Home Security Solution Market by Type (Hardware, Software/Platform, and Service), Solutions (Video Surveillance System, Alarm System, Access Control System, and Others), Installation (Professionally Installed and Do-it-yourself (DIY)), End-use (Independent Homes, Condominium, and Apartment), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030

Home Security Solution Market Analysis

The global home security solution market is estimated to be valued at $1,21,421.70 million by 2030, surging from $48,061.20 million in 2021, at a noteworthy CAGR of 10.56%.

Market Synopsis

The home security solution market is expected to grow due to the growing need and demand for convenient, secure, and efficient access control solutions in both residential and non-residential segment across the globe. As the cases of many criminal cases are reported across the world, like theft, loot, and shoot out, across the world, many people have installed security cameras at and near their residential places. With this, they can easily monitor their home security, continuously while they are away from home.

The main impediment of the market is the high costs of installation, maintenance, and operation. Security cameras are very expensive to install and its operation requires 24/7 internet access which is very expensive for some middle-class people. Thus, the whole installation and usage procedure is expensive and exhaustive for them.

According to the regional analysis of the market, the Asia-Pacific home security solution market is anticipated to grow at a CAGR of 11.34%, by generating a revenue of $35,491.60 million during the review period.

Home Security Solution Overview

 The home security solution growth is supported by the demand for convenient and time-efficient access solutions for preventing intrusion, robbery, and other crimes. Home security solutions refer to the solution that helps in protecting the premises of consumers from intrusion. Installing home security solutions seems to be the best way to prevent home and family from the risk of intrusion, robbery, theft, fire, and toxicity. Home security solution devices include video surveillance, access control, fire alarms, motion detectors, and more. Apartment complexes frequently use closed-circuit television to monitor the entrances, halls, and elevators. The demand for these solutions is increasing owing to the prevention from break-ins and for tracking intruder movement around the property. As the largest proportion home safety incidents, home intrusion incidents affect families across the globe.

Impact Analysis of COVID-19 on the Global Home Security Solution Market

The COVID-19 pandemic has altered the way individuals and businesses operate all around the world. As a result of the pandemic, individuals are forced to spend more time indoors, customers are reinvesting in their houses. Of course, this has benefited many residential security solution companies and smart home companies that provide both products and services to the market. Consumers are on the lookout for a way to better safeguard themselves and their loved ones. It is possible that more people may adopt security and smart home technology. Traditional players are also taking moves to include the sale of related security devices in their services. Early success has been seen with networked cameras, video surveillance installation, and video doorbells, but suppliers are striving for sales across all device categories, including energy and convenience. Even while there has been consolidation among giants and transactions between giants (e.g. ADT LLC DBA ADT SECURITY SERVICES/ Google), the security sector continues to be diverse and fragmented. For example, in August 2020, ADT and Google teamed up to create a cutting-edge smart home security solution. To improve the residential and small business security market, the alliance will combine Google's hardware and services with ADT's DIY and professionally installed smart home security solutions. The upcoming ADT + Google helpful home security solution is projected to expand smart home products and help the customers who are looking for premium technology, end-to-end smart home service, and reliable security. Manufacturers and providers believe that smart home additions will lead to higher growth opportunities for the home security solution sectors. Moreover, a burglary has a significant impact on the victim, including both financial and psychological costs. Therefore, many houses have implemented a variety of security measures and are seeking advanced security solutions which has boosted the demand for home security solution market.

The Rising Need to Avert Burglaries and Crime Rates Among Residential Dwellers to Propel the Demand for Home Security Solutions Across the World

The rise in crime rates, home invasions, and burglaries in both developed and developing regions has influenced the market need for home security solutions. A home security system's major goals are to protect your home and your family. A security system can detect a variety of dangers, including smoke, fire, carbon monoxide poisoning, and water damage, in addition to burglary. The solutions can be self-monitoring or professional monitoring, and they are used to detect motion and unlawful access in the home. According to a 2018 Coldwell Banker poll, roughly 75% of purchasers indicated they wanted smart thermostats and smart smoke alarms in a new house, 66% said they wanted preinstalled smart security cameras, and 63% wanted smart door locks. Additionally, according to the FBI, there were around 1,401,840 burglaries reported in 2017. In 2017, burglary victims lost an estimated $3.4 billion in goods as a result of their crimes. An increase in the installation of combinations of more effective security equipment and security device such as CCTV, fire alarm, access control, and others, in the homes and apartment buildings has boosted the demand for the home security solution market. The rise in crime rates, technical developments, and the growth of the smartphone & tablet markets are all factors contributing to this expansion.

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High Installation and Monitoring Cost of the Home Security Solutions to Restrain Market Growth

The cost associated with the installation of solution is high which may hinder the growth of the market. The system is expensive to install in the first place, security companies charge a daily or monthly fee for monitoring services. Apart from this, many people can misuse the cameras for their personal benefits like recording moments and actions which can easily invade people’s privacy and intimate moments. This factor is also likely to impede home security solution market share growth in the predicted time span.

Technological Improvements and Growing Consumer Spending on Home Safety to Create Growth Opportunities

Over the past few years, in order to protect and secure the home, many homeowners have considered home security solutions to be a priority. Independent homes have the highest adoption rate of these in the current market condition. The rising number of security risks and breaches has resulted in a significant need for improved safety and security systems such as CCTV cameras, electronic alarm sensors, and other similar devices. This is expected to boost the global market for home security solutions. Cameras, sensors, panic buttons, sirens, and other home security options are available (biometric locks, wireless locks, magnetic or electric card locks, and keypad locks) in the market. Security cameras are expected to see increased adoption as homeowners focus on improving their surveillance capabilities. Furthermore, increased urbanization and technological improvements have prompted the development of improved security solutions that can be monitored through cellphones. The home security solution market would expand due to continuous technological advancements and rising income of consumers spending on home security.

