The home security products and solutions market is experiencing rapid growth in the form of sales of CCTV cameras and electronic alarm sensors due to the fact that crime rate is increasing in most of the countries of the world. Moreover, consumers are able to invest in high-end home security products and solutions due to an increase in the disposable income. In the present times, consumers are more informed and tech savvy and they want solutions that are equipped with advanced features. Consumers in developing countries are also participating in this market due to a rise in their purchasing power.
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Looking at this market from another dimension, home security solutions like video surveillance, fire control systems and access management systems help in the monitoring and control of traffic in several countries and this factor is responsible for boosting market growth. In addition, the integration of smartphones with smart home security solutions is also increasing the revenues of the home security products and solutions market. Smartphones have become popular amongst the masses and are being used for a variety of purposes. In regions such as Europe, there are security systems that are being monitored through smartphones and this is driving the growth of this market. As far as the Asia Pacific region is concerned, the boom in construction activity will give way for more demand of video surveillance systems. Keeping in mind the above factors, the Market Research Reports Search Engine (MRRSE) has included a new report in its repository titled ‘Home Security Products and Solutions Market: Global Industry Analysis (2012–2016) and Forecast (2017–2025)’.
Global Market Forecast
The home security products and solutions market is forecasted to be valued at more than US$ 12 Bn by the end of the year 2025 and this market is set to expand 2.8X during the assessment period 2017 to 2025. The home security products and solutions market is slated to exhibit a CAGR of 11.9% value wise. The developing economies of the world are playing a central part in the growth of this market.
The home security products and solutions market is classified as per technology and services (fire protection systems, video surveillance systems, access control systems, services) and as per region (North America, Europe, Latin America, Middle East and Africa, Asia Pacific).
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Regional Market Forecast
North America will remain the most attractive regional market. The North America home security products and solutions market is slated to register a CAGR of 11.8% during the period of assessment and reach a value of US$ 3,739 Mn by the end of the year 2025. The Asia Pacific market will deliver high year-on-year growth rates and exhibit a CAGR of 12.1% during the period of assessment. The Asia Pacific market is poised to represent an incremental opportunity of US$ 2204.3 Mn during the period of assessment.
While the global home security products and solutions market remained concentrated in North America and Asia Pacific in the year 2016; in the coming years, the developing economies will witness lucrative growth, as there is a limited penetration of home security products and solutions in these regions. This will present a great opportunity for companies operating in the global home security products and solutions market. For example, in Latin America, the home security products and solutions market is confined to just the real estate sector. In this region, home security products and solutions are being used in high end housing projects in big cities. However, other critical industry sectors are yet to be tapped and this can present a huge opportunity for market growth.
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