Home Security Solutions Market to Expand at 18.0% CAGR from 2015 to 2022 owing to Enhanced Security Needs of Customers

Transparency Market Research has published a new report on the global home security solutions market. As per the report, the global home security solutions market was valued at US$8.3 bn in 2014 and is predicted to reach US$30.3 bn by 2022. The report, titled ‘Home Security Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022’, states that the global home security solutions market is predicted to expand at an 18.0% CAGR in the period between 2015 and 2022.

Privacy and security have become primary concerns for citizens these days. Efforts are being made aimed at securing homes to ensure safety even when the house owners are away. Armed patrols, perimeter monitoring systems, and 24-hour manned security gates are some of the monitoring systems that homeowners consider. With the increasing rate of burglaries, property crime, and home invasions in the past few years, the demand for home security solutions has increased rapidly. Homeowners have become more aware and concerned about safety and security and are ready to spend more on home security solutions.

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Due to technical advancements, smart home technologies are being globally adopted by several homeowners. This has increased the need for home surveillance, control functions, and security. Managed home security solution providers also solve the issues faced by homeowners such as installation, technical malfunctions, complexities, and maintenance of various home security applications.

The global home security solutions market is segmented on the basis of component and geography. Based on geography, the global home security solutions market is divided into North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific. In 2014, in terms of revenue, North America led the global home security solutions market. North America held a share of 37.3% in the global home security solutions market and is predicted to progress at an 18.40% CAGR during the period between 2015 and 2022.

Assa Abloy AB, Honeywell International, Inc., Tyco International Ltd., Axis Communications AB, SimpliSafe, Inc., Protect America, Inc, ADT Corporation, Vivint, Inc., HikVision Digital Technology Co., Ltd., and Frontpoint Security Solutions are a few of the leading companies in the global home security solutions market.

By component, the global home security solutions market is classified into hardware, software, and services. The hardware segment is sub-segmented into video surveillance, electronic locks, alarms, access control, and sensors and detectors. The increasing acceptance of video surveillance systems is expected to propel the video surveillance sub-sector in the years to come. The demand for IP-based video surveillance is expected to increase due to its improved video capturing quality.

The global home security solutions market is expected to face certain challenges such as high cost of installation of security systems and low IT literacy rate. However, innovation of cost-effective home security solutions, interoperability of multiple devices, and enhanced security needs of the homeowners are some of the factors expected to propel the global home security solutions market in the years to come.

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