Home security solution market is expected to grow by 2030 due to increasing need for secure access control solutions. Service sub-segment is expected to be the most dominant. Market in North America to be the most dominant.
NEW YORK, July 8, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Home Security Solution Market by Type (Hardware, Software/Platform, and Service), Solutions (Video Surveillance System, Alarm System, Access Control System, and Others), Installation (Professionally Installed and Do-it-yourself (DIY)), End-use (Independent Homes, Condominium, and Apartment), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030“.
As per the report, the global home security solution market is predicted to grow at a noteworthy CAGR of 10.56% in the 2022-2030 timeframe, thereby gathering $1,21,421.70 million by 2030.
Dynamics of the Home Security Solution Market:
Drivers: The growing demand for secure, convenient, and efficient access control solutions is expected to be the primary growth driver of the market. Additionally, growing crime rate and burglary incidents are predicted to boost the demand for security solutions and, hence, the home security solution market even further.
Opportunities: The overall increase in the consumer spending on home safety across the globe is expected to offer huge growth opportunities to the market. Along with this, technological improvements in the home security solutions are predicted to create numerous investment opportunities in the market.
Restraints: However, the high installment and monitoring costs of home security systems is expected to hamper the growth of the home security solution market.
Impact of Covid-19 on the Home Security Solution Market:
The Covid-19 pandemic, since its outbreak, has been catastrophic for several industries and businesses across the globe. The subsequent lockdowns ordered by various governments have made the situation worse by hampering global supply chains. The home security solution market has, however, witnessed a growth despite these challenges. A growth in awareness among people across the globe regarding the need to secure their homes with the help of networked cameras, video doorbells, and video surveillance installations has helped in the growth of the market despite the pandemic situation.
Segments of the Home Security Solution Market:
The report has fragmented the home security solution market into different segments based on type, solutions, installation, end-use, and region.
- By type, the service sub-segment is predicted to have the fastest growth rate and garner a revenue of $42,619.10 million by 2030. Increased demand for services like professionally monitoring services, maintenance & support, consulting & integration, etc. is expected to boost the growth of this sub-segment in the forecast period.
- By solutions, the access control system sub-segment of the home security solution is expected to register a revenue of $25,826.60 million by 2030, thereby becoming the fastest growing sub-segment. The wide range of devices offered by residential access control systems such as motorized gates, card reader, door locks, etc. is expected to be the main contributing factor behind the growth of this sub-segment.
- By installation, the do-it-yourself sub-segment is anticipated to become the fastest growing sub-segment and surpass $32,273.50 million by 2030. The overall increase in installation prices has led people to undertake the installation of home security solutions themselves, which is anticipated to help the growth of this sub-segment.
- By end-use, the independent homes sub-segment is expected to be the most dominant sub-segment of the home security solution market and garner $67,514.20 million by 2030. Growth in the number of independent homes, especially in the North America region, is predicted to be the primary growth driver of this sub-segment.
- By regional analysis, the home security solution market in North America region is expected to be the most dominant and register a revenue of $48,374.40 million by 2030. Technological advancements in the security solutions industry by the leading market players in this region and growing demand for home security solutions are predicted to be the two main reasons behind the growth of the market in this region.
Significant Market Players:
The significant market players of the home security solution market are
- Johnson control (Tyco Security Products)
- ASSA ABLOY
- Nortek Security and Control
- Bosch GmbH
- Honeywell International Inc
- ADT LLC DBA ADT SECURITY SERVICES
- Alarm.com Incorporated
- Vivint, Inc.
- Brinks Home Security (MONI Smart Security), among others.
These key market players are developing different business strategies like product development, merger and acquisitions, partnerships and collaborations to gain a commanding position in the market. – Inquire here to get access for the key player’s development strategic report
For instance, in December 2021, Securitas, a security and monitoring Services Company, announced the acquisition of Supreme Security Systems, one of the top 50 alarm monitoring company in the United States. This acquisition is expected to help Securitas to expand its foothold in the market.
The Research Dive report also summarizes many crucial aspects of the home security solution market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Home Security Solution Market:
- Home Security Solution Market to Observe Significant Growth Due to Company Acquisitions and Product Launches by Market Players, such as Johnson Controls, Nortek Security, and Others
- Which Effectual Home Security Solutions Should You Buy in 2022?
- How does Technology Empower Home Security Solutions Worldwide?
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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