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Burglar Alarm Systems Global Market Set to Reach $8.11 Billion by 2028 with a 8.3% CAGR | Siemens AG, Panasonic Corporation, Adobe Inc., ASSA ABLOY AB, Securitas AB
Burglar Alarm Systems Global Market
According to The Business Research Company's, 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 Drivers and Trends:
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.
Major companies in the burglar alarm systems market prioritize innovative features such as smart arming to boost user security and convenience through remote control and gain a competitive advantage. Smart Arming is a feature that can intelligently auto-arm and disarm based on user activity. For instance, in December 2022, Alarm.com, a US-based provider of home smart alarm security systems, launched the smart arming feature. The function allows customers to select the times of day when they want their system to arm and disarm. If the system senses activity or motion outside of these hours (e.g., an early riser wanders downstairs ahead of schedule), it immediately disarms.
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Major Key Players of the Market:
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
Burglar Alarm Systems Market 2024 Key Insights:
• The burglar alarm systems market is expected to grow to $8.11 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Smart Home Adoption Boosts The Burglar Alarm System Market
• Smart Arming Features Enhance User Security
• North America was the largest region in the burglar alarm system market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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