Home security solutions market to reach $47,542.52 mn by 2020, says report
The concept of home security solutions emerged in the early 1990s wherein the solution was predominantly similar to car alarms. They were expensive and unreliable and the rate of false alarms was also very high. However, with progress in the technology, home security solutions have also advanced gradually. A wide variety of features, such as night-vision, cameras, electronic and smart locks, motion-sensitivity, wireless devices, internet connectivity, and more, became commonly available for utilisation by homeowners. Such enhanced security features, in turn, increased the interest in security solutions, subsequently increasing the demand.
However, as in case of any advanced technologies, these security solutions also involve issues such as software glitches, non-compatibility issues, connectivity issues, radio or electrical interference, and more. There are extensive initiatives being taken by industry players in order to overcome these issues and thus, provide a highly effective security solution for homeowners.
The global home security solutions market is expected to grow from $28,318.69 million in 2014 to $47,542.52 million by 2020, at a CAGR of 8.7 percent between 2015 and 2020. The global home security solutions market is growing rapidly and the major reasons behind this could be the alarming crime rates on global basis and growing concerns of society toward security measures and concerns.
The global home security solutions market report describes the market trends, drivers, and challenges with respect to the home security solutions and forecasts the market till 2020, based on products, solutions, home types, and geography. It gives a bird’s eye-view of the market across geographies, namely the Americas, Europe, APAC, and RoW. The Americas is the largest geography in terms of global home security solutions market size and is expected to hold a major market size till 2020, with the U.S. occupying the largest market share. The Americas consists of two major regions, namely North America and South America. APAC and Europe are also considered as the promising markets, with Germany and the U.K. in Europe, and Japan and India in APAC acting as impetus to the growth.
The competitive landscape of the market presents valuable insights about players in the home security solutions market. The global home security solutions market report profiles 11 promising players in the market and further explains their business overview, product portfolio, recent developments, and key strategy adopted. The market is witnessing new product developments and mergers & acquisitions across the value chain between the companies.
The major players in the global home security solutions market are Tyco (Ireland), ASSA ABLOY (Sweden), UTC Fire & Security (U.S.), Honeywell International, Inc. (U.S.), Bosch Security Systems (Germany), Ingersoll Rand Solutions (Ireland), Allegion PLC (Ireland), Godrej & Boyce Manufacturing Company Limited (India), Control4 Corporation (U.S.), Alarm.com (U.S.), and Nortek Security & Control LLC (U.S.).
