The "Home Security System Market by Home Type, System Type, Offering, and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The home security system market is expected to reach USD 74.75 billion by 2023 from USD 45.58 billion in 2018, at a CAGR of 10.40% during the forecast period.
The emergence of IoT and wireless technologies, and increasing customer awareness are some of the major factors driving the growth of the home security system market. However, high installation, operational, and maintenance costs inhibit the growth of the home security system market.
Owing to the increasing urbanization, the cities have started growing vertically, leading to the growth in the number of residential apartments and complexes. People in cities prefer condominiums and apartments owing to the integrated security and amenities within optimized prices. Therefore, providing a high level of security, while managing a large number of households, becomes necessary for the society builders and management bodies. Therefore, with the increasing number of condominiums and apartment projects in cities worldwide, the home security market for condominiums and apartments is expected to grow at a higher CAGR during the forecast period.
The large market for professionally installed and monitored security systems is mainly attributed to the growing concern among consumers about consistent security and real-time monitoring, and rising disposable income. Customers can completely rely on professionally installed and monitored security systems, which are backed up with engineering and maintenance support.
Consumers prefer opting for this category of products as the direct involvement of experts in handling and managing such products saves time and reduces efforts. Under a complete security package, professional monitoring companies offer possible discounts and insurance benefits. Moreover, these companies can communicate with offsite monitoring centers to ask for police, firefighters, and ambulance assistance in the emergencies.
The projected growth of the home security system market for products is mainly attributed to the increasing penetration these systems in emerging economies and the rising adoption of do-it-yourself (DIY) products. Additionally, the proliferation of smart city projects, the emergence of IoT, and the integration of wireless technology are a few factors that are expected to fuel the implementation of home security products across different households.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Home Security System Market, By Home Type
7 Home Security System Market, By System Type
8 Home Security System Market, By Offering
9 Geographic Analysis
10 Competitive Landscape
11 Company Profiles
- Johnson Controls
- Hangzhou Hikvision Digital Technology
- Assa Abloy
- Robert Bosch
- United Technologies
- Godrej & Boyce
- Schneider Electric
- Stanley Convergent Security Solutions
- Nortek Security & Control
- Front Point
- Nest Secure
For more information about this report visit https://www.researchandmarkets.com/research/sb695s/home_security?w=4
SOURCE: Research and Markets
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Related Topics: Home Security and Safety
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