According to the Federal Bureau of Information (FBI), 60% of the burglaries occur between 6 A.M. to 6 P.M. in the United States. Generally, this is the time period when people are out for work and busy with other chores. This gives intruders opportunity to breach the residential complexes. Such a threat from burglaries and robberies has catalysed the market for smart home security systems and solutions. Remote monitoring and immediate response systems are considered as the solution to this issue.
Smart homes are the latest trend that is being pursued by various real estate organisations. As per a report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the construction of new residential statistics reached the mark of around 1.78 million in 2018. Taking all the vulnerabilities to houses into account, most of the building complexes are expected to emerge with smart security solutions for the infrastructure. The global proliferating pace in construction is one of the major growth drivers for the global home security solutions market.
As per the market analysis reports from IndustryARC, the global home security systems and solutions market size is around $50 billion as of 2018. Considering the global trends, the market is expected to grow at a CAGR of around 8% to 10% during the forecast period of 2019 to 2025. Taking geography distribution into account, the North America region shares the maximum market share of around 35% to 40% of the total marketplace. 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.”
According to Housewares, the first 11 months of 2017 witnessed the hike of 40% sales in home automation devices in the United States only. This justifies the large market share of North America in home security systems and solutions market. Home security systems and solutions are majorly applicable for intrusion detection, with an impressive CAGR of 15% going through 2025. With globally increasing malpractices in the home security sector, detection of unethical intrusions is necessary. The increasing technological advancements have emerged with various products that are employed in detecting home intrusions.
The smart home is the trending technology being employed in residential complexes that provides access control to security practices such as motion detectors, intruder detector systems, alarm systems, and security camera systems. Such systems are being enabled by the instalments of numerous automation devices. Photoelectric beams are also employed in video surveillance systems to convert light energy into electrical signals. Smart grid system integrates the electrical network with digital communication techniques to establish communication between the customer and the home.
Home Security Systems and Solutions Market Companies: Recent Developments
Some of the major key players in the market are Johnson Controls, Honeywell, FLIR, Axis Communications, Anixter, ABB, Schneider Electric, Allegion, Godrej, Bosch, UTC, AssaAbloy, Visonic, Pelco, and Tyco.
Allegion is one of the leaders in the global security product and solution provider based in Ireland. The company launched a $50 million corporate venture to speed up the growth of innovative products and technologies in the security sector. The company aims to go beyond traditional approaches to apply smarter, faster, less intrusive, and stronger security systems for the residential infrastructure.
United Technology is a conglomerate from the United States. The company is working to maintain an accessible, efficient, safe, secure and sustainable environment. The UTC Fire and Security launched a robust digital video recorder (DVR) called goVision. The product is enabled to provide effortless data retrieval and high-quality video surveillance to their enterprise customers.
The global security situation has poised the growth of advanced home security systems and solutions market. Techniques such as remote monitoring and video surveillance have been proved effective in reducing global intrusion incidents. Advanced security solutions integrated with smart homes is trending across the world and is expected to increase at a significant rate, thereby inducing profits in the home security systems and solutions market.
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Smart Homes Market