In all over the world security has been a major concern these days in every home to keep the appliances and valuables safe & secure. Increase in crime rates has led to the higher adoption of enhanced safety and security system, thereby driving the growth prospect of the digital home security solution market. This can also be attributed to the emergence of IoT and wireless technologies and increasing customer awareness. Moreover the integration of AI and deep learning in digital home security solution and the proliferation of” smart cities” initiatives worldwide are expected to create huge growth opportunities for the players in the digital home security solution market.
According to the”digital home security solution market by the residential type (Independent homes, Apartments), System type (Professionally installed and Monitored, Self-Installed & Professionally Monitored, Do- It- Yourself), Offering (Products, Services), and Geography – global forecast to 2023” the digital 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. North America on the geographical front held the major market in the global home security solutions market in 2014 and is expected to raise at the most attractive CAGR of 18.4% during 2015-2022. The growth in the region is fueled by the rapid strides that construction activities have taken in the region, especially residential renovation.
According to CAGR forecast the market of the Home Security Solutions to increase for the Residential Segment.
The increasing number of urbanization and cities has led to the growth in the home security system market surging the demand for the home security product. People in the cities prefer condominiums and apartments owing to the integrated security and amenities within optimized prices. Therefore the society builders and management bodies are developing the modern apartments and complexes with high level security system which led to the increasing number of sale of this home security product. Considering the current market scenario CAGR forecast that home security market is expected to grow in the home segment for the given period.
Security Systems for Professional Purpose to Account for Largest Share of Market
The growing concern among consumers about consistent security, real-time monitoring, and rising disposable income led to the largest market for professionally installed and monitor security systems. The consumers complete reliability on professionally installed and monitor security system and its backing by the engineers and maintenance staff made it much more accessible to the consumers at large. The involvement of the experts in handling and managing such product saves the time and reduces the effort of the consumer. Moreover these companies can communicate with offsite monitoring centers to ask for police, firefighters, and ambulance assistance in the emergencies.
Digital Home Security Solution Market for Products to Grow at a Higher CAGR during Forecast Period
The projected growth of the home security system market for product is mainly attributed to the increasing penetration this system is emerging economies and the rising adoption of does it yourself products. The proliferation of smart city projects, the integration of wireless technology and the emergence of IoT are a few factor expected to fuel this implementation of the home security products across different households.
The Major Players in the Security Solution Market Ecosystem
For the research and development of the security solutions there are lots of international companies who have set up R&D centers, and manufacturing unit. Some of the major player who comprises the global market is Bosch Security Systems (Germany), Honeywell International, INC. (U.S.), UTC Fire & Security (U.S.), ADT Corp (U.S.), Alarm.com (U.S.), Control4 (U.S.), Nortek Security & Control LLC (U.S.), Hikvision Digital Technology Co.Lt (China), SECOM Co. Ltd (Japan), Stanley Security Solutions (Indiana), Allegion (U.S.), Godrej & Boyce Manufacturing Company Limited (India), ASSA ABLOY AB (Sweden), Ingersoll Rand Solutions (Ireland), Tyco International Ltd (U.S.).
The Global Market Study on Digital Home Security Market and Solutions
Regional markets of Latin America and Middle East & Africa to emerge key market for sustainable revenue generation from home security products and solutions – With the global home security products and solutions market remained concentrated in North America and Asia Pacific in 2016, the coming years will witness good growth potential in less developed economies where the market is stagnant and there is limited penetration of home security products and solutions. This will present the key players in the market with lucrative growth opportunities for operating in the global home security product and solutions market. AS a case in point, the market is limited to the extent of developers in the real estate sector in Latin America as they adopted the installation of home security solution for their every high end housing projects across tier-1 and tier-2 cities. This is a significant opportunity for companies dealing with home security product and solutions, as there are several other critical sectors to be explored.
The global home security products and solutions market will expand 2.8x between 2017 and 2025 – The global market for home security product and solutions is estimated to be valued in excess of US$ 12 billion by the end of 2025, owing to the exponential growth in the countries in North America. In terms of value a CAGR of 11.9% presents a lucrative scenario of the global market that is largely centralized in the developing economies of the world.
