Home Security Growing Fast
♦ Home security growing fast – the global home security market is expected to grow at a rate of 10.56 per cent through 2030, according to a Research Dive report.
A growing demand for secure, convenient, and efficient access control solutions and growth in the DIY markets are expected to be the primary growth drivers. Additionally, growing crime rate and burglary incidents are predicted to boost the demand for security solutions.
An increase in consumer spending on home safety is expected to offer growth opportunities to the market. Along with this, technological improvements in the home security solutions – including integration of home automation and remote management functionalities – are predicted to increase sales. According to the report, market constraints include the high cost of hardware and high professional monitoring costs of home security systems.
Interestingly, the report said the home security market has grown through the COVID-19 pandemic as people have turned to networked cameras, video doorbells, and automation to help secure and manage their homes.
By solutions, the access control system sub-segment of the home security solution is the fastest growing sub-segment. The wide range of devices offered by residential access control systems such as motorized gates, card readers, door locks, etc. are expected to be the main contributing factor behind the growth of this sub-segment.
Meanwhile, by installation, the do-it-yourself sub-segment is anticipated to become the fastest growing sub-segment globally, and will surpass $US32 billion by 2030. An overall increase in installation prices has led some people to undertake the installation of home security solutions themselves, which is anticipated to push growth of this sub-segment. Manufacturers are also catering for this trend using PnP technologies, including Wi-Fi and 4G wireless solutions.
By use, the independent homes sub-segment is expected to be the most dominant sub-segment of the home security solution market and will generate $67 billion by 2030. Growth in the number of independent homes, especially in the North America region, is predicted to be the primary growth driver of this sub-segment.
By regional analysis, the home security solution market in North America region is expected to be the most dominant and register a revenue of $48 billion million by 2030. Technological advancements in the security solutions industry by the leading market players in this region and growing demand for home security solutions are predicted to be the two main reasons behind the growth of the market in this region.
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