Home security solutions market
The home security solutions market has grown exponentially because of technological advancements in sectors such as biometrics, sensors, communication technologies, and surveillance systems. It presents promising growth opportunities for both electrical distributors and telecom providers.
The increasing requirement for medical access control and the detection of gas leaks and fire have encouraged people to install medical alert systems alongside other security systems. This has impacted the home security solutions market positively in the past few years.
The advanced features provided by these security solutions include; cameras, night-vision electronic and smart locks, wireless devices, motion-sensitivity, internet connectivity, and so on.
The market for home security solutions, on the basis of components, is segmented into hardware, software, and services:
- The hardware segment includes; video surveillance, access control and authentication, electronic locks, sensors detectors, and alarms.
- Video surveillance comprises; IP cameras, analog cameras, storage and recorders, encoders, and CCTV monitors.
- The access control and authentication segment includes; biometrics, card-based, and RFID.
- The services segment includes technical support, installation/integration, cloud-based services, and consulting.
In 2014, home security hardware constituted approximately 93% of the global home security solutions market. Within the home security hardware market, electronic locks emerged as the biggest segment in 2014 and represented 63% of the home security solutions market. The segment of electronic locks is also the most rapidly developing hardware segment in the market and is poised to rise at an extraordinary CAGR of 25.50% from 2015 to 2022.
Geographically, the global home security solutions market is segmented into Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. In 2014, North America emerged as the biggest market for home security solutions, accounting for 37.3% of the overall market. This region is also predicted to be the most swiftly developing market for home security solutions in the coming years.This is because of the presence of smart card voice transmissions, biometric, and asset tracking systems here.
The prominent players operating in the market include Assa Abloy AB, Honeywell International, Inc., Vivint, Inc., HikVision Digital Technology Co., Ltd., Frontpoint Security Solutions, and Protect America, Inc., among others.
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