The global home security sensors market is estimated to grow at a CAGR of ~8% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing demand for advanced security in residential places, backed by the rising crime rate across the world. The global population is growing at a rapid rate, resulting in emergence of new residential buildings which require security. According to the data by the World Bank, the global population reached 7.753 billion in 2020. The growing urbanization is another major factor estimated to boost the market growth. The increasing dangers of security threats amongst people, along with the mounting rates of burglary and robbery, are estimated to increase the demand for home security sensors. Moreover, the adoption of advanced technology backed by high disposable income of individuals is projected to boost the market growth.
The market is segmented by application into video surveillance, alarm system, fire protection system, and others, out of which, the video surveillance segment is anticipated to hold a notable share in the global home security sensors market over the forecast period on account of rising demand for video surveillance systems in houses to ensure complete safety from theft, and other crimes. As video surveillance provides the option to not only view but also record the footage, it can lower the chances of any crime significantly. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global home security sensors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high prevalence of crimes, such as, homicide, robbery and others. In fact, more than 350 crimes are reported per 100,000 individuals in the United States. This is estimated to boost the regional market growth.
The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of growing population and urbanization in the region, along with the growing construction of residential buildings in developing countries.
The global home security sensors market is further classified on the basis of region as follows:
Our in-depth analysis of the global home security sensors market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing security threats amongst residents is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2030.
The high overall expenses are estimated to hamper the market growth.
The market in the North America region is estimated to gain largest share over the forecast period owing to the higher adoption of advanced technology and growing crime rate in the region.
The major players in the market are OMRON Corporation, Honeywell International Inc., LiveWatch Security, LLC, Frontpoint Security Solutions, LLC., Vivint, Inc., Bosch Service Solutions GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, application, end-user, and by region.
The residential segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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