According to a new market report published by Transparency Market Research titled “Home Security Solutions Market (Component – Hardware, Software, Services) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2022,” the global home security solutions market is expected to reach value of US$ 30,293.0 Mn by 2022. The market is estimated to expand at a CAGR of 19.7% during the forecast period from 2020 to 2022. Rising security awareness among customers at homes, emergence of affordable managed security solutions, availability of widespread IoT and wireless services, and attractive insurance policies are the key factors driving the growth of the home security solutions market globally.
North America was the largest geographical market for home security solutions in the year 2019 with a market share of 38.3%; it is also expected to be the fastest growing market with an estimated CAGR of 19.9% during the forecast period (2020 – 2022). Demand for home security solutions continues to grow in this region with the retrieval in residential construction activities, as well as rise in improvement and renovation activities in the residential infrastructure. Biometrics, smart cards, voice transmissions, and asset tracking systems are mainly driving the growth of home security solutions in the residential sector of North America. Demand will also be aided by ongoing concerns about crime and anti-social activities such as thefts and burglaries in residential areas. Other developments in the residential sector in North America include new concepts such as the integration of home automation and security, intelligent buildings, and service bundling, which further increases the adoption of home security solutions in this region.
The home security hardware segment occupied approximately 94% share of the home security solutions market in the year 2019. Home security solutions ensure safety and security of homes and residential buildings, protecting them from crime and anti-social activities with various monitoring and controlling functions. DIY security solutions are gaining popularity among a growing number of consumers worldwide due to their cost effectiveness and ease of use, which aids the growth of security solutions among home owners. The home security services segment is expanding the fastest, at an expected CAGR of 24.7% during the forecast period. The complexity of initial deployment and the need for optimal performance of home security solutions has increased the demand for services in residential areas.
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Electronic locks was the largest segment of the home security hardware market, accounting for approximately 44% of the total hardware market in 2019. These locks are more reliable than the traditional systems, where the locking was purely dependent on the keys. Electronic locks are connected to access control systems, which record all information such as time, place, and the number of times the lock was used. Another factor for the rise in demand for electronic locks is the growing number of intelligent criminal breaches worldwide.
Electronic locks is also the fastest growing hardware segment in the home security solutions market, with a projected CAGR of 27.1% during the forecast period. During recent years, electronic locks have emerged as one of the most sophisticated and cost-effective ways of inhibiting unauthorized access over any locking system, which leads to its increased demand.
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