Home Security Sensors Market size is poised to reach USD 50 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of home security sensors was USD 19 Billion. The reason behind the growth is due to the rapidly growing population across the globe, resulting in the emergence of new residential buildings. For instance, between 2020 and 2100, there will be around 3 billion more people on the planet. Particularly, by 2030, over 35% of the global population, is expected to require access to decent housing, leading to a daily need for more than 95,000 new, accessible, and affordable housing units.
The growing advancements in sensor technology are believed to fuel the home security sensors market growth. Multimodal and multispectral sensors that can record various data kinds at once have been developed which are tiny devices that integrate multiple sensing functions to facilitate extensive data collecting and analysis and enable detailed analysis in applications including remote sensing, agriculture, and environmental monitoring.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~9% |
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Base Year Market Size (2023) |
~ USD 19 Billion |
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Forecast Year Market Size (2036) |
~ USD 50 Billion |
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Regional Scope |
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Component (Software, Services)
The software segment in the home security sensors market is estimated to gain a robust revenue share of 55% in the coming years. A significant amount of the technology used in contemporary security systems is comprised of several cameras or sensors connected to a central hub for home security and is used to protect against burglary and uninvited intruders. The combination of cloud computing and IoT facilitates remote access to systems and makes software easier to use for residential consumers by reducing its complexity.
Moreover, complex sensors, computer devices, sprinklers, and alarms are often combined to form fire alarm systems which are integrated with specialized software, that assists emergency responders in finding the incident fast.
Application (Video Surveillance, Alarm System, Fire Protection System)
The video surveillance segment in the home security sensors market is set to garner a notable share shortly. The use of security cameras to keep an eye on and document activity in a particular area for security, safety, or monitoring is known as video surveillance, which is often used to monitor daily operations and safeguard valuables. Closed Circuit TV (CCTV) is another name for video surveillance security systems, which are used to monitor and secure certain parts to deter improper behavior in the home.
Typically, home security systems are very popular as they are inexpensive which makes them accessible to the typical household for home surveillance which entails placing security cameras inside or outside the house to monitor property. It's stated that home video surveillance systems are secure and can successfully meet residents' expectations for security.
In addition, a fire safety system is a need for modern homes and is frequently found in apartments and flats since it is unquestionably, one of the most effective tools for preserving priceless lives and property, which is why many home security firms offer smoke and fire protection that is intended to identify and notify residents and emergency personnel of the presence of fire or smoke.
Our in-depth analysis of the global market includes the following segments:
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Component |
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Application |
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End-User |
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North American Market Forecast
Home Security Sensors market in North America is predicted to account for the largest share of 43% by 2036 impelled by the growing rate of urbanization driven by advances in digital technology. For instance, the percentage of Americans who live in cities is predicted to be around 82%, and this figure is expected to rise by over 87% by 2050. To accommodate the expanding population, additional structures and infrastructure are needed, leading to an increase in the quantity of new residential, commercial, and industrial structures. Particularly, in 2022, there were more than USD 880 billion worth of new residential development projects in the US. This has led to an increase in the need for home security cameras in the region as it is estimated that a minimum of one home security equipment is owned by over 70% of American homes.
APAC Market Statistics
The Asia Pacific home security sensors market is estimated to be the second largest, during the forecast timeframe led by the growing construction activities. Within the following two to three years, India's construction business is expected to rise to the third rank, and is anticipated to reach around USD 1 trillion by 2025, with a focus on urbanization trends and programs including "Housing for All." Moreover, India's construction industry is expected to continue expanding in the next years as a result of rising investments in the field, ongoing relaxation of restrictions, and the rise in road and highway development activity that will also promote new public-private partnerships to construct large-scale projects.
Author Credits: Abhishek Verma
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