North America will remain the leading regional market in the home security segment
The North America home security products and solutions market will outpace the other regions in terms of revenue growth, registered by CAGR of 11.8% during the forecast period to reach the market valuation of US$ 3738.9 million by the end of 2025. The market in Asia Pacific will register high Y-O-Y growth rates and expand at a CAGR of 12.1% during the forecast period. Between 2017 and 2025 the market in APAC is expected to represent a incremental opportunity of US$ 1630.0 million while the regional market of North America will represent incremental opportunity of US$2204.3 million during the period of forecast.
Factors fueling global market revenue growth –
1.Increasing rate of crime in most of the countries across the globe is driving the demand for advanced home security systems such as CCTV cameras and electronic alarm center.
2.A rise in disposable income at a global level permits consumer to invest in high end home security products and solutions. Consumers technologically inclined and prefer solutions that come with advanced feature. In the emerging market the noticeable surge in the purchasing power of consumers is fueling the market growth.
3.The adoption of home security solutions like video surveillance, access management systems, and fire control systems helps in monitoring traffic detail in several countries.
4.The integration of smart home security solutions with smart phone is another revenue impacting factor. Rapid urbanization and advancement in technology has led to consumers relying on smart phones for most of their day to day activities. The need for better security systems that can be monitored through smart phones is driving the growth of the market especially in region such as Europe.
5.An increase in construction activity in the Asia Pacific region is likely to boost the demand for integrated digital home security solution such as video systems.
Trends likely to be observed in the global market in the near future-
1. The increase in adoption of smart home and gadgets in North America will expand the growth of the home security solutions market and will call for increased residential security backed by advanced product and solutions such as security alarms, sensors, electronic locks and smart home device control system.
2. With remote access and control home security solutions will gain prominence in the coming years. The increase in machine with smart technology integration facilitated the deployment of home security systems that communicate with each other and with a central monitoring system controlled by the user. Catering to an increasing demand manufactures are producing for this advanced security system, which are gaining traction in the residential sector.
Trends likely to be observed in the global market in the near future-
1.The increase in adoption of smart home and gadgets in North America will expand the growth of the home security solutions market and will call for increased residential security backed by advanced product and solutions such as security alarms, sensors, electronic locks and smart home device control system.
2.With remote access and control home security solutions will gain prominence in the coming years. The increase in machine with smart technology integration facilitated the deployment of home security systems that communicate with each other and with a central monitoring system controlled by the user. Catering to an increasing demand manufactures are producing for this advanced security system, which are gaining traction in the residential sector.
3.The growing number of demand for access control system with NYC technology is steadily rising and consumers prefer smart cards/Smartphone based device control and company operating in the home security product market. Now a day the market are designing and developing innovative software and applications for access control solutions that can be accessed through smartcards / smart phones in a bid to widen their consumer market.
Some of the best home security solution product that can make your life better
- The Ring Alarm Security Kit – The Ring Alarm Security Kit is an all in one solution that’s simple to set up, and don’t require a service subscription to use. The standard alarm security kit is priced at $199 which is cheaper than most competitors yet comes with a base station, keypad and contact sensor, motion detector and range extender. Additional components could be purchase to extend the protection or purchase one of the larger security kit bundles. The smart sensor and motion detectors of the Ring Alarm Security kit send mobile alerts when it detects possible danger. Everything is managed from the ring application, which allows you to monitor everything from a single panel on your phone or tablet. It could also be integrated with other security device from other brands and can even be operated using Amazon’s Alexa. There is a backup battery in the kit which ensures that even in the event of power failure; the ring kit will continue to run up to 24 hours, using your cellular network to keep connected. Though there is no need for a subscription plan for this product but still there are some ring protect plans available for either $3 or $10 a month, which allows the user to store video using the ring app, as well as access member benefits and discount on additional security product purchases. This might be useful if the user plan to buy other equipment from Ring, such as its video doorbell, sirens, smoke detectors, cameras and more. Overall Ring Alarm Security Kit is a simple and versatile solution to the home security solution market.
