Home Security Systems Market Size

Global Home Security Systems Market Size, Forecast, and Trend Highlights Over 2023 – 2035

The global home security systems market size is estimated to reach ~USD 207 Billion by the end of 2035 by growing at a CAGR of ~11.20% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of home security systems was ~USD 58 Billion. The growth of the market can be attributed to increasing demand for smart home security systems as well as the deployment of smart homes. For instance, a total of 257 million smart homes were installed around the world as of 2021. In the US 24 percent of households with three or more smart home devices. Smart homes are equipped with sensors, cameras, and other security devices that can be monitored and controlled remotely. With this technology, homeowners can monitor their homes from anywhere, receive alerts if something is amiss, and take action to protect their property. This has increased the demand for home security systems and is driving the market.

In addition to these, factors that are believed to fuel the market growth of home security systems include the emergence of new technologies such as wireless systems, artificial intelligence, and facial recognition that have made home security systems more accessible and convenient for consumers along with the increased focus on cybersecurity. More than 1,475 data breaches involving 163 million exposed records were reported in the United States in 2019. Cybersecurity measures such as encryption, firewalls, and malware protection can help protect homeowners from data breaches and malicious attacks. Additionally, home security companies are offering more comprehensive packages that include cybersecurity services to better protect their customers.

Global Home Security Systems Market: Growth Drivers and Challenges

Growth Drivers

Increasing Incidences of Theft and Robbery Across the World - Approximately 6k burglaries occur in the United States each day, according to the FBI, with one burglary occurring every 13 seconds, four burglaries occurring every 20 minutes, and 240 in an hour. Heists are also reported to occur in one in every three houses without security systems, compared to every 250 houses that have security systems. As criminal activities are on the rise, people are increasingly looking for ways to protect their homes and properties. Home security systems such as CCTV cameras, sensors, and alarms provide a quick and efficient way to detect and deter criminal activity. They also provide real-time alerts so homeowners can take quick action.
Increasing Number of Single-Parent Families - It is estimated that around 24% of children under the age of 18 in the United States live with one parent. Comparatively, 4% of Chinese children, 5% of Nigerian children, and 6% of Indian children live with only one parent. Single-parent families are more likely to feel the need for added security systems in their homes owing to their inability to have a second adult in the home at all times. This heightened sense of security can lead to increased demand for home security systems.
Growing Adoption of Home Security Devices - It is projected that more than 75% of Americans install some type of security system in order to ensure the safety of their homes. A security system is used by more than 1 in 4 Americans to protect their property and home
Emergence of Smart City Projects - The United States is the country with the largest number of smart cities, having adopted 50 smart city initiatives and technologies. Following closely behind is China with 45 smart cities, India with 25 smart cities, the United Kingdom with 10 smart cities, and Japan with 8. Also, global investment in smart city technology reached a total value of USD 150 billion by 2022. Smart city projects are designed to increase public safety and provide better services to citizens. As part of these projects, home security systems are being introduced to offer citizens better protection against intruders and other security threats.
Increased Consumer Expenditures on Smart Home Technology - Consumers are steadily spending more money on smart home technology each year. Global consumers were estimated to spend USD 130 billion on smart home systems as of 2022. The figure is expected to rise to USD 169 billion by 2025.

Challenges

High installation costs and system complexities - Home security systems involve the installation of sophisticated equipment and components, which can be cost-prohibitive for many consumers. Additionally, the complexity of the systems can make them difficult to use and may create a barrier to adoption for some individuals.
Lack of awareness about the advantages of home security systems
Inadequate exposure and the reluctance of consumers to adopt new technologies

Global Home Security Systems Market Segmentation

The global home security systems market is segmented and analyzed for demand and supply by service into the video surveillance system, alarm system, access control system, fire protection services, remote monitoring services, and others. Out of these, the video surveillance system segment is estimated to gain the largest market share of about ~34% in the year 2035. The growth of the segment can be attributed to the increasing demand for video surveillance systems by residential, commercial, and industrial establishments owing to their superior efficiency and low cost of installation. According to estimates, approximately 1 billion surveillance cameras are estimated to have been installed worldwide as of 2021, with 53% of the world's surveillance cameras being installed in China. Additionally, the advancements in technology and the emergence of artificial intelligence-based solutions are expected to drive the demand for video surveillance security cameras.

