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Home Security System Market
The Home Security System Market is estimated to expand at a robust CAGR during the forecast period (2020-2027).
The factors driving the growth of Home Security System Market includes rise in the number of smart cities, increasing incidences of burglary and theft, improvements in network infrastructure and growing penetration of smartphones and laptops around the world. According to the report published by Bloomberg, the Global Smart Cities Market is predicted to reach USD 4,269.3 billion by the end of 2030, growing at CAGR of 17.3% over the forecast period (2020-2030), which is expected to boost the Home Security System Market share in the approaching years. Moreover, the growing awareness amongst consumers about home security systems, integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) and rapid growth in the number of criminal activities around the world, are some of the additional factors supplementing the Home Security System Market size. As per Statista, the number of reported theft cases in India, increased from 625,441 in 2018 to 674,414 in 2021, which is expected to boost the adoption of home security systems in India in the coming few years.
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However, the growth of Home Security System Market is hindered attributed to high maintenance and operational costs.
The leading players operating in the Home Security System Market are Allegion Plc, Wirepath Home Systems, LLC, Schneider Electric SE, Honeywell International Inc., ADT Inc., Johnson Controls International Plc, Comcast Corporation, Vivint, Inc., Robert Bosch GmbH, and Raytheon Technologies Corporation among others.
System – Segment Analysis
Based on System, the video surveillance systems segment is estimated to expand at a remarkable CAGR over the forecast period. The increasing demand for wireless cameras because they are easy to install can be provide recording footage at convenience, are some of the factors responsible for the growth of segment.
Service – Segment Analysis
Based on Service, the Fire Protection Service is projected to grow at a significant CAGR during the forecast period because they are useful for detecting gas leak, heat, and fire in case of nay emergency situation.
Application – Segment Analysis
Based on Application, the Do-It-Yourself (DIY) segment is anticipated to capture a sizeable market share over the forecast period attributed to growing demand for fire detectors, and cameras in the residential areas.
Regional – Segment Analysis
Based on Region, the North American region is estimated to grow at a steady CAGR during the forecast period. The increasing number of smart homes, presence of the key players such as Honeywell International Inc., and Johnson Controls International Plc, fall in the cases of theft and burglary due to growing adoption of home security systems and high per capita incomes, are some of the influencing factors augmenting the market growth.
Market Segmentation
Global Home Security System Market by System
Fire Protection System
Video Surveillance System
Access Control System
Entrance Control System
Intruder Alarm System
Global Home Security System Market by Service
Security System Integration Service
Remote Monitoring Service
Fire Protection Service
Video Surveillance Service
Access Control Service
Global Home Security System Market by Application
Professionally-Installed and Monitored
Self-Installed and Professionally Monitored
Do-It-Yourself (DIY)
Global Home Security System Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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