Home Security System Market to Cross US$ 36 Billion by 2023 and projected CAGR of around 9%

Global Home Security System Market Research Report and Forecast Till 2023

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Report Description and Highlights

Report Description

Home Security System Market Report By Product (Security cameras, Electronic & smart locks, Sensors & detectors, Alarms, Security solutions and DIY home security), Application (Commercial Sector, Residential Sector, Public Sector and Industrial Sector), Region Over the past few years, the global home automation system market has witnessed strong growth. This can be accredited to the growing awareness among the users about the benefits offered by security devices and strict regulations imposed by governments of various countries to reduce power consumption.

Market Overview: Home security system is a network of integrated electronic devices designed to detect and defend against burglars and other potential home intruders. It works on a simple principle of securing all entry points by deploying sensors throughout the home which can be monitored by a control panel. A new research report by IMARC Group, titled “Home Security System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market reached a value of more than US$ 24 Billion in 2017. The report further anticipates the market to cross US$ 36 Billion by 2023, at a projected CAGR of around 9% over the forecast period.

Report Description and Highlights

Report Description

Global Home Security System Market Drivers/Constraints: • •

• •

In the recent years, the rise in the crime rates, burglaries, and home invasions have led to increased security concerns among the consumers. This has accelerated the demand for enhanced home security system worldwide.

The emergence of smart phones and the advancement in technology such as wireless integration and other "smart home" features which provide greater flexibility and convenience to the consumers are expected to be the other major drivers propelling the growth of home security system market across the globe.

The improvement in network infrastructure, broadband and internet penetration along with the introduction of home automation, service bundling and intelligent building are also contributing towards boosting the market for home security systems.

The high installation cost of home security systems and their maintenance has placed the technology out of reach from many consumers, thereby restraining the growth of the global home security system market. Moreover, the low rate of IT literacy, particularly in the underdeveloped nations is also marring the market’s growth.

Home Security System Market Segmentation: Request for a sample report: https://www.imarcgroup.com/home-security-system-market/requestsample

Market Forecast

Sample Figure: Global: Home Security System Market Forecast: Sales Value (in Billion US$), 2018-2023

184.3

191.7

199.3

207.3

2018

2019

2020

2021

215.6

224.2

2022

2023

Market Segmentation

Report Description Market Segmentation by Product o o o o o o

Security cameras Electronic and smart locks Sensors and detectors Alarms Security solutions DIY home security

On the basis of type, the market is segmented into security cameras, electronic and smart locks, sensors and detectors, alarms, security solutions and DIY home security. Currently, security cameras are the most popular product type, on account of their various advantages such as high video quality, Wi-Fi connectivity, accessibility on Android and iOS devices through apps, and replaceable and rechargeable batteries.

Market Segmentation by Application • •

Commercial Sector Residential Sector

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Market Segmentation

Report Description • •

Public Sector Industrial Sector

Based on application, the market is segregated into the commercial, residential, public and industrial sectors.

Market Segmentation by Region • • • • •

North America Europe Asia Pacific Latin America Middle East and Africa

Region-wise, the report covers North America, Asia-Pacific, Europe, Middle East and Africa, and Latin America. Currently, North America represents the largest region due to the availability of low-cost devices and the increasing usage of advanced technologies and digitalization.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

Regional Segmentation

North America

Europ e

Asia- Pacific

Latin America

Middle East and Africa

Market Segmentation

Report Description • • • • •

Bosch Security Systems, Inc. Honeywell Security Group Johnson Controls, Inc. Assa Abloy UTC Climate, Controls & Security

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Report Description and Highlights

Report Description

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