Global home security systems market was valued to be US$ 54.4 billion in 2021, and it is anticipated to reach US$ 90.5 billion by 2028 at a CAGR of 8.3% over the forecast period 2022–2028.
Westford, USA, Dec. 01, 2022 (GLOBE NEWSWIRE) -- As the world becomes more connected, and more and more people are working from home, the demand for home security systems is increasing. Home security systems provide peace of mind by deterring criminals and protecting homeowners in the event of a break-in. There are a number of factors driving the increased demand for home security systems market. The first is the increased incidents of home invasions and burglaries. Home invasions are often violent, and can leave homeowners feeling violated and scared.
Another factor driving the demand for the products is the rise in “smart home” technology. Homeowners are increasingly adopting “smart” devices such as thermostats, lighting controls, and door locks that can be controlled remotely via a smartphone or tablet. This convenience comes at a price, however, as these devices are often targeted by criminals who know how to exploit their vulnerabilities.
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SkyQuest Analysis: Installed Base of Home security to Exceed 525 million by 2028 in Global Home Security Systems Market
In the SkyQuest’s latest analysis of the market, we found that the market is growing at a healthy rate with strong prospects for the future. The installed base of home security systems is expected to grow from 280 million in 2021 to 525 million by 2028, driven by increasing awareness of security threats and advances in technology. The do-it-yourself (DIY) segment is forecast to be the fastest-growing part of the market, expanding at a CAGR of 12% between 2022 and 2028.
Our analysis shows that there is a huge opportunity for growth in the home security systems market, especially in the DIY segment. With more people becoming aware of security threats and advances in technology making DIY systems more affordable and easier to install, we expect to see strong growth in this area in the years to come. This growth is being driven by a number of factors, including the increasing prevalence of smart devices and the growing need for security solutions that can protect people and property.
SkyQuest has found that the average household in the US spends around $600 on home security products and services each year. This figure is expected to rise to over $900 by 2028. The majority of this spending goes towards monitoring services, with an estimated $400 being spent on these services each year.
The report on global home security systems market provides an overview of the current state of the market, including key players, trends, and challenges. It also offers insights into the future of the industry, with a focus on growth opportunities and emerging technologies. The report is essential reading for anyone involved in the home security industry, or looking to enter it. It provides valuable insights that will help inform strategic decision-making and ensure success in this rapidly-growing market.
ADT is Well Positioned to Gain Momentum in Home Security Systems Market
SkyQuest's analysis shows that there are a number of companies competing in the home security systems market, but that no single company has a dominant market share. The top five companies in the market are ADT, Comcast, AT&T, Vivint, and SimpliSafe.
ADT is the largest player in the market, followed by Comcast, AT&T, Vivint, and SimpliSafe. However, there is significant competition among these companies, and we expect that the market share positions will change over time as new players enter the market and existing players adapt their offerings to meet changing customer needs.
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According to SkyQuest's analysis, ADT is a leading player in the home security systems market with a market share of approximately 14%. The company operates in three segments: residential, small business, and enterprise. Its main competitors are Comcast, Honeywell, and Protection 1. ADT has a strong brand and is a trusted name in the home security industry. The company has a diversified product portfolio and offers many different types of home security systems to meet the needs of its customers. It also has a nationwide presence and is able to provide its services to customers in all 50 states in the US.
Innovation is critical for ADT to maintain its leading position in the home security system industry. The company has introduced a number of new products and services in recent years, such as its Pulse home automation platform. Our analyst Believe that ADT should continue to invest in its sales and marketing activities to drive growth. The company has reduced its advertising spend in recent years but this has not been matched by a corresponding reduction in headcount or other costs. As a result, ADT's margins have come under pressure.
One of the main challenges that ADT faces is the competitive pricing environment in the home security systems market. Many of its competitors are offering cheaper alternatives to ADT's products and services. This has put pressure on ADT's profitability. However, the company has been able to maintain its market share by investing in new technology and expanding its sales and marketing efforts.
Top Trends in Global Home Security Systems Market
Here are some of the top trends:
1. Cloud-based storage and monitoring: More and more companies are offering cloud-based solutions for storing video footage and monitoring your home security system. This is convenient because consumers can access footage from anywhere, and they don’t have to worry about losing it if home is broken into.
2. Home automation: Home security systems are becoming more and more integrated with other smart home devices. This allows to control security system, as well as other devices in home, from one app on phone or tablet.
3. DIY systems: There are a number of do-it-yourself options available in the global home security systems market that are easy to install and use. These can be a great option if you’re on a budget or if consumer want more control over their system.
4. Wireless Security Systems: One of the latest trends in home security systems is wireless technology. This type of system offers a lot of benefits over traditional wired systems. Firstly, wireless systems are much easier to install. Secondly, they are more flexible and can be easily expanded if you need to add more sensors or cameras to your system. Thirdly, wireless systems offer better protection against power outages and signal interference.
SkyQuest Survey of Home security systems market Reveals Cost is the Major Barrier for Lower Penetration
The goal of the survey was to understand consumer attitudes toward home security and alarm systems. The survey found that while 54% of respondents have some form of home security, only 30% have a monitored system. Of those with a monitored system, 57% have a professional monitoring service, while 43% monitor their own system. When asked why they don't have a monitored system, the most common reasons given were cost ( cited by 48% of respondents) and lack of need ( cited by 30%). Interestingly, only 10% of those surveyed said they don't think monitored systems are effective.
The survey on the global home security systems market also asked about preferred features in a home security system. The most popular features were: Monitored alarms (cited by 78% of respondents)- Cameras (cited by 76%)- Door and window sensors (cited by 74%)- Smartphone app (cited by 67%). The survey provides some interesting insight into the home security landscape. It's clear that cost is still a major barrier to entry for many people, but the declining price of technology is helping to close that gap.
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Top Players in Global Home Security Systems Market
Resideo Technologies, Inc. (US)
Johnson Controls (Ireland)
Hangzhou Hikvision Digital Technology (China)
ASSA ABLOY (Sweden)
Robert Bosch (Germany)
Snap One, LLC (US)
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