these platforms lead to system complexities.
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Video Surveillance Market
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Hardware Security Modules Market
Embedded Security Market
Biometric System Market
Access Control Market
Security Screening Market
Commercial Security System Market
Security Solutions Market
