Home Security Systems Market size is projected to cross USD 207 Billion by the end of 2035, growing at a CAGR of 11.20% during the forecast period, i.e., 2023-2035. In the year 2022, industry size of home security systems was over 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~11.20% |
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Base Year Market Size (2022) |
~ USD 58 Billion |
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Forecast Year Market Size (2035) |
~ USD 207Billion |
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Regional Scope |
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Services (Video Surveillance System, Alarm System, Access Control System, Fire Protection Services, Remote Monitoring Services)
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.
Type (Hardware, Software, Service)
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 market includes the following segments:
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By Home Type |
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By Installation |
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By Type |
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By Services |
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North American Market Forecast
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.
APAC Market Statistics
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.
Europe Market Forecast
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.
Author Credits: Abhishek Verma, Hetal Singh
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