Home Security Systems Market | expected to reach $96.5 billion | growth of 9.1% CAGR | 200 pages report – Taiwan News

The Global Home Security Systems Market size is expected to reach $96.5 billion by 2028, rising at a market growth of 9.1% CAGR during the forecast period.

Global Home Security Systems Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Home Type (Condominiums/ Apartments and Independent Homes), By Security Type, By Regional Outlook and Forecast, 2022 ? 2028

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When a secured zone is broken, a home security system consists of a mix of software and hardware technologies that are designed to detect an intrusion or unauthorized entrance. It can function even in the event of a power loss and warns of potential environmental hazards like carbon monoxide poisoning, fire, flooding, and so on. Nowadays, home security systems are microprocessor-based and perform a wide range of duties while providing a user-friendly interface.

Smart security cameras connect to Wi-Fi, allowing user to remotely live stream images of the system and receive alerts when the cameras detect movement, persons, or parcels. Many cameras come with infrared or color night vision, cloud or local storage, and two-way audio, allowing the user to communicate with whoever is on camera. Smart platform integrations, such as Amazon Alexa or Google Assistant, are also available on some cameras.

Motion sensors should be installed in a main entryway or hallway on the ground level of a property to detect motion and notify the user when the security system is activated. Entry sensors, also known as contact sensors, are made up of two parts: one which goes on the door or window and the other on the frame. The sensor will notify the user if it believes an entrance point has been opened. On the bottom floor, it is recommended installing entry sensors on windows or doors.

Covid-19 Impact Analysis

The pandemic COVID-19 had a significant impact on the home security systems market. Manufacturing delays and the temporary suspension of non-essential transportation caused a substantial drop in comprehensive sales in 2020. COVID-19 has had a severe negative impact on major markets such as the United States and China, with supply chain disruption in China resulting in a drop in demand for home security systems. Demand in China has been impacted by a drop in the number of new development projects and the closure of manufacturing operations.

Market Growth Factors

The Internet of Things (IOT) and Wireless Technologies are Gaining in Popularity

IoT-based security systems improve user safety by sending quick notifications. Smart sensing identifies and informs the user of changes in motion, heat, and sound. With the availability of a vast number of high-quality data, IoT makes devices smarter. For example, the utilization of high-definition cameras, infrared vision, and night vision surveillance systems ensure that the specifics of any incident are available 24 hours a day, seven days a week.

Acceptance of Deep Learning and Artificial Intelligence in Home Security Systems

AI has made it possible to connect automated health assessment and medical alert systems with a complete home security system. In addition to the rising usage of home security systems for video surveillance, hazard detection, and access control applications, residents cognitive and physical health monitoring is gaining traction, particularly home-based monitoring of the elderly. The AI-based cognitive analysis collects and analyses data on the occupants activities and health status.

Market restraining Factors

Costs of Installation, Maintenance, and Operation are high

The cost of the hardware, software and services required to establish a security system has a considerable impact on the adoption of home security solutions. This is owing to the pricey hardware and consultancy fees, and the upfront installation cost of a professionally installed system is also high. The cost of ownership is also considered because the system necessitates regular maintenance, subscription fees, and replacement costs in the event of damage. Subscription costs levied by third-party monitoring companies often range to a certain figure. Furthermore, software with extensive analytics features is costly and adds to the systems overall cost.

Component Outlook

By components, the home security systems market is bifurcated into Solution and Services. By Solution Type, the home security systems market is classified into Fire Protection systems, Video Surveillance Systems, Access Control systems, Entrance Control systems, and Intruder Alarm systems. The Video Surveillance System segment witnessed the maximum revenue share in the home security systems market in 2021. The method of monitoring the activity and conduct of individuals, groups of humans, and/or machines for the purposes of managing, guiding, influencing, or protecting people is known as video surveillance. The Video Surveillance Systems industry is growing due to the strong demand for networked cameras.

Home Type Outlook

By Home Type, the home security systems market is divided into Independent Homes and Condominiums/ Apartments. The independent homes segment witnessed a promising revenue share in the home security systems market in 2021. It is due to independent homes requiring a higher level of security as there is a lack of general security services provided by any security agencies. Including home security systems in an independent house offers more ample amount of security than a security agency.

Security Type Outlook

By Security, the home security systems market is fragmented into Professional-installed and monitored, Self-installed and professionally monitored, and Do-It-Yourself (DIY). The professional-installed and monitored segment acquired the highest revenue share in the home security systems market in 2021. If an individual has a professionally monitored system, a call center monitors the setup 24 hours a day, seven days a week, and receives a notification when something activates the alarm. The service includes monitoring of the area, instantly when the siren is blown in order to ensure everything is fine in respect to home security.

Regional Outlook

By Region, the home security system market is analysed in North America, Europe, Asia Pacific, and LAMEA. North America emerged as the leading region in the home security systems market with the largest revenue share in 2021. The region is leading the way in terms of introducing access control systems to increase security and safety. Companies operating in the United States, Canada, and Mexico are expanding the competence in access control systems in order to provide novel technology and services in this segment and obtain a competitive edge over competitors from other nations.

The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; ABB Group are the forerunners in the Home Security Systems Market. Companies such as Johnson Controls International PLC and Assa Abloy AB are some of the key innovators in Home Security Systems Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Robert Bosch GmbH, ABB Group, Resideo Technologies, Inc., ADT, Inc., Assa Abloy AB, Allegion PLC, Snap One, LLC, Secom Co. Ltd., Hangzhou Hikvision Digital Technology Co., Ltd.

