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Home Security System Market: Global Insights, Trends & Future Outlook | 2024 To 2033 Key Players ADT LLC, Honeywell International Inc., Johnson Controls International plc., Hangzhou Hikvision Digital Technology Co.
Home Security System Market Share
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According to The Business Research Company's, The home security system market size has grown steadily in recent years. It will grow from $4.2 billion in 2023 to $4.36 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to increased affordability, remote monitoring and control, consumer awareness and education, insurance discounts for security systems, .
The home security system market size is expected to see steady growth in the next few years. It will grow to $4.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to energy efficiency and sustainability, elderly and child monitoring solutions, interoperability standards, growing demand for video surveillance systems, . Major trends in the forecast period include advancements in technology, integration with smart home ecosystems, video analytics and facial recognition, increased adoption of wireless technologies, smart sensors and detectors, innovations in alarm technologies, elderly and child monitoring solutions..
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Market Drivers and Trends:
The increasing usage of internet of things (IoT) devices is expected to propel the growth of the home security system market over the forecast years. The internet of things (IoT) refers to a system of internet-connected objects that can collect and transfer data through a wireless network without human intervention. In terms of home safety, IoT security solutions are used to gain a better understanding of who enters and exits a facility in real-time, monitor facility conditions reliably and securely from any location with Wi-Fi connection, important security notifications are transmitted directly to their mobile device, allowing them to act swiftly. For instance, according to Norton, a US-based antivirus and anti-malware software development company estimate that in 2021 there are around 11.6 billion IoT devices used, and it will grow to 21 billion IoT devices by 2025. Therefore, the emergence of the internet of things and wireless technologies drives the home security system market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
ADT LLC, Honeywell International Inc., Johnson Controls International plc., Hangzhou Hikvision Digital Technology Co. Ltd., Assa Abloy AB, Secom Co. Ltd., Robert Bosch GmbH, United Technologies Corporation, Godrej & Boyce Mfg. Co. Ltd., Allegion plc, Control4 Corporation, Schneider Electric SE, Nortek Security & Control LLC, Vivint Inc., Armorax Limited, Google Nest, Loop Labs Inc., Canary Connect Inc., Scout Security Group, SimpliSafe Inc., Securitas AB, Bosch Security Systems Inc., Legrand Group, Resideo Technologies Inc., STANLEY Convergent Security Solutions Inc., SkyBell Technologies Inc., Apple Inc., LiveWatch Security LLC, Amazon. com Inc., FrontPoint Security Solutions LLC, NETGEAR Inc., Samsung Electronics Co. Ltd., Alphabet Inc., Comcast Corporation, Swann Communications Pty Ltd., Lorex Technology Inc., Night Owl SP LLC, Defender, Amcrest Technologies LLC, Zmodo Technology Corporation, Reolink Digital Technology Co. Ltd., LaView Inc., ANNKE INNOVATION (HK) CO. LIMITED, Shenzhen Fosca Intelligent Technology Co. Ltd.
Home Security System Market 2024 Key Insights:
• The home security system market size is expected to see steady growth in the next few years. It will grow to $4.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%.
• The Increasing Usage Of IOT Devices Drives The Home Security System Market Growth
• Artificial Intelligence And Deep Learning Revolutionize Home Security Systems
• North America was the largest region in the home security system market in 2023
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