Home Security System Market – 34% of Growth to Originate from North America | Driven by Growth of DIY Home Security Systems

NEW YORK, May 3, 2022 /PRNewswire/ — The home security system market size is expected to grow by USD 21.53 billion from 2021 to 2026 at a CAGR of 7.8% as per the latest market research report by Technavio. 34% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for home security systems in North America. Market growth in this region will be faster than the growth of the market in South America. The significant increase in adoption of smart homes owing to rapid urbanization and the advent of IoT in the home security system will facilitate the home security system market growth in North America over the forecast period

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Read the 120-page report with TOC on “Home Security System Market Analysis Report by Product (Video surveillance system, Alarm system, and Access control system) and Geography (North America, Europe, APAC, Middle East and Africa, and South America), and the Segment Forecasts,2022-2026″. Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/report/home-security-system-market-industry-analysis

Home Security System Market – Drivers & Challenges

The key factors driving the global home security system industry are the growth of DIY home security systems owing to their low cost, ease of installation, and smartphone-enabled operation. Americas is one of the largest adopters of the DIY home security system, with the US in the lead. Factors such as the low cost of these systems compared to professional security systems will be driving the market growth in the forecast years. For instance, cameras used in DIY systems are cheaper when compared to those offered as part of a professional package. In addition, the flexibility associated with DIY security systems will help non-traditional security equipment providers to increase the overall penetration rate of homes with alarm systems.

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However, the key challenge to the global home security system industry growth is the increasing instances of false alarms owing to the failure to assess properly. Due to such alarms, the operator may not respond to genuine alarm conditions. False alarms usually happen because of minor errors in the application programs, especially when the sensor is unable to read the object which is nearing the boundary. This not only leads to customer dissatisfaction but may also result in the misuse and loss of sensitive customer information and other fraudulent activities. This may challenge the growth of the market in focus during the forecast years.

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Some of the key Home Security System Players:

The home security system market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market.

• ABB Ltd.

• ADT Inc.

• ASSA ABLOY AB

• Bay Alarm Co.

• Frontpoint Security Solutions LLC

• Godrej and Boyce Manufacturing Co. Ltd.

• Hangzhou Hikvision Digital Technology Co. Ltd.

• Honeywell International Inc.

• Johnson Controls International Plc

• Link Interactive

• Monitronics International Inc.

• Nice SpA

• Nortek Security and Control LLC

• Panasonic Corp.

• Robert Bosch GmbH

• Schneider Electric SE

• Scout Security Ltd.

• SimpliSafe Inc.

• Stanley Black and Decker Inc.

• Vivint Smart Home Inc.

• Zhejiang Dahua Technology Co. Ltd.

• Snap One LLC

Home Security System Market: Segmentation Analysis

Product Outlook (Revenue, USD bn, 2021-2026)

• Video surveillance system – size and forecast 2021-2026

• Alarm system – size and forecast 2021-2026

• Access control system – size and forecast 2021-2026

Geography Outlook (Revenue, USD bn, 2021-2026)

• North America – size and forecast 2021-2026

• Europe – size and forecast 2021-2026

• APAC – size and forecast 2021-2026

• Middle East and Africa – size and forecast 2021-2026

• South America – size and forecast 2021-2026

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Related Reports:

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• The identity verification market share is expected to increase by USD 10.23 billion from 2021 to 2026, at a CAGR of 16.86%. Download a sample now!

Table of Content

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Product

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio