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Home Security Solutions Market - Rising Efforts to Secure Home with Smart Technologies Driving the Industry
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Customers have become more concerned and aware and are willing to adopt as well as invest in the latest, high-level security solutions and services that are available in the market. Due to various technological advancements worldwide, smart home technology is being adopted widely by the end users during recent years, which also increases the need for home security, surveillance, and control functions. Issues such as installation complexities, technical malfunctions, maintenance, and troubleshooting, which are faced by consumers, are now addressed by managed security service providers. This has significantly broadened the consumer offerings, which further drive the growth of home security solutions market. The governments of both developed and developing nations around the world have taken initiatives to develop smart and secure townships for urban development, which have propelled the need for home security solutions in the residential segment.
The high installation costs and lower levels of IT literacy among home owners act as major hindrances to the growth of the home security solutions market. By providing home safety along with home security and improvements in terms of compatibility and accessibility between smart monitoring services with different platforms and interfaces will be a good growth opportunity for home security solutions market in the future. Also, increasing the market presence and customer touch points would result in greater home security solutions brand awareness among people. The global home security solutions market generated revenue worth US$ 8,339.2 Mn in 2014 and is projected to grow at a CAGR of 18.0% during the forecast period (2015 – 2022) to reach a market size of US$ 30,293.0 Mn by 2022.
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The global home security solutions market is segmented on the basis of component and geography. Based on geography, the global home security solutions market is divided into North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific. In 2014, in terms of revenue, North America led the global home security solutions market. North America held a share of 37.3% in the global home security solutions market and is predicted to progress at an 18.40% CAGR during the period between 2015 and 2022.
Assa Abloy AB, Honeywell International, Inc., Tyco International Ltd., Axis Communications AB, SimpliSafe, Inc., Protect America, Inc, ADT Corporation, Vivint, Inc., HikVision Digital Technology Co., Ltd., and Frontpoint Security Solutions are a few of the leading companies in the global home security solutions market.
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