The MarketsandMarkets report with the punchy title “Home Security System Market by Home Type (Independent Homes, Apartments), System Type (Professionally Installed & Monitored, Self-Installed & Professionally Monitored, Do-It-Yourself), Offering (Products, Services), and Geography – Global Forecast to 2023” said the market will reach $74.75 billion by 2023 from $45.58 billion in 2018.
This means that it will grow at an annual rate of 10.40 percent during the forecast period. The growth of the home security system market is attributed to the emergence of IoT and wireless technologies, and increasing customer awareness . Moreover, the integration of AI and deep learning in home security systems and worldwide proliferation of “smart cities” initiatives are creating huge growth opportunities for players in the market.
There is an increasing concern about security among the independent homeowners. The number of independent households is high in the economically developed countries, such as the US, Canada, Germany, etc. Also, those who own the induvial homes usually have a high total household income. The independent homes are more frequently built in isolated locations, and in case of the medical emergencies or the emergencies like burglary/theft, the necessary help may not be available in the area nearby these homes. Considering these factors, the adoption of home security systems among independent homeowners is high, the report said.
Home security system market for do-it-yourself security systems to grow at highest CAGR during the forecast period
One of the major factors contributing to the projected high growth of the market for DIY security systems is the cost optimization ensured by these systems. Some of the products offer integrated alarm triggers and other smart features during a break-in or security cameras for the monitoring purposes.
The penetration of home security systems is still low, and the customers from economically developing countries prefer deploying DIY systems for the security within their budgets. Also, some companies help the customers with user manuals and guidance tools for the system installation and integration. Although the systems do not provide a connection with a professional monitoring station, the customers can remotely monitor the home using their smartphones. Therefore, with the growing adoption of home security systems, the DIY systems become an attractive alternative for the newer customers with average disposable incomes, the report said.