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Recent Strategies deployed in Home Security Systems Market

Partnerships, Collaborations and Agreements:

May-2021: Johnson Controls came into a partnership with DigiCert, the worlds leading provider of digital certificate services and PKI solutions. This partnership aimed to enable Johnson Controls to give customers enhanced peace of mind by mitigating the risk of costly operational interruptions because of cybersecurity attacks while offering resilient, trusted smart building solutions that use the most advanced PKI technology from DigiCert.

Aug-2020: ADT came into a partnership with Google, an American multinational technology company. This partnership aimed to unify Nest?s hardware and services, powered by Google?s machine learning technology, with ADT?s installation, service, and professional monitoring network to develop a more efficient smart home and unified experience for customers over the United States and create the next generation of smart home security offerings.

Product Launches and Product Expansions:

Oct-2020: Resideo Technologies unveiled its Honeywell Home ProSeries Security and Smart Home Platform. This product aimed to provide dealers that serve residential and small businesses with a comprehensive, end-to-end solution and expands Resideos overall portfolio of linked security solutions and services.

Jul-2020: Johnson Controls unveiled OpenBlue, a comprehensive suite of linked solutions and services. This product would help customers to handle operations in a more organized manner.

Acquisitions and Mergers:

Apr-2022: Johnson Controls took over Security Enhancement Systems, a provider of mobile-based, keyless access control solutions. This acquisition would enable Security Enhancement Systems to include Johnson Controls? complete portfolio of security and access control technology available comprising security and access controls, video management, security as a service, IP cameras, door controllers, and card readers.

Apr-2022: Allegion entered into an agreement to acquire Stanley Access Technologies, which manufactures, installs, and services sliding, swinging, folding, transit/metro, and revolving door systems. This acquisition aimed to expand in an adjacent market segment, offering customers and end-users a more complete offering for seamless access wherever they reside, work and thrive.

Apr-2022: Resideo Technologies took over First Alert, a leading provider of home safety products. This acquisition aimed to provide a complete portfolio of detection and suppression devices comprising smoke alarms, carbon monoxide (CO) alarms, combination alarms, connected fire and CO devices, fire extinguishers, and other suppression solutions.

Jan-2022: Snap One took over Staub Electronics, a Canadian distribution partner. This acquisition aimed to boost the capabilities over Canada, introducing a broad array of products, offering faster turnaround times on orders, enabling same-day order pick-ups, and delivering more product choices than ever before for the Canadian partners.

Jan-2022: Assa Abloy signed an agreement to acquire Vigil Health Solutions, a leader in innovative call systems and resident monitoring solutions for senior living. This acquisition aimed to offer alarm systems and solutions that guide the care of and monitor seniors living in senior living communities.

Oct-2021: ADT took over Edwards Electronic Systems, a premier fire, life safety, and security systems provider. This acquisition aimed to strengthen the ADT Commercial organization?s unification capabilities and fire and life safety expertise to offer mid-market, national, and large-scale commercial customers in the Carolinas region.

Sep-2021: Assa Abloy entered into an agreement to acquire the Hardware and Home Improvement division of Spectrum Brands. This acquisition would strengthen Assa Abloy position by including complementary products to the main business and it would boost the transformation from mechanical to digital solutions.

Mar-2021: ADT took over SAFE Electronics, a construction company, located in Las Vegas. Through this acquisition, ADT would expand its geographical footprints in Las Vegas, wherein the company would use SAFE Electronicss specialization to gain a competitive edge in the region.

Oct-2020: Resideo Technologies unveiled its Honeywell Home ProSeries Security and Smart Home Platform. This product aimed to provide dealers that serve residential and small businesses with a comprehensive, end-to-end solution and expands Resideos overall portfolio of linked security solutions and services.

Jul-2020: Johnson Controls unveiled OpenBlue, a comprehensive suite of linked solutions and services. This product would help customers to handle operations in a more organized manner.

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Scope of the Study

Market Segments covered in the Report:

By Component

SolutionVideo Surveillance SystemFire Protection SystemEntrance Control SystemAccess Control SystemIntruder Alarm SystemServicesSecurity System Integration ServicesRemote Monitoring ServicesFire Protection ServicesVideo Surveillance ServicesAccess Control Services

By Home TypeCondominiums/ ApartmentsIndependent Homes

By Security TypeProfessional-installed & MonitoredSelf-installed & Professionally MonitoredDo-It-Yourself (DIY)

By GeographyNorth AmericaUSCanadaMexicoRest of North AmericaEuropeGermanyUKFranceRussiaSpainItalyRest of EuropeAsia PacificChinaJapanIndiaSouth KoreaSingaporeMalaysiaRest of Asia PacificLAMEABrazilArgentinaUAESaudi ArabiaSouth AfricaNigeriaRest of LAMEA

Companies ProfiledJohnson Controls International PLCRobert Bosch GmbHABB GroupResideo Technologies, Inc.ADT Inc.Assa Abloy ABAllegion PLCSnap One, LLCSecom Co. Ltd.Hangzhou Hikvision Digital Technology Co., Ltd.

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Home Security Systems Market | expected to reach $96.5 billion | growth of 9.1% CAGR | 200 pages report - Taiwan News