The global market is segmented and analyzed for demand and supply by type into hardware, software, and service. Out of these, the software segment is estimated to gain a significant market share of about ~42% in the year 2035. The growth of the segment can be attributed to the rapid adoption of connected devices and the need for sophisticated surveillance systems, as well as the increasing demand for cloud-based surveillance systems. The rise of internet-connected devices has enabled more complex surveillance systems, and cloud-based storage solutions make it much easier for businesses to store and access surveillance footage. Moreover, the increasing use of facial recognition technology and the development of artificial intelligence-based security systems are also expected to drive segment growth. Facial recognition technology has become increasingly prevalent, and with the development of AI-enabled security systems, businesses can now monitor their premises more effectively while also responding more quickly to potential threats.

Our in-depth analysis of the global home security systems market includes the following segments:

By Home Type	Independent Homes Condominium Apartment
By Installation	Professionally Installed Do-It-Yourself (DIY) Self-Installed
By Type	Hardware Software Service
By Services	Video Surveillance System Alarm System Access Control System Fire Protection Services Remote Monitoring Services Others

Global Home Security Systems Market Regional Synopsis

The market share of home security systems in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~38% by the end of 2035. The growth of the market can be attributed majorly to the increasing awareness about home safety and security, coupled with the growing adoption of advanced technologies such as artificial intelligence and machine learning. In addition, there are many mandatory fire protection and safety regulations in the region, such as those issued by the National Fire Protection Association and the U.S. Consumer Product Safety Commission in response to the increasing number of fires in the recent past. Every year, approximately 4,800 - 5,000 people in this country die as a result of fire, with another 25,000 being injured. Over 1,317,000 fires were reported in the United States in 2018 by public fire departments. These regulations enforce the installation of smoke detectors, fire extinguishers, and emergency exits in all residential and commercial properties. The regulations also require regular inspections to ensure that all safety systems are in proper working order.

The Asia Pacific home security systems market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the growing awareness among consumers about home security systems and the increasing number of smart city initiatives across the region. These initiatives promote the use of home security systems in the Asia Pacific region, providing an impetus to the growth of the market. Moreover, rising concerns over security and surveillance, and the increasing urban population are further projected to drive regional market growth. The urban population of the Asia Pacific region has been increasing in recent years owing to a combination of factors, such as economic development, migration patterns, and population growth. As cities become more populated, the need for security systems increases. People are more inclined to install security systems in their homes in densely populated areas to protect their property from theft and vandalism.

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing concerns about personal and property security, coupled with the rising demand for advanced and reliable security systems in Europe. Additionally, government initiatives to promote the adoption of home security systems such as the EU Strategy for a Secure Information Society are also expected to further boost the market growth in Europe. The strategy is aimed at enhancing the security of citizens’ online activities, protecting them from cyber threats and criminal activities, and ensuring the safety of their data. This includes the implementation of home security systems in both residential and commercial buildings. Additionally, rising levels of urbanization, and the increasing preference for home automation systems, are also contributing to the growth of the market in the region.

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Top Featured Companies Dominating the Global Home Security Systems Market

Rhythm Energy
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis

Arlo Technologies Inc.
Google LLC
ABB Ltd
Zmodo
ADT Inc.
Johnson Controls, Inc.
Nortek Security & Control LLC
Honeywell International Inc
Assa Abloy

In The News

Rhythm Energy has announced the Simply Secure 24 bundle, featuring a fixed-rate energy plan and a full-featured home security system from SimpliSafe. The bundle offers customers a discounted rate for their energy and also includes a state-of-the-art home security system from SimpliSafe.
An innovative smart home security system has been introduced by Arlo Technologies Inc. The All-in-One Multisensor system is recognized as a 2022 CES Innovation Award winner. The system uses motion and temperature sensors to detect and alert users of any possible security threats in home.

Global Economic Impact

Request Insights

Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the home security systems market?

Ans: Increasing crime rates, burglaries, and robberies as we as the increasing preference for automation and smart home systems are the major factors driving the market growth.

2) What would be the CAGR of home security systems market over the forecast period?

Ans: The market size of home security systems is anticipated to attain a CAGR of ~11.20% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the home security systems market growth?

Ans: High installation costs and the lack of awareness about the advantages of home security systems are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of home security systems market in future?

Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the home security systems market?

Ans: The major players in the market are Rhythm Energy. Arlo Technologies Inc., Google LLC, ABB Ltd, Zmodo, ADT Inc., Johnson Controls, Inc., Nortek Security & Control LLC, Honeywell International Inc, Assa Abloy, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity, and the new products being launched into the market by the company.

7) What are the segments in the home security systems market?

Ans: The market is segmented by home type, installation, type, services, and by region.

8) Which segment captures the largest market size in the services segment in the home security systems market?

Ans: The video surveillance system segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Base Year	2022
Forecast Year	2023-2035
CAGR	~11.20%
Base Year Market Size (2022)	~ USD 58 Billion
Forecast Year Market Size (2035)	~ USD 207Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)