Market Analysis
The global home security systems industry is likely to touch USD 55,698.30 billion at a 10.23% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Home security systems are indispensable parts of the contemporary housing systems. These home security systems comprise a wide variety of offerings and products which can help in safeguarding residential spaces from intrusive elements.
Various factors are fueling the global Home Security Camera Industry growth. As per the recent MRFR market estimates, such factors include the increasing criminal activities, advances in smartphone-enabled remote monitoring technology, growing awareness about home security systems, home security systems market trends of increasing adoption of IP cameras for video surveillance amid COVID-19 crisis, and the emergence of wireless technologies and internet of things.
On the contrary, high initial installation price may limit the global home security systems market growth over the forecast period.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global home security systems market based on end users, type, and product.
By product, the global home security systems market is segmented into electronic locks, smart cards, RFID, biometrics, panic buttons, alarms, fire sprinklers and extinguishers, sensors, and cameras.
By type, the global home security systems market is segmented into access control and management solution, fire protection system, intercom system, medical alert system, video surveillance solution, integrated security solution, and intruder alarm solution. Of these, the video surveillance solution segment will lead the market over the forecast period.
By end user, the global home security systems market is segmented into independent homes, apartments, and condominiums.
Regional Analysis
By region, the global home security systems market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will head the market over the forecast period. Governments setting the safety norms for different categories, rapid development in the real estate and construction sector, and the presence of technologically and economically developed countries like South Korea, Japan, and China are adding to the global home security systems market growth in the region.
In North America, the global home security systems is predicted to have favorable growth over the forecast period. The presence of big players, early adoption of new technologies such as AI and IoT, early adoption of home security systems, the presence of technically and economically developed countries like Canada and the US, high disposable income, and the development of smart cities are adding to the global home security systems market growth in the region.
COVID-19 Analysis
The COVID-19 outbreak has severely affected the growth of the home security systems market globally. Global sales are likely to fall by 10% in this fiscal year resting on the progression of the spread of the virus. Its impact on major markets like in China and the US has been adverse owing to disruptions in supply chain that has led to a fall in the demand for home security systems. The fall in the number of new construction projects and the closure of manufacturing facilities are the factors that are impacting the demand in China. In the US, the market is likely to show stronger growth over other countries in the Americas. A decline in the adoption of security systems in the short term and ongoing trade tension with China are likely to impact the growth of the home security systems market in the region.
Key Players
The leading players profiled in the global home security systems market report include HikVision Digital Technology Co., Ltd, SimpliSafe, Inc., Axis Communications AB, Allegion PLC, Assa Abloy AB, Godrej & Boyce Manufacturing Company Limited, Robert Bosch GmbH, ADT Corporation, Tyco International Ltd., Honeywell International Inc., Control4 Corporation, Vivint Inc., and United Technologies Corporation Nortek Security & Control LLC, among others. Mergers and acquisitions, collaborations, partnerships, geographic expansions, and others are the key strategies adopted by the key players to stay at the forefront.
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Home Security Camera Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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