MARKETSANDMARKETS has told SSN that DIY home alarms are the fastest growing segment of a global home security market its researchers estimate will be worth $US75 billion by 2023.
“There is a major trend among the different types of devices in the home security system, that is: do-it-yourself, DIY home security systems,” explained Rupesh Yelhekar, company research analyst. “This system is very affordable in the market and people who are looking for the affordable security solutions are opting for it.”
Marketsandmarkets, which said the market was being driven by developments in wireless comms and IoT, said its report identified 3 categories of systems: Professionally installed and professionally monitored, self-installed and professionally monitored system, and DIY installed and self-monitored.
The DIY market is expected to grow “at the highest CAGR of these 3 types,” Chaudhari said. The CAGR for this segment will be a whopping 30.86 per cent by 2023, compared to 4.3 percent in 2017 – in 2017 professionally installed and professionally monitored systems made up around 90 per cent of the market, he said.
The Americas was the largest geography for home security systems, with about 43.1 per cent of the market share, according to Vaibhav Chaudhari, senior analyst in the company’s semiconductor and electronics practice.
“In the Americas region, Canada is expected to be the fastest growing market, with around 11.63 per cent CAGR,” he said. “Asia-Pacific would be the fastest growing market – around 12 per cent of CAGR.”
MarketsandMarkets examined a range of different product types, including fire detection, video surveillance, access control systems and intruder alarms. Currently, video surveillance is the largest segment, and the fastest growing is access control.