Home Security Solutions : Technological Advancements, Evolving Industry Trends and Insights

Security and privacy have become major concerns among residential societies. Various efforts at securing homes are being made in order to ensure safety even when home owners are away. These include 24-hour manned security gates, armed patrols, and perimeter monitoring systems. With the growing rates of property crime, burglaries, and home invasions in recent years, the demand for enhanced home security solutions has significantly grown.

Due to various technological advancements worldwide, smart home technology is being adopted widely by the end users during recent years, which also increases the need for home security, surveillance, and control functions. Issues such as installation complexities, technical malfunctions, maintenance, and troubleshooting, which are faced by consumers, are now addressed by managed security service providers. This has significantly broadened the consumer offerings, which further drive the growth of home security solutions market.

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The high installation costs and lower levels of IT literacy among home owners act as major hindrances to the growth of the home security solutions market. By providing home safety along with home security and improvements in terms of compatibility and accessibility between smart monitoring services with different platforms and interfaces will be a good growth opportunity for home security solutions market in the future.

Also, increasing the market presence and customer touch points would result in greater home security solutions brand awareness among people. The global home security solutions market generated revenue worth US$ 8,339.2 Mn in 2014 and is projected to grow at a CAGR of 18.0% during the forecast period (2015 – 2022) to reach a market size of US$ 30,293.0 Mn by 2022.

On the basis of component types, the home security solutions market is categorized into hardware, software, and services. The hardware segment consists of video surveillance, access control, electronic locks, alarms, and sensors and detectors. The applications of video surveillance systems range from complete security to remote monitoring accessibility.

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Access control and authentication refers to the various measures, either physical or electronic, designed for the monitoring of people and objects, and controlling access to and preventing intrusion of any property and information. It is primarily concerned with the restriction of the physical access to unauthorized people in controlled facilities and buildings.

The access control systems discussed here include biometrics, RFID, and card-based access control. Biometrics have various applications of fingerprint recognition, facial recognition, and iris recognition. This technology is already a big success in the commercial sector, due to which consumers are now considering it for domestic purposes as well for advanced and personalized security.

In 2014, the key home security solutions vendors included Assa Abloy AB, ADT Corporation, Honeywell International, Inc., Vivint, Inc., Tyco International Ltd., HikVision Digital Technology Co., Ltd., Axis Communications AB, Frontpoint Security Solutions, SimpliSafe, Inc., and Protect America, Inc

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