DUBLIN, January 27, 2022--(BUSINESS WIRE)--The "Home Security Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Home Security Systems Market to Reach US$68.2 Billion by the Year 2026
The global market for Home Security Systems estimated at US$50.2 Billion in the year 2020, is projected to reach a revised size of US$68.2 Billion by 2026, growing at a CAGR of 5.4% over the analysis period.
The demand for home security systems is witnessing a rapid growth. The scenario is therefore creating demand for highly sophisticated security solutions like access control systems, IP-based video surveillance, digital CCTVs and remote-monitoring solutions. Demand is also driven by the low penetration rate of home security systems in the US, which is estimated at around only 17% of the total US homes.
This factor, coupled with the $2500 average value loss per burglary, presents increased opportunities for home security systems. Technological developments also ensure that building security systems became affordable to suffice the budgetary requirements of consumers across the board.
The present generation of home security solutions offers unparalleled connectivity, control and accessibility, and more importantly enable homeowners to remotely access a wide range of features using a PC or a smartphone. The growing popularity of smart security systems is also largely attributed to their innovative features such as remote arming and disarming, viewing of stored video clips of various events, accessing of household appliances and monitoring of movements even when away from home to name a few.
Video Surveillance Systems, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$28.8 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Access Control Systems segment is readjusted to a revised 5.2% CAGR for the next 7-year period. This segment currently accounts for a 17.8% share of the global Home Security Systems market.
Video Surveillance involves the process of monitoring the activity and behavior of individuals, a group of individuals, and/or machines for the purpose of managing, directing, influencing or protecting them. Strong demand for networked cameras drive growth in the Video Surveillance Systems segment. The growing demand for smart locks drives growth in the Access Control Systems segment.
Smart locks are electromechanical locks designed to automatically lock and unlock a door through commands from an authorized device or an authentication PIN, have come to the fore offering a new generation door locking system. The access control solution monitors multiple usage of a card at locations that does not permit its usage.
Entrance Control Systems Segment to Reach $8.9 Billion by 2026
In the global Entrance Control Systems segment, USA, Canada, Japan, China and Europe will drive the 4.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.6 Billion in the year 2020 will reach a projected size of US$7.4 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$798.6 Million by the year 2026.
The U.S. Market is Estimated at $16.9 Billion in 2021, While China is Forecast to Reach $7.4 Billion by 2026
The Home Security Systems market in the U.S. is estimated at US$16.9 Billion in the year 2021. The country currently accounts for a 32.7% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$7.4 Billion in the year 2026 trailing a CAGR of 7.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$8.1 Billion by the end of the analysis period.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Rising Security Threats & Safety Concerns at Residential Places Provide the Foundation for the Growth of Home Security Systems
The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
These are Times When Questions Abound & Answers Are Few
So How Fast Or Slow Are We Moving?
Split Scenarios Unfold: The Great Vaccine Divide Emerges
Progress on Vaccinations, Why Should Businesses Care?
How the Construction Industry, a Key Influencer of Opportunities in the Home Security Systems Market, Was Impacted by the Pandemic & What's the New Normal?
Home Security Systems: Definition, Importance & Benefits
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 217 Featured)
ADT LLC dba ADT Security Services
Assa Abloy AB
Bosch Service Solutions GmbH
Frontpoint Security Solutions, LLC
Teledyne FLIR LLC
Godrej & Boyce Mfg.Co. Ltd.
Hangzhou Hikvision Digital Technology Co., Ltd.
Honeywell International Inc.
Nortek Security & Control LLC
Schneider Electric SE
Scout Security Inc
Stanley Convergent Security Solutions, Inc.
3. MARKET TRENDS & DRIVERS
Smart Locks Emerge as the Leading Growth Category in the Access Control Systems Segment
Technology Innovations in the Smart Locks Space: A Review
Rise in Home Fires, Awareness Over Fire Safety & Strict Regulations Step Up the Importance of Installing Fire Safety/Protection Systems
Strong Demand for Networked Cameras Emerge as a Key Trend in the Home Video Surveillance Space
Rise of Smart Homes & Home Automation to Offer Growth Opportunities on a Platter
Security and Surveillance in Smart Homes: A Review
Home Automation and Security Systems Converge to Promote security Along With Comfort, Energy Efficiency & Convenience
Automation & Home Security: A Special Focus
Video Doorbells Market: A Promising Market
Home Renovations & Need for Better Buildings for Post Pandemic Living to Spur Sales of Home Security Systems
Residential Renovations to Regain Lost Momentum Post Pandemic
AI to Revolutionize Home Security. Here's How
Role of Blockchain in Home Security Systems
Continuous Innovation Remains Crucial to Growth
Favorable Demographic and Economic Trends Strengthen Market Prospects
Aging Population: An Important Growth Driver
Rapid Urbanization & Rise in Better Provisioned Houses for the Middle Class Drive Demand For Home Security Systems
Role of IoT in Home Security Systems
Growing Popularity Wireless Home Security Systems to Boost Market Prospects
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/a5dixh
View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005621/en/
Laura Wood, Senior Press Manager
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