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Home Security Solutions Market

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Home Security Solutions Market (By Component – Hardware, Software, Services) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022
Home Security Solutions Market (By
Component – Hardware, Software,
Services) – Global Industry Analysis,
Size, Share, Growth, Trends and
Forecast 2015 – 2022
Security and privacy have become major concerns among
residential societies. Various efforts at securing homes are
being made in order to ensure safety even when home owners
are away. These include 24-hour manned security gates, armed
patrols, and perimeter monitoring systems. With the growing
rates of property crime, burglaries, and home invasions in
recent years, the demand for enhanced home security solutions
has significantly grown. Customers have become more
concerned and aware and are willing to adopt as well as invest
in the latest, high-level security solutions and services that are
available in the market. Due to various technological
advancements worldwide, smart home technology is being
adopted widely by the end users during recent years, which
also increases the need for home security, surveillance, and
control functions. Issues such as installation complexities,
technical malfunctions, maintenance, and troubleshooting,
which are faced by consumers, are now addressed by managed
security service providers. This has significantly broadened the
consumer offerings, which further drive the growth of home
security solutions market. The governments of both developed
and developing nations around the world have taken initiatives
to develop smart and secure townships for urban development,
which have propelled the need for home security solutions in
the residential segment. The high installation costs and lower
levels of IT literacy among home owners act as major
hindrances to the growth of the home security solutions
market. By providing home safety along with home security and
improvements in terms of compatibility and accessibility
between smart monitoring services with different platforms
and interfaces will be a good growth opportunity for home
security solutions market in the future. Also, increasing the
market presence and customer touch points would result in
greater home security solutions brand awareness among
people. The global home security solutions market generated
revenue worth US$ 8,339.2 Mn in 2014 and is projected to
grow at a CAGR of 18.0% during the forecast period (2015 –
2022) to reach a market size of US$ 30,293.0 Mn by 2022.
On the basis of component types, the home security solutions
market is categorized into hardware, software, and services.
The hardware segment consists of video surveillance, access
control, electronic locks, alarms, and sensors and detectors.
The applications of video surveillance systems range from
complete security to remote monitoring accessibility. The
growing acceptance of video surveillance globally is mainly for
the purpose of detecting home invasions, robberies, thefts,
property crimes, and other home-based criminal incidents.
Video surveillance systems are further segmented into analog,
IP-based systems, and other systems such as recorders and
storage, CCTV monitors, and encoders. Analog-based video
surveillance is the older technology, with a complex structure
and low costs. On the other hand, IP-based video surveillance
provides better video quality with live HD streaming feature
even away from home, unlike analog, and is slowly replacing
the analog solutions.
Access control and authentication refers to the various
measures, either physical or electronic, designed for the
monitoring of people and objects, and controlling access to and
preventing intrusion of any property and information. It is
primarily concerned with the restriction of the physical access
to unauthorized people in controlled facilities and buildings.
The access control systems discussed here include biometrics,
RFID, and card-based access control. Biometrics have various
applications of fingerprint recognition, facial recognition, and
iris recognition. This technology is already a big success in the
commercial sector, due to which consumers are now
considering it for domestic purposes as well for advanced and
personalized security. Due to the remote scanning feature
where the door locks can be controlled from distant locations,
biometrics is gaining popularity in the home security solutions
market. Radio-frequency identification (RFID) is a wireless
noncontact system applying radio-frequency electromagnetic
fields and is mostly used in real-time tracking applications.
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In the coming years, Asia Pacific, Latin America, and Middle
East and Africa (MEA) would be the major geographies that
drive the growth of the home security solutions market. In
2014, the key home security solutions vendors included Assa
Abloy AB, ADT Corporation, Honeywell International, Inc.,
Vivint, Inc., Tyco International Ltd., HikVision Digital Technology
Co., Ltd., Axis Communications AB, Frontpoint Security
Solutions, SimpliSafe, Inc., and Protect America, Inc
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