According to a new market report published by Transparency Market Research “Home Security Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022”, the global home security solutions market is expected to reach a value of US$ 30.3 bn by 2022.
The market is estimated to expand at a CAGR of 18.0% during the forecast period from 2015 to 2022. Rising security needs among customers at homes, the emergence of managed security solutions as an affordable option, government initiatives, and attractive insurance policies are the key factors driving the growth of home security solutions market, globally.
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North America was the largest geographical market for home security solutions in the year 2014 with a market share of 37.3%; it is also expected to be the fastest-growing market with an estimated CAGR of 18.4% during the forecast period (2015 – 2022). With the retrieval in residential construction activities, as well as a rise in improvement and renovation activities in the residential infrastructure, the demand for home security solutions continues to grow in this region.
Biometrics, smart cards voice transmissions, and asset tracking systems are mainly driving the growth of home security solutions in the residential sector of North America. Demand will also be aided by ongoing concerns about crime and anti-social activities such as thefts and burglaries in the residential areas.
Electronic locks is also the fastest-growing hardware segment in home security solutions market, with a projected CAGR of 25.5% during the forecast period. During the recent years, electronic locks have emerged as one of the most sophisticated and cost-effective ways of inhibiting the unauthorized access over any other locking system, which leads to increased demand for it in the near future.
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Other developments in the residential sector in North America include new concepts, such as the integration of home automation and security, intelligent buildings, and service bundling, which further increases the adoption of home security solutions in this region.
The home security hardware segment occupied approximately 93% share of home security solutions market in the year 2014. The home security solutions ensure safety and security of homes and residential buildings from crime and antisocial activities with various monitoring and controlling functions.
DIY security solutions are gaining popularity among the growing number of consumers worldwide due to their cost effectiveness and ease of use, which aid the growth of security solutions among home owners. The home security services segment is growing the fastest, with an expected CAGR of 26.7% during the forecast period. The complexity of initial deployment and the need for optimal performance of home security solutions has increased the demand for the services market in residential areas.
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Electronic locks was the largest segment of the home security hardware market, accounting for approximately 63% of the total hardware market in 2014. These locks are more reliable than the traditional systems, where the locking was purely dependent on the keys. Electronic locks are connected to access control systems, which record all information such as time, place, and the number of times the lock was used. Another factor for the rise in demand for the electronic locks is the growing number of intelligent criminal breaches worldwide.
During the recent years, the leading home security solution vendors are looking forward to offer advanced home security solutions as per the specific needs of the home owners. Leading home security solutions providers in the year 2014 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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