The world is experiencing a devastating impact due to coronavirus and most of the profitable industry such as security sector is experiencing challenging situation in 2020. During this unpredicted situation, increasing the unemployment and less sources for income, there will be surge in robberies, theft and murder incidents are happening in recent time, these factors are creating threat to the property and life. This aspect is expected to drive the demand for security systems, which will accelerate the market growth in this pandemic period.
Moreover, the significant manufacturers are continuously increasing their efforts on product new technology introductions, collaborations and partnerships to strengthen their position in the overall industry. For instance, in January 2020, Nortek Security and Control has announced a new strategic partnership with PowerHouse Alliance to expand into Single-Room Control Market. This partnership has made to deliver a high performance and affordable price single-room solutions with cloud deployment. Single-room control solution can used to control door lock systems, lighting, security systems and temperature in the homes.
During this crisis period, we are supporting the market players in understanding the impact of COVID-19 on the global home security solutions market.
Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
According to a new study done by Research Dive, the global home security solutions market will account for $114.4 billion by 2027 and is expected to grow at a significant rate during the forecast time 2019-2027.
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The global market has been classified into product, solution, home type and region. This study provides complete information about drivers, opportunities, restraints, segmental analysis and top gaining players of the market.
Factors impacting the growth of the market
According to this study, increasing invasions in residential and commercial places and rapid growth in the remote monitoring techniques are major driving factors for the home security solutions market growth. However, huge expenditure is required for the installation and maintenance of security systems are expected to hamper the market growth.
Cameras product and video surveillance segments are generated highest market size in 2019
Based on product, the global market is classified into wireless locks, electronic locks, sensors, 7.5 panic buttons, fire sprinklers & extinguishers, cameras and alarms. Electronics locks segment is further classified into keypad locks, magnetic strip locks, biometric locks, electric strip locks and electromechanical door locks. Among these, cameras segment accounted for the highest home security solutions market size in 2019 and is projected to remain its constant growth in the estimated timeframe. Wide utilization of cameras for security solutions due to it allows continuous monitoring of homes from anywhere in the world through remote access and helps in visual crime deterrent to robbers and criminals. This factor will drive the market growth in the forecast years.
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Based on solution, the global market is classified into access control & management solution, medical alert system, intruder alarm solution, video surveillance solution, integrated security solution, intercom system and fire protection system. Among these, video surveillance solution segment held the global market share in 2019 and is expected to continue its trend throughout the forecast time. Video surveillance technique is most trending technology for home security, it is effective solution in gathering of real-time videos of any incident and transfers to computers and mobile phones. These videos play a significant role in crime detection, which is expected to increase demand for video surveillance solutions. Also, increasing trend for incorporation of artificial intelligence technology in video surveillance systems is further estimated to drive the market growth in the coming years.
Independent homes segment will have a lucrative growth in the coming years
Based on home type, the global market is segmented into condominiums, independent homes and apartments. Among these, apartment’s home type accounted for more than 40% of the global market share in the previous years and is expected to grow at a healthy rate during the forecast years. Growing number of residential apartments across the globe due to increasing people preference is driving the demand for security systems. Thereby, most of the society builders are incorporating integrated security solutions and amenities with affordable prices to provide home security and remote access control of security systems is expected to drive the market growth in the forecast years. Independent home type segment is expected to grow at a faster rate in the forecast years. Stringent regulation on incorporation of fire protection systems and increasing awareness among the people about advanced safety systems are expected to drive the market growth in the coming years.
Home security solutions market, Regional Outlook
North America has dominated the global home security solutions market share in the previous years and is expected to continue its dominance over the global market throughout the forecast years. This region is the early adopters of home security technologies such as fire protection systems and video surveillance systems for better safety solutions, this factor will drive the market growth in the North America region. Along with North America, Europe region accounted for subsequent position in the global market share and is expected to grow at a healthy rate during the forecast years. Increasing government initiatives security infrastructure development to provide safe environment is expected to rise the demand for security systems, which will drive the market growth in the coming years.
Home security solutions market, significant players
The significant players in the global home security solutions market are Raytheon Technologies Corporation, Robert Bosch GmbH, Allegion plc, Wirepath Home Systems, LLC, dba Control4, Alarm.com, Nortek Security and Control, Godrej.com, Ingersoll Rand, ASSA ABLOY and Honeywell International Inc. among many others.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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