The home security system market is expected to reach US$74.75 billion by 2023 from US$45.58 billion in 2018, registering a 10.40% annual growth rate. The proliferation of smart city projects, the emergence of IoT and the integration of wireless technology are a few factors that are expected to fuel the implementation of home security products across different households, according to a report by Research and Markets.
Video surveillance security systems are likely to hold the largest share of the home security product market. A video surveillance system records all the activities in the vicinity; hence, a user can keep a watch on any unusual activity and alert the police regarding the scene; a recorded video footage also serves as evidence in the post-crime investigations.
One of the main benefits of the video surveillance system is that it ensures full-time monitoring in both the densely populated areas as well as in remote areas. The surveillance cameras available on the market use AI and deep learning to empower the security with more reliability and accuracy. For instance, Hangzhou Hikvision Digital Technology (China) launched DeepinView Camera Series with the deep-learning feature to provide accurate and consistent video content analytics (VCA) performance.
Services are likely to hold the largest share of the home security system market. The installed security products should be backed with proper services, such as maintenance and integration, for the smooth and continuous working of these products. Security systems are useful only when they are properly engineered, designed, installed, serviced, and maintained; hence, the services segment is estimated to hold a larger size of the market during the forecast period.
Professional Security Systems
Professionally installed and monitored security systems will account for the largest market share. Growing concern among consumers about consistent security and real-time monitoring and rising disposable income are two major driving factors.
Customers can completely rely on professionally installed and monitored security systems, which are backed up with engineering and maintenance support.
Consumers prefer opting for this category of products as the direct involvement of experts in handling and managing such products saves time and reduces efforts. Under a complete security package, professional monitoring companies offer possible discounts and insurance benefits. Moreover, these companies can communicate with offsite monitoring centers to ask for police, firefighters and ambulance assistance in the emergencies.
The home security market for condominiums and apartments is expected to grow at a higher rate. People in cities prefer condominiums and apartments owing to the integrated security and amenities within optimized prices. Therefore, providing a high level of security, while managing a large number of households, becomes necessary for the city builders and management bodies.
Asia Pacific’s Great Potential
The market in Asia Pacific is expected to grow the fastest. China, Japan and South Korea are driving the overall growth of the home security system market.
The technological and economic advancements in the region are expected to drive the overall demand for security systems. In this region, many governments have set the safety norms for various sectors. For instance, the fire hazard is a major concern, and the rapid development of the construction and real estate sector is expected to drive the residential fire protection system market in the coming years.
Costs as Main Barriers
The high cost associated with the installation and maintenance of home security systems is the key factor limiting the growth of this market. Customers are increasingly becoming aware about the benefits of home security systems; at the same time, they are skeptical of investing in it since the prices of security systems are still not affordable for many consumers. Expensive hardware and the high cost of ownership hinder the adoption of home security systems.