Home Security System Global Market Report 2024

A home security system is a collection of devices that work together to keep the house safe and secure which avoids the entry of burglars and home intruders.

The main types of systems in-home security systems are fire protection systems, video surveillance systems, access control systems, entrance control systems, and intruder alarm systems. A fire protection system is used as a monitoring service in home security. It has a wireless fire alarm that monitors fire risks easily and acts as the most reliable option to protect the family. The different components include hardware, software, service and have various security types such as professionally installed and monitored, self-installed and professionally monitored, do-it-yourself (DIY). The home security system is used in condominiums; apartments and independent homes.

The home security system market research report is one of a series of new reports that provides home security system market statistics, including home security system industry global market size, regional shares, competitors with a home security system market share, detailed home security system market segments, market trends and opportunities, and any further data you may need to thrive in the home security system industry. This home security system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The home security system market size has grown steadily in recent years. It will grow from $4.2 billion in 2023 to $4.36 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to increased affordability, remote monitoring and control, consumer awareness and education, insurance discounts for security systems.

The home security system market size is expected to see steady growth in the next few years. It will grow to $4.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to energy efficiency and sustainability, elderly and child monitoring solutions, interoperability standards, growing demand for video surveillance systems. Major trends in the forecast period include advancements in technology, integration with smart home ecosystems, video analytics and facial recognition, increased adoption of wireless technologies, smart sensors and detectors, innovations in alarm technologies, elderly and child monitoring solutions.

The increasing usage of internet of things (IoT) devices is expected to propel the growth of the home security system market over the forecast years. The internet of things (IoT) refers to a system of internet-connected objects that can collect and transfer data through a wireless network without human intervention. In terms of home safety, IoT security solutions are used to gain a better understanding of who enters and exits a facility in real-time, monitor facility conditions reliably and securely from any location with Wi-Fi connection, important security notifications are transmitted directly to their mobile device, allowing them to act swiftly. For instance, according to Norton, a US-based antivirus and anti-malware software development company estimate that in 2021 there are around 11.6 billion IoT devices used, and it will grow to 21 billion IoT devices by 2025. Therefore, the emergence of the internet of things and wireless technologies drives the home security system market growth.

The increasing crime rates are expected to propel the growth of the home security system market going forward. A crime is a legally prohibited act or omission that can result in punishment by the government, such as fines or imprisonment. Home security systems play a crucial role in deterring and preventing crimes, offering peace of mind, and protecting homes from intruders. For instance, according to the Office for National Statistics, a UK-based statistics authority, the metropolitan saw an increase in the number of knife or sharp instrument offenses from 10,605 to 11,232 during the fiscal year ending in June 2022, leading to a rate of 125 per 100,000 people. In the West Midlands, a metropolitan county in England reported offenses increased from 3,299 to 4,958, equating to a rate of 169 per 100,000 population. Similarly, in Greater Manchester, offenses increased from 3,297 to 3,563, resulting in a rate of 125 per 100,000 population. Therefore, the increasing crime rate is propelling the home security system market.

Implementation of artificial intelligence (AI) and deep learning in home security systems is shaping the home securities system market. Artificial intelligence is used in home automation for human behavioral patterns and to automate home devices. It is used in daily household activities as a security system and acting as technology in improving the home security system market. For Instance, in 2021, Samsung, a home security-based company has integrated AI-based Bixby voice control which can recognize individuals in the home. The user can control the device by voice through a Samsung TV. It has the technology to display the person who is standing in front of the door and act as a home security system.

Major companies operating in the home security system market are focused on developing security cameras with Wi-Fi 6 technology to gain a competitive edge in the market. Security cameras with Wi-Fi 6 technology offer faster and more reliable wireless connectivity for enhanced surveillance systems. For instance, in September 2022, Lorex Technology Inc., a Canada-based provider of security cameras and systems, launched the Lorex 4K spotlight indoor or outdoor Wi-Fi security camera with smart security lighting. The innovative 4K Wi-Fi security camera features Smart Security Lighting and Wi-Fi 6 Technology that provides quicker data transmission and reduced download times, ensuring exceptional resolution quality while minimizing disruptions to concurrent online tasks. It has dual capabilities in color night vision and infrared night vision due to which it excels in capturing clear video footage during nighttime, regardless of lighting conditions.

In September 2021, ASSA ABLOY, an India-based home security company acquired the Hardware and Home Improvement (HHI) section of Spectrum Brands for a deal amount of $4.3 billion. This acquisition strengthens ASSA ABLOY's objective of bolstering its position by adding additional products to its core business, as well as speeding up the transition from mechanical to digital solutions. Spectrum Brands is a US-based manufacturer of home security systems.

Major companies operating in the in the home security system market report are ADT LLC, Honeywell International Inc., Johnson Controls International plc., Hangzhou Hikvision Digital Technology Co. Ltd., Assa Abloy AB, Secom Co. Ltd., Robert Bosch GmbH, United Technologies Corporation, Godrej & Boyce Mfg. Co. Ltd., Allegion plc, Control4 Corporation, Schneider Electric SE, Nortek Security & Control LLC, Vivint Inc., Armorax Limited, Google Nest, Loop Labs Inc., Canary Connect Inc., Scout Security Group, SimpliSafe Inc., Securitas AB, Bosch Security Systems Inc., Legrand Group, Resideo Technologies Inc., STANLEY Convergent Security Solutions Inc., SkyBell Technologies Inc., Apple Inc., LiveWatch Security LLC, Amazon. com Inc., FrontPoint Security Solutions LLC, NETGEAR Inc., Samsung Electronics Co. Ltd., Alphabet Inc., Comcast Corporation, Swann Communications Pty Ltd., Lorex Technology Inc., Night Owl SP LLC, Defender, Amcrest Technologies LLC, Zmodo Technology Corporation, Reolink Digital Technology Co. Ltd., LaView Inc., ANNKE INNOVATION (HK) CO. LIMITED, Shenzhen Foscam Intelligent Technology Co. Ltd.

North America was the largest region in the home security system market in 2023. Europe was the second-largest region in the home security system market share. The regions covered in the home security system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the home security system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The home security systems market includes revenues earned by entities by offering devices such as control panel, door sensors, window sensors, motion sensors, and surveillance cameras which act as wire and wireless configurations for utmost security. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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