Home Security Solutions Market Expected to Reach $121.4 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Home Security Solutions Market," The home security solutions market was valued at $48.1 billion in 2021, and is estimated to reach $121.4 billion by 2030, growing at a CAGR of 10.56% from 2022 to 2030.

Home security solutions refers to a system that assists people in protecting their houses from invaders. Installing home security systems looks to be the most effective method of safeguarding your home and family against intruders, robbery, theft, fire, and poisons. Home security systems include video surveillance, access control, fire alarms, motion detectors, and other devices.

The global home security solutions market is segmented on the basis of type, solutions, installation, end use, and region. Based on type, the market has been divided into hardware, software/platform, service, and others. Based on solutions, the analysis has been divided into video surveillance system, alarm system, access control system, and others. Based on installation, the analysis has been divided into professionally installed and do-it-yourself (DIY). Based on end-use, the analysis has been divided into independent home, condominium, and apartments. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Some of the leading home security solutions 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).

The report focuses on the global home security solutions market size and the major types & applications, where home security solutions such as wise home solutions, home video surveillance, and home video surveillance cameras are utilized. It further highlights numerous factors that influence the home security solutions market trends, such as drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall home security solutions market analysis, in terms of market forecast in various countries, presenting data in terms of value. The home security solutions market share is calculated by proliferating the market value by region-specific prices, considering the region-wise differentiated prices, and home security solutions market growth.

IMPACT OF COVID-19 ON THE GLOBAL HOME SECURITY SOLUTIONS MARKET

• The COVID-19 pandemic has changed the way people and businesses work throughout the world. Individuals are compelled to spend more time indoors as a result of the pandemic, and customers are reinvesting in their homes. Of course, numerous residential security solutions and smart home firms that supply both goods and services have benefited from this. Consumers are looking for a better approach to protect themselves and their loved ones.
• The COVID-19 pandemic has negatively impacted the economic health of people, worldwide. Hence, to make the ends meet, some people opted for wrong deeds. Hence, increased cases of theft and burglary have raised the concern for home security. Thus, the home security solutions industry has gained significant popularity during the COVID-19 pandemic.

Key findings of the study

• By type, software or platform type sub-segment is predicted to have the maximum market share in the forecast period
• By solution, access control system sub-segment is anticipated to show the fastest growth during the forecast period.
• By installation, do-it-yourself (DIY) sub-segment is anticipated to have the fastest growth during the forecast period.
• By end use, independent homes sub-segment is predicted to be the most dominant sub-segment owing to increased security concerns for residential places, due to rapidly increasing cases of theft in independent homes.
• By region, LAMEA region is projected to remain the fastest-growing segment during the forecast period.