Home Security System Market by Type of Systems (Alarm System, Fire Protection System, Access Control System, and Video Surveillance System), Components (Software, Hardware, and Services), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030

The global home security system market size was valued at around USD 56.9 billion in 2021, is expected to reach around USD 84.4 billion by 2030 and expanding at a CAGR of 8.3% during the forecast period, 2022–2030. The growth of the market is attributed to rising awareness regarding home security systems and the emergence of wireless technologies.

Home security system consists of software and hardware technologies that are designed to detect intrusion or unauthorized entrance. Home security system able to function even in the occurrence of a power loss and warns of potential environmental hazards such as carbon monoxide poisoning, flooding, and fire. Integrated electronic gadgets are designed to keep robbers and unwelcome intruders out of the house. In today's world, the Internet of Things has a huge influence on home security systems. Home security systems are microprocessor-based and perform a wide range of duties while providing a user-friendly interface. Smart home alarm systems that are Z-wave compatible and use WI-FI to monitor houses via sound detection and panoramic videos are also available. At the moment, Google Assistant and Amazon Alexa are compatible with home security solutions. Thermostats, smart locks, wall-mounted touchscreen displays, and smartphone apps, as well as Google Assistant and Alexa, are all integrated and offer security for houses. Several firms are releasing solutions with better security qualities for monitoring with the assistance of IoT integration in home security systems.

The COVID-19 pandemic had a significant influence on the global home security systems market. Manufacturing delays and the temporary suspension of non-essential transportation caused drop in sales of home security systems market. Larger Chinese home security system manufacturers, for example, are located in Hubei province, the pandemic's origin, hurting local vendors such as Hikvision, ZKTeco, and Dahua with labor shortages and production bottlenecks across the nation.

Market Trends, Drivers, Restraints, and Opportunities

• Emergence of the internet of the things and wireless technologies is expected to drive the market.
• Increasing criminal records are projected to propel the market during the forecast period.
• High cost associated with the hardware, software and services is anticipated to hinder the market.
• Risk of cyberattacks is expected to hamper the market in the coming years.
• Implementation of artificial intelligence and deep learning in home security systems are projected to create lucrative opportunities for market players. 

Scope of the Report

The report on the global home security system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Video surveillance system segment to expand at a considerable CAGR

On the basis of type of systems, the home security system market is segmented into alarm system, fire protection system, access control system, and video surveillance system. The video surveillance system segment is projected to expand at a considerable CAGR during the forecast period. Video surveillance system offers monitoring, security, and analysis of suspicious movement of persons. The access control system segment is anticipated to account for a major market share during the forecast period, owing to rising demand for risk and security management. Access control system eliminate the hassle of using traditional keys and keep track of all activity.

Hardware segment to hold a significant share of the market

Based on components, the market is divided into software, hardware, and services. The hardware segment is expected to hold a significant share of the market in the coming years, as hardware components are cost effective and technologically advanced. The software segment accounts for a significant market share. The software controls household functions from anywhere and eliminate false alarms as it provides real-time alerts.

North America is anticipated to constitute a key market share

In terms of regions, the home security system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period, owing to increasing demand for innovative technologies and services in the region. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to rising development of construction and real estate sector in the region.

Segments

The global home security system market has been segmented on the basis of

• Alarm System
• Fire Protection System
• Access Control System
• Video Surveillance System

• Software
• Hardware
• Services

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• Bosch Service Solutions GmbH
• Vivint Inc.
• Honeywell International Inc.
• JOHNSON CONTROLS
• Nortek Security & Control LLC
• Schneider Electric SE
• Scout Security Inc
• SimpliSafe Inc.
• Stanley Convergent Security Solutions, Inc.
• Visonic; ADT Inc.
• Assa Abloy

Competitive Landscape

Key players competing in the global home security system market are Bosch Service Solutions GmbH; Vivint Inc.; Honeywell International Inc.; JOHNSON CONTROLS; Nortek Security & Control LLC; Schneider Electric SE; Scout Security Inc; SimpliSafe Inc.; Stanley Convergent Security Solutions, Inc.; Visonic; ADT Inc.; and Assa Abloy.

Key players are prioritizing product launching with the addition of new technology. In December 2019 - Bosch launched its IP 3000i camera line, which provides high-quality, dependable surveillance features for independent installations or general surveillance. Micro dome, mini-dome, bullet, and turret variants are offered, with resolutions ranging from 1 to 5 MP for indoor and outdoor application. Essential video analytics are now included as standard with the IP 3000i cameras.

March 2020 - Vivint Smart Home unveiled the Doorbell Camera Pro, an AI-powered doorbell camera with a 180-degree vertical and horizontal field of vision with a 1:1 aspect ratio that can autonomously identify packages and guard against theft and other dangers. It gives homeowners peace of mind by assisting in the prevention of crime before it occurs.