To know more about global home security solution market opportunities, get in touch with our analysts here.

Global Home Security Solution Market, by Type

Based on type, the market has been divided into hardware, software/platform, and service. Software/platform sub-segment accounted for the highest revenue share in 2021 and service sub-segment is predicted to show the fastest growth during the forecast period.

Global Home Security Solution Market Share, By Type, 2021

Solutions: Research Dive Analysis

The service sub-segment is anticipated to be the fastest growing market, with revenues exceeding $42,619.10 million by 2030, up from $16,338.10 million in 2021. The service sub-segment is likely to witness fastest growth owing to the increasing demand for services including consulting & integration, professionally monitoring services, risk assessment & analysis, and maintenance & support. Moreover, there has been increasing preference by users for professionally monitored services, owing to ease of controls and improved efficiency of the integrated systems. For instance, as of December 2020, ADT corporation, an American company that provides security, automation, and smart home solutions to consumer and business customers, was operating nine monitoring centers situated throughout the U.S. to offer professional monitoring services to their customers.

Global Home Security Solution Market, by Solutions

Based on solutions, the analysis has been divided into video surveillance system, alarm system, access control system, and others. Out of these, video surveillance system sub-segment is predicted to be the most dominant and access control system sub-segment is anticipated to show the fastest growth during the forecast period.

Global Home Security Solution Market Share, By Solutions, 2021 & 2030

Solutions: Research Dive Analysis

The access control system sub-segment of the global home security solution market is expected to develop at the fastest rate, exceeding $25,826.60 million by 2030, up from $      9,234.60 million in 2021, with a CAGR of 11.8%. Any combination of devices that secures a residence and prevents or detects an unlawful entry through a door, or other exterior feature that can be utilized to gain access to a home is referred to as an access control system. Residential access control systems comprise of a range of devices such as card reader, door locks, motorized gates, and others that can be used to gain access to a secured home. One of the major driving factors of the market is players across the globe improving and adapting technologies to fulfill consumer expectation and ensure security and resilience against break-ins, robbery, and more.

Global Home Security Solution Market, by Installation

Based on installation, the analysis has been divided into professionally installed and do-it-yourself (DIY). Among these, professionally installed is predicted to be the most dominant sub-segment and do-it-yourself (DIY) sub-segment is anticipated to have the fastest growth during the forecast period.

Global Home Security Solution Market Share, By Installation, 2021

Solutions: Research Dive Analysis

The do-it-yourself (DIY) sub-segment of the global home security solution market is anticipated to have the fastest growth and surpass $32,273.50 million by 2030, with an increase from $12,338.30 million in 2021, with a CAGR of 10.98%. DIY home security solutions refer to solutions in which monitoring and installation of the systems are done by homeowners themselves. For example, the Sequoia Capital operates as a venture capital firm, made an early investment in SimpliSafe, a company that sells self-installed security systems, with a $57 million investment in 2014. The rising prices and hefty installation fee of the professional installation of home security solution has boosted the demand for the do-it-yourself installation among the populace.

Global Home Security Solution Market, by End-use

Based on end-use, the analysis has been divided into independent homes, condominium, and apartment. Among these, independent homes sub-segment is predicted to be the most dominant sub-segment and apartment sub-segment is anticipated to have the fastest growth during the forecast period.

Global Home Security Solution Market Share, By End-use, 2021

Solutions: Research Dive Analysis

The independent homes sub-segment is expected to have a dominating market share and surpass $67,514.20 million by 2030, up from $27,659.20 million in 2021. Growth in the number of independent home units has been leveling off over time in North America. According to research issued by Harvard University's joint center for housing studies, existing home sales increased by 5.6% in 2020, while new single-family home sales increased by 20.4%. Due to these gains, total home sales reached their highest level since the peak of the housing boom in 2006. Moreover, the growing installation of the security system for primary residences, including new construction, restored and classic home including vacation homes in developed and developing region is one of the major driving factors of the growth.

Global Home Security Solution Market, Regional Insights:

The home security solution market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Global Home Security Solution Market Size & Forecast, 2021 & 2030($Million)

Solutions: Research Dive Analysis

The Market for Home Security Solution in North America to be the Most Dominant

The North America home security solution market accounted $20,041.50 million in 2021 and is projected to register a revenue of $48,374.40 million by 2030. This is majorly due to the combination of breakneck technological advances and the pandemic in 2020 that has boosted the market in North America region. Also, the robust presence of leading players such as Vivint, Inc. ADT LLC is considered as one of the key driving factors of growth of home security solution. For example, ADT LLC dba ADT Security Services company has over eight million customers across North America. The increasing demand for the home security solution and growing adoption of do-it-yourself installation type of solution are increasing the market demand.

Competitive Scenario in the Global Home Security Solution Market

Product advancements, innovations, and business expansion are common strategies followed by major market players.

Solutions: Research Dive Analysis

Some of the leading home security solution market players are, Johnson control (Tyco Security Products), Nortek Security and Control, Honeywell International Inc, ASSA ABLOY, ADT LLC DBA ADT SECURITY SERVICES, Vivint, Inc., Bosch GmbH, MOBOTIX, Alarm.com Incorporated, and Brinks Home Security (MONI Smart Security).