The global home security solutions market generated revenue worth US$ 8,339.2 Mn in 2014 and is projected to grow at a CAGR of 18.0% during the forecast period (2015 – 2022) to reach a market size of US$ 30,293.0 Mn by 2022.
Security and privacy have become major concerns among residential societies. Various efforts at securing homes are being made in order to ensure safety even when home owners are away. These include 24-hour manned security gates, armed patrols, and perimeter monitoring systems. With the growing rates of property crime, burglaries, and home invasions in recent years, the demand for enhanced home security solutions has significantly grown. Customers have become more concerned and aware and are willing to adopt as well as invest in the latest, high-level security solutions and services that are available in the market.
Due to various technological advancements worldwide, smart home technology is being adopted widely by the end users during recent years, which also increases the need for home security, surveillance, and control functions. Issues such as installation complexities, technical malfunctions, maintenance, and troubleshooting, which are faced by consumers, are now addressed by managed security service providers.
This has significantly broadened the consumer offerings, which further drive the growth of home security solutions market. The governments of both developed and developing nations around the world have taken initiatives to develop smart and secure townships for urban development, which have propelled the need for home security solutions in the residential segment. The high installation costs and lower levels of IT literacy among home owners act as major hindrances to the growth of the home security solutions market.
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By providing home safety along with home security and improvements in terms of compatibility and accessibility between smart monitoring services with different platforms and interfaces will be a good growth opportunity for home security solutions market in the future. Also, increasing the market presence and customer touch points would result in greater home security solutions brand awareness among people.
On the basis of component types, the home security solutions market is categorized into hardware, software, and services. The hardware segment consists of video surveillance, access control, electronic locks, alarms, and sensors and detectors. The applications of video surveillance systems range from complete security to remote monitoring accessibility. The growing acceptance of video surveillance globally is mainly for the purpose of detecting home invasions, robberies, thefts, property crimes, and other home-based criminal incidents.
Video surveillance systems are further segmented into analog, IP-based systems, and other systems such as recorders and storage, CCTV monitors, and encoders. Analog-based video surveillance is the older technology, with a complex structure and low costs. On the other hand, IP-based video surveillance provides better video quality with live HD streaming feature even away from home, unlike analog, and is slowly replacing the analog solutions.
Access control and authentication refers to the various measures, either physical or electronic, designed for the monitoring of people and objects, and controlling access to and preventing intrusion of any property and information. It is primarily concerned with the restriction of the physical access to unauthorized people in controlled facilities and buildings. The access control systems discussed here include biometrics, RFID, and card-based access control. Biometrics have various applications of fingerprint recognition, facial recognition, and iris recognition.
This technology is already a big success in the commercial sector, due to which consumers are now considering it for domestic purposes as well for advanced and personalized security. Due to the remote scanning feature where the door locks can be controlled from distant locations, biometrics is gaining popularity in the home security solutions market. Radio-frequency identification (RFID) is a wireless noncontact system applying radio-frequency electromagnetic fields and is mostly used in real-time tracking applications.
In the coming years, Asia Pacific, Latin America, and Middle East and Africa (MEA) would be the major geographies that drive the growth of the home security solutions market. In 2014, the key home security solutions vendors included Assa Abloy AB, ADT Corporation, Honeywell International, Inc., Vivint, Inc., Tyco International Ltd., HikVision Digital Technology Co., Ltd., Axis Communications AB, Frontpoint Security Solutions, SimpliSafe, Inc., and Protect America, Inc