Home Security Solution Market Will Grow at a Healthy CAGR by 2024 Profiling Allegion, PLC, Alarm.com, ASSA ABLOY Group, Bosch Security and Safety Systems, Control4, Godrej & Boyce Mfg. Co. Ltd., Nortek Security & Control, Tyco, UTC Fire & Security
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Residential home security solution market is booming owing to the growing trend towards high-security efficiency due to customer awareness. The integration of ICT and data usage is helping in achieving the trend. The incorporation of home security cloud-based wireless solutions is predicted to surge over the forecast timeframe. This is due to the ability of cloud-based solutions to deliver services such as personalization, interactivity, and multi-screen usage. It is anticipated that the dynamic forces aimed at home security solution market are slowly shifting towards hi-tech from mechanical activities as users are seeking improved & advanced operational efficiencies and want cost-effective solutions.
Video surveillance technology is one trending factor of the home security solution market as videos gathered from the surveillance can now be shared or transferred to computers and mobile devices, making them accessible anywhere and anytime. Motion sensor lights help in lighting a doorway when an intruder is present. An increase in demand for these products will provide an opportunity for the market to grow. Furthermore, the solution providers and distributors need to work on the incorporation of advanced and technological approaches to retain old customers and acquire new ones.
Irrespective of the various advantages offered by home security solutions, the high installation cost of solutions and lack of security awareness would confine the growth of the industry. Rising awareness among users and augmented implementation of new solutions for home security systems would progressively result in the cost reduction of home security solution, positively driving home security solution market.
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The home security solution market by-products can be divided into biometric locks, keypad locks, magnetic/electric card locks, wireless, locks, sensors, cameras, and panic buttons/alarms. Advanced sensor developments for the recognition of intruders & unauthorized people and biometrics and card based access control will have a huge effect on the home security solution market. Biometrics security solutions have various applications such as facial recognition, fingerprint recognition, and iris recognition. Biometrics is gaining admiration and demand in home security solutions market due to its remote scanning feature, in which the door locks can be controlled from a distance.
The home security solution market by solution types can be divided into access control & management, fire protection systems, intercom, intruder alarm, motion sensor lights, medical alert, and video surveillance. The industry by home type can be divided into apartments, condominiums, and independent homes. Integrated home security systems will witness a considerable market growth due to the growing awareness about elderly people requiring medical assistance, monitoring children, and detection of hazardous conditions such as gas leaks and fires.
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North America is anticipated to hold a significant market share in the home security solution market due to the presence of many companies, which are providing these solutions. In the U.S., it is expected that some 15 million and more U.S. homes will invest and install in new home security solutions in the coming years. The growing list of smart home solution services and providers in the U.S. is using home security to introduce the automation services for homes. In the U.S. market, home security solution market is exhibiting a considerable growth due to an increase in the fire & smoke injuries & deaths.
Major players in the home security solution market industry include Allegion PLC, Alarm.com, ASSA ABLOY, Bosch Security Systems, Control4 Corporation, Godrej & Boyce Manufacturing Company Limited, Honeywell International, Inc., Ingersoll-Rand Solutions, Nortek Security & Control LLC, Tyco, and UTC Fire & Security.
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