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Intruder Alarm System Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Intruder Alarm System Market
According to The Business Research Company's, The intruder alarm system market size has grown rapidly in recent years. It will grow from $2.23 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to growth in wireless and connected security solutions, growth in the popularity of remote monitoring services, growth in the number of security systems, growth in the prevalence of mobile-based security applications, and increased urbanization.
The intruder alarm system market size is expected to see rapid growth in the next few years. It will grow to $3.67 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to rising smart home adoption, rising demand for IoT-enabled security devices, growing consumer awareness about security solutions, growing adoption of cloud-based security solutions, and increasing focus on cybersecurity. Major trends in the forecast period include biometric technologies, video security systems, adoption of cloud-based security, artificial intelligence, adoption of DIY home security installations, and technological advancements.
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Market Drivers and Trends:
The increasing crime rates are expected to propel the growth of the intruder alarm system market going forward. Crime rates are referred to as the frequency or incidence of criminal activity within a certain geographical area or population during a specified period. The increasing crime rates are attributed to several factors, such as economic instability, social unrest, and gang activity. Intruder alarm systems contribute significantly to crime reduction by offering deterrence through their presence, ensuring prompt notification to authorities or specified contacts in the event of a breach, and enabling monitoring capabilities to collect evidence of ongoing invasions. For instance, in October 2023, according to the Office for National Statistics, a UK-based government department, the police recorded a 4% increase in crime in England and Wales for the year ending June 2023 compared to the previous year. This uptick brought the total number of recorded crimes to 6.7 million, up from 6.5 million in the year ending June 2022. Therefore, the increasing crime rates are driving the growth of the intruder alarm system market.
Major companies operating in the intruder alarm system market are focused on developing advanced products, such as wireless alarm systems, to offer a reliable and resilient security solution. Wireless alarm systems are security systems that detect possible incursions or crises and notify users of them via wireless communication technology. For instance, in April 2024, Hangzhou Hikvision Digital Technology Co. Ltd., a China-based manufacturing company, launched the AX HOME series wireless alarm system, an easily navigable home security system. Through the open-things access protocol, it provides improved integration with external devices and guarantees simple deployment, scalability, two-way authentication, data encryption, and high transmission efficiency. With its user-friendly design, the AX HOME series offers minimal maintenance costs, simple setup, and upkeep via online and mobile apps, and straightforward installation. The control panel is a quick and easy security solution that just requires two easy steps from users to activate.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Honeywell International Inc., Johnson Controls International plc, Securitas AB, Hangzhou Hikvision Digital Technology Co. Ltd., Assa Abloy Group, ADT Inc., Godrej & Boyce Mfg. Co. Ltd, Robert Bosch GmbH, Vivint Smart Home Inc., Nortek Security & Control LLC, UTC Fire & Security Americas Corporation Inc., Stanley Black & Decker Inc., SimpliSafe Inc., Godrej & Boyce Mfg. Co. Ltd, Napco Security Technologies Inc., Visonic Ltd., RISCO Group, Frontpoint Security Solutions LLC, DSC (Digital Security Controls), AlarmForce Industries Inc., Banham Patent Locks Limited, Pyronix Limited
Intruder Alarm System Market 2024 Key Insights:
• The intruder alarm system market size is expected to see rapid growth in the next few years. It will grow to $3.67 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Surging Crime Rates Fuel Demand For Robust Intruder Alarm Systems
• Wireless Alarm Systems The Future Of Reliable Home Security
• North America was the largest region in the intruder 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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