The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.
The Home Security System by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Home Security System, The home security system market size has grown steadily in recent years. It will grow from $4.2 billion in 2023 to $4.36 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to increased affordability, remote monitoring and control, consumer awareness and education, insurance discounts for security systems, .
The home security system market size is expected to see steady growth in the next few years. It will grow to $4.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to energy efficiency and sustainability, elderly and child monitoring solutions, interoperability standards, growing demand for video surveillance systems, . Major trends in the forecast period include advancements in technology, integration with smart home ecosystems, video analytics and facial recognition, increased adoption of wireless technologies, smart sensors and detectors, innovations in alarm technologies, elderly and child monitoring solutions..
The increasing usage of internet of things (IoT) devices is expected to propel the growth of the home security system market over the forecast years. The internet of things (IoT) refers to a system of internet-connected objects that can collect and transfer data through a wireless network without human intervention. In terms of home safety, IoT security solutions are used to gain a better understanding of who enters and exits a facility in real-time, monitor facility conditions reliably and securely from any location with Wi-Fi connection, important security notifications are transmitted directly to their mobile device, allowing them to act swiftly. For instance, according to Norton, a US-based antivirus and anti-malware software development company estimate that in 2021 there are around 11.6 billion IoT devices used, and it will grow to 21 billion IoT devices by 2025. Therefore, the emergence of the internet of things and wireless technologies drives the home security system market growth.
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The home security system market covered in this report is segmented –
1) By System: Fire Protection System, Video Surveillance System, Access Control System, Entrance Control System, Intruder Alarm System
2) By Component: Hardware, Software, Services
3) By Security Type: Professionally-Installed And Monitored, Self-Installed And Professionally Monitored, Do-It-Yourself (DIY)
4) By End User: Condominiums, Apartments, Independent Homes
Top Major Players:
ADT LLC
Honeywell International Inc
Johnson Controls International plc
Hangzhou Hikvision Digital Technology Co. Ltd
Assa Abloy AB
Implementation of artificial intelligence (AI) and deep learning in home security systems is shaping the home securities system market. Artificial intelligence is used in home automation for human behavioral patterns and to automate home devices. It is used in daily household activities as a security system and acting as technology in improving the home security system market. For Instance, in 2021, Samsung, a home security-based company has integrated AI-based Bixby voice control which can recognize individuals in the home. The user can control the device by voice through a Samsung TV. It has the technology to display the person who is standing in front of the door and act as a home security system.
The home security system market report table of contents includes:
1. Executive Summary
2. Home Security System Market Characteristics
3. Home Security System Market Trends And Strategies
4. Home Security System Market – Macro Economic Scenario
5. Global Home Security System Market Size and Growth
….…..
31. Global Home Security System Market Competitive Benchmarking
32. Global Home Security System Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Home Security System Market
34.Home Security System Market Future Outlook and Potential Analysis
35.35. Appendix
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