Global Executive Search specialists within Physical and Cyber Security Sectors.The global home security systems market size is expected to reach USD 97.8 billion by 2030, at a CAGR of 8.1%, according to a new study by Polaris Market Research.
The research suggests that the increasing popularity of smart homes, which have integrated smart security systems, is driving the demand for home security systems. Home protection and the safety of the family are the main objectives of a home security system. A security system can spot fire, water damage, burglary, smoke, carbon monoxide poisoning, and other risks. In addition, the market is driven by IoT technology and artificial intelligence. Polaris predicts that the integration of such technology with a home security system is likely to play a vital role in fostering market growth.
In June 2022, Arlo Go introduced two outdoor security cameras; because of Wifi and cellular data, the smart camera might be deployed in more remote locations like a vacation home or a construction site. The device features a two-way communication system and an integrated siren.
Wireless communication, low-power technologies, and miniaturised sensors have all been made possible by the internet of things (IoT). As the industry prepares to introduce the idea of IoT to homes in the form of smart apps, there is also widespread adoption of both electronic devices like smartphones and tablets and the internet. Additionally, the increasing awareness of the target audience with the emergence of smart sensing applications is further likely to bolster the product demand.
Geographically, the analysts note that due to rising security and safety concerns, specifically the Indian market for home security systems is experiencing significant growth. Home security system market trends are currently in the spotlight due in the large part to market dynamics and growth tactics like efforts to raise consumer awareness of these security systems and the momentum that the Internet of Things (IoT) is currently experiencing in everyday life.
Other interesting findings by Polaris analysts on the home security systems market include the growing trend for consumers to have professionals install their home security cameras to avoid taking any risks in order to secure their families and properties. Although, the DIY segment accounts for a moderate revenue share, in 2021. A significant element in this segment’s growth is the rising consumer desire for goods made from recyclable and reusable materials.
A move towards digital video cameras due to greater versatility and flexibility, as these cameras also offer greater viewing angles and higher quality, and customers may view actions on their surveillance feeds using, PCs, mobile devices, and tablets from anywhere.
Key players
The global players included in this research include, ADT, Resideo Technology, Honeywell International, Johnson Controls, Hikvision, and Assa Abloy.