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The Global Home Security System Market size is predicted to reach $117.3 billion by 2030, growing at a CAGR of 8.4% during the forecast period 2024-2030. according to the latest market research report published by IndustryARC. The surging demand for home security solutions integrated with AI to enhance the security and lifestyle are poised to propel the market growth, finds IndustryARC in its recent report, titled “Home Security System Market Size, Share & Trends Analysis Report By Service Model (DIY (Do It Yourself), Professional Monitoring System), By Security Type (Fire Detection System, Access Control System, Video Surveillance System, Intrusion Detection System, Home Automation System), By Technology (Wired Systems, Wireless Systems, Hybrid Systems), By End Users (Residencies, Commercial buildings, Industries, Institutions, Others), By Sales Channel(OEMs, Aftermarket ), By Region and Segment Forecasts, 2023–2030”
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Home Security System Market 2024-2030: Scope of the report
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Home Security System Market Report – Key Takeaways:
● Increasing usage of biometrics and face recognition systems
Biometric authentication, such as fingerprint scanning or facial recognition, provides a higher level of security compared to traditional methods like PINs or passwords and offers a more seamless and convenient user experience. In March 2023, Authorities in Brunei received facial recognition technology from NEC as part of the Department of Internal Security's efforts to enhance security coverage. The facial recognition system will help the department of internal security work towards addressing new and emerging security threats, including terrorism.
● Integrating AI into home security systems
AI-powered security systems can analyse vast amounts of data from various sensors, cameras, and other devices. This enables them to detect and differentiate between real threats and false alarms more accurately, reducing the number of unnecessary alerts. According to the 2023 AI business survey by PricewaterhouseCoopers (PWC), Over 50% of businesses are using AI in Video surveillance, with more than 25% reporting widespread AI adoption within their company.
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Key Opportunity Analysis:
Awareness of security at home
Growing awareness about the importance of home security and the benefits of installing security systems is expanding the potential customer base. As people become more concerned about safety and property protection, the demand for security solutions is expected to rise. According to the Vivint Smart Home survey of 2023, Over 3 in 8 homeowners will upgrade their home security in 2023 by integrating AI features. Among those surveyed, 40% reported owning a home security system, with homeowners being 78% more likely than renters to own one.
Technological advancements in security
Rapid advancements in technology are driving innovation in the home security system. This includes improvements in artificial intelligence, machine learning, and computer vision, which enhance the capabilities of security cameras and sensors. In September 2023, Azena announced upgrades to its open platform for smart cameras that offer new integration capabilities into existing video surveillance systems and tools for more efficient device management for systems integrators.
Integration of home security with smart homes
The convergence of home security systems with smart home technology creates a more comprehensive and interconnected home ecosystem. Security devices that can seamlessly integrate with other smart devices, such as smart locks, thermostats, and lighting systems, provide added convenience and control for users. In January 2023, Apple (US) launched HomePod (2nd Generation), which is a smart speaker that allows users to monitor the temperature and humidity in a room hands-free, establish smart home automation with Siri, and get notifications when a smoke or carbon monoxide alarm is detected in their house.
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The Report also Covers the Following Areas:
● Home Security System Market Size and Forecast
● Home Security System Market Trends
● Home Security System Market Analysis by Product Type
Home Security System Market 2024-2030: Key Highlights
● CAGR of the market during the forecast period 2024-2030.
● Value Chain analysis of key stake holders.
● Detailed analysis of market drivers and opportunities during the forecast period.
● Home Security System Market size estimation and forecast.
● Analysis and predictions on end users’ behavior and upcoming trends.
● Competitive landscape and Vendor market analysis including offerings, developments, and financials.
● Comprehensive analysis of challenges and constraints in the Home Security System Market.
Covid and Ukrainian Crisis Impact:
The pandemic forced many people to work remotely, leading to a greater emphasis on home automation and smart security. Integration with smart home devices became more important, as homeowners sought ways to manage their security systems remotely and ensure their homes were secure while away. Also, as social distancing measures were implemented, and home visits from professionals became challenging, the popularity of DIY home security systems increased.
Political and economic uncertainty in Eastern Europe caused by the Russia-Ukraine Conflict and its potential implications for demand-supply balances-imposed pressure on pricing variants, and import/export and trading of security systems.
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List of Key Market Players in Home Security System Market:
The Global Home Security System Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- ADT Inc.
- ABB Ltd.
- Google LLC
- Arlo Technologies Inc.
- Resideo Technologies, Inc.
- Johnson Controls
- ASSA ABLOY
- Robert Bosch
- Allegion plc
- Secom Co., Ltd.
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