Home Security Systems & Solutions Market: Possibilities with IoT Creating New Opportunities

On the back of growing possibilities with the Internet of Things (IoT), artificial intelligence (AI), and robotics, as well as the zest of smart homes customers to ensure safety at all costs, the home security systems market and home security solutions market is thriving, according to the recent business publication by IndustryARC. The report has estimated the collective opportunities in the home security systems market and home security solutions market to be around $50 billion as of 2018. Moreover, the analyst projects the demand to increment at a CAGR of 8% to 10% during the forecast period of 2019 to 2025. The report is titled “Home Security Systems & Solutions Market: By Equipment (Video Surveillance, Access Control, Intrusion Detection, Others); By Solutions (VSaaS, ASaaS, Others); By Home Type (Independent, Condominiums, Apartments, Others) & Geography - Forecast 2019-2025.”

The analyst highlights a FBI’s Uniform Crimes Reporting program findings that there is an increase in burglary rate every year in United States. It was found that 57.9% of burglaries are due to forcible entry, 35.5% are unlawful entries with account of 71.6% burglaries of residential. Moreover the victims of burglary crimes grieved $3.6 billion in property loss in 2015 which account for $2,316.average dollar loss per crime. These factors have collectively driven the demand in the home security systems market. The home security systems & solutions market has come a long way from a time when security guard and hard wired alarms systems were the only options. 

The IndustryARC report has rated North America as the leading region with a global demand share of 35% to 40% in 2018. Furthermore, intrusion detection has emerged as the dominant application segment, flourishing with a CAGR of nearly 15% through to end period 2025. 

Some of the major players in home security systems & solutions market are Johnson Controls, Honeywell, FLIR, Axis Communications, Anixter, ABB, Schneider Electric, Allegion, Godrej, Bosch, UTC, Assa Abloy, Visonic, Pelco, and Tyco.

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