Press release
Burglar Alarm Systems Market Size, Insights, Growth Demand And Forecast To 2033
Burglar Alarm Systems Market
The Business Research Company offers in-depth market insights through Burglar Alarm Systems Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The burglar alarm systems market size has grown strongly in recent years. It will grow from $5.41 billion in 2023 to $5.9 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to rising crime rates, home and property protection, insurance premium reductions, urbanization and population growth, government initiatives for public safety.
The burglar alarm systems market size is expected to see strong growth in the next few years. It will grow to $8.11 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to integration with artificial intelligence, cloud-based security solutions, smart city initiatives, biometric authentication, energy-efficient and eco-friendly solutions. Major trends in the forecast period include mobile app innovations, technological integration, advancements in sensor technology, smart home integration, integration with video surveillance.
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Market Segmentation:
The burglar alarm systems market covered in this report is segmented -
1) By Type: Wireless Burglar Alarm Systems, Wired Burglar Alarm Systems
2) By Component, Hardware, Software, Services
3) By Application, Commercial And Industrial Applications, Residential Applications
Major Driver - Smart Home Adoption Boosts The Burglar Alarm System Market
The increasing popularity of smart homes is expected to propel the growth of the burglar alarm system market going forward. Smart homes are residences equipped with interconnected devices and systems that can be remotely controlled and automated, enhancing convenience, energy efficiency, and security for occupants. In smart homes, integrated burglar alarm systems offer remote monitoring, alerts, and automation for enhanced security and convenience, using smart sensors, cameras, and mobile apps. For instance, in September 2022, according to Data Conomy, a Germany-based portal for news, events, and expert opinion from the world of data-driven technology, by the end of June 2022, there were 17.1 connected gadgets and smart home appliances per home on average around the world, a 10% increase over the previous year at the same period. Therefore, the increasing popularity of smart homes will drive the growth of the burglar alarm system market.
Competitive Landscape:
Major companies operating in the burglar alarm systems market report are Siemens AG, Panasonic Corporation, Honeywell International Inc., Johnson Controls International Plc, Adobe Inc., ASSA ABLOY AB, Hangzhou Hikvision Digital Technology Co. Ltd., Securitas AB, ADT Inc., Brinks Home, Vivint Smart Homes Inc., Axis Communications AB, Alarm.com, UTC Fire & Security, SimpliSafe Inc., Ring Inc., Napco Security Technologies Inc., Risco Group, Guardian Protection Services Inc., Banham Group, Frontpoint Security Solutions LLC, Inovonics Wireless Corporation, Interlogix, Eufy, Active Total Security Systems
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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