- Canary All-in-one – The Canary All-in-one home security device which cost $169 is more than just an indoor security camera. Armed with multiple sensors and a 1080p camera, it record events when motion is detected, delivers crisp live streaming video to the smart phone, and monitors air quality and humidity level. However it doesn’t offer dedicated support to IFTTT applets and you’ll have to pay for a membership plan to see the last 24 hours of recorded video. The canary is a sleek 0.87 pound cylinder that measures 6 inch high and 3 inch in diameter. The front has a glossy black panel that holds a 1080p camera with a 147 degree angle, a 3X zoom, and 12 infrared LEDs that provide night vision with a range of up to 25 feet. At the rear of the device there is an Ethernet port, a micro USB power port, and a port used for creating a secure connection between the camera and a smart phone. The Canary offers support for Amazon Alexa and Google Assistance voice commands. Using a free Android or IOS app the Canary can be accessed and managed from anywhere, and there’s a web app that lets its user view live video, but you’ll have to pay to use the two way audio feature. Live on demand video, sharp 1080p footage, the instantaneous mobile alerts are all good reason to consider Canary. It installs in minute and keeps tabs on humidity levels, room temperature and air quality in your home and it lets you download and delete recorded video. It has reasonably loud siren and a motion sensor that knows when a person is detected, and it will automatically arm itself when you leave the house. The Canary All-in-one is the plug-and-play approach to home security.
- Nest Secure – Nest made its name in home technology with its thermostat which debuted in 2011. These days Nest is a part of Google, and the company has expanded into home security with Nest Secure. This is sold as the Nest Secure alarm system, commanding a premium fee of $399, and it include a base station – the other options for arming include a pass code, Google assistance and the Nest App. The Nest Detect sensor stick is a versatile piece of hardware that is used to secure a window, door, or even a wall, as it detects motion, with additional sensors available for $49. The Nest App through its base station provides all the information to the sensors. Due to their experience in smart home market; they have developed a device ecosystem that works seamlessly with each other. The feature sets combine innovative with excellent quality life of benefits and broad third party integrations options give you a lot of customization options. From the installation to the management of your devices the Nest Secure is user friendly. The functionality of the hardware is cleaver and intuitive, such as the contact sensors that also has a motion detector, depending on where you install it. Some of its features include no rush arming or disarming. The Nest Secure system allows you to set a custom time, and you get a reminder on the countdown during this process. If you leave the house and forget it to turn on, the system sends a reminder. The Nest tag key fobs can be schedule to disarm your system at certain times of the day. The Nest Secure system has smarter alerts that figure the difference between a family member and a stranger. More over there are other features like 24/7 recording, encrypted cloud based video storage, integrated smart home ecosystem and voice alerts. Overall you will get a slick home security from Nest.
- Abode – Abode offers a security solution that is professional –grade, and yet easy to install for the homeowner. The company offers a starter kits like its competitors that includes the essentials: a mini door and window sensor, a gateway, a motion sensor, a remote key fob, and a security sticker which amounts for a retail $299. This does not include a keypad which will run you $79 extra and is designed for self monitoring via a Smartphone app. There are a wide variety of expansion options available, including indoor add on sirens, a water leak sensors and a glass break and vibration sensor. Some of the highlights of this home security systems are that it has a beautifully designed web and app dashboard controls. It has Z-wave, Zigbee, Wi-Fi and Abode RF connectivity. It supports for more than 200 device integration. It can be voice control via Amazon Alexa or Google assistant. Some of its negative aspect are it has a relatively flimsy hardware, low resolution camera and patchy sensor connectivity. Overall Abode is a DIY professional-grade home security.
- SimpliSafe – SimpliSafe is a well known brand in the security space. Unlike some other solutions, the company offers five different options for its starter kits. Some of the highlighting features of simplisafe are its award winning monitoring which is provided by the C.O.P.S. monitoring, which has earned the “Best Monitoring in the Industry” award from the Central Station Alarm Association. They use multiple stations and multiple signal carries to help ensure fast dispatching. It has an indoor security camera with a motion sensor and night vision. Video is HD and captures a wide angle view. You can view clips online and send them to police the simpleSafe has a key chain remote controller that lets you arm/disarm your security system with the push of a button. For instant call for emergency help it has a panic button. It has an entry sensor which can trigger an audible or silent alert. It is also equipped with glass break sensor that detects the audio waves of breaking glass. Moreover it minimizes environmental damage to your home. It can monitor carbon monoxide detectors, smoke detectors, water leak sensors and freeze sensors. SimpliSafe’s base station does come with a fairly bright light around its base, so it’s worth plotting out exactly where you want to store it. When it comes to home automation SimpliSafe hasn’t really kept with the times. SimpliSafe is yet to integrate with Zigbee or Z-Wave so that you can add 3rd party devices like lights smart locks. However it could be integrated with Amazon Alexa and Nest, so that you have the option to talk to your system in some capacity.