Security and privacy are major concerns in residential societies. Various efforts at securing homes are being undertaken to ensure safety even when the home owners are away. These include 24-hour manned security gates, armed patrols, and perimeter monitoring systems. Demand for enhanced home security solutions has significantly grown with the growing rate of property crime, burglaries, and home invasions in recent years.
According to a new market report published by Transparency Market Research titled “Home
Security Solutions Market (Component – Hardware, Software, Services) – Global Industry Analysis,
Size, Share, Growth, Trends and Forecast, 2019 – 2022,” the global home security solutions
market is expected to reach value of US$ 30,293.0 Mn by 2022. The market is estimated to expand
at a CAGR of 19.7% during the forecast period from 2020 to 2022. Rising security awareness among
customers at homes, emergence of affordable managed security solutions, availability of widespread
IoT and wireless services, and attractive insurance policies are the key factors driving the growth of
the home security solutions market globally.
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North America was the largest geographical market for home security solutions in the
year 2019 with a market share of 38.3%; it is also expected to be the fastest growing market with an
estimated CAGR of 19.9% during the forecast period (2020 – 2022). Demand for home security
solutions continues to grow in this region with the retrieval in residential construction activities, as
well as rise in improvement and renovation activities in the residential infrastructure. Biometrics,
smart cards, voice transmissions, and asset tracking systems are mainly driving the growth of home
security solutions in the residential sector of North America. Demand will also be aided by ongoing
concerns about crime and anti-social activities such as thefts and burglaries in residential areas.
Other developments in the residential sector in North America include new concepts such as the
integration of home automation and security, intelligent buildings, and service bundling, which
further increases the adoption of home security solutions in this region.
The home security hardware segment occupied approximately 94% share of the home security
solutions market in the year 2019. Home security solutions ensure safe