The earliest memory of home security solutions goes back to alarm systems. This involved a maze of wires running in the entire home from walls to ceilings to be hooked to the landline phone system for raising an alarm. With a leap in home security technology, high-level security solutions and services are presently available in the market. Customers have become extra vigilant about home security and are investing in hi-tech home security solutions to ensure the safety of their homes even when they are away. This will result in the global home security solutions market displaying an impressive 18.0% CAGR from 2015 to 2022, says Transparency Market Research.
Q. What are the major forces driving the growth of the home security solutions market?
A. In present times, the adoption of smart home technology has also necessitated the adoption of home security, surveillance, and control functions. The presence of managed security service providers for home security solutions address issues pertaining to installation complexities, troubleshooting, and maintenance, resulting in heightened offerings for consumers.
In many parts of the world, the development of smart and secure townships as part of urbanization has propelled the need for home security solutions for the residential sector. The integration of home security solutions with any Internet-connected device allows the entire home to be monitored and operated using this device. This further enhances the utilization of home security solutions.
Q. Which is the leading component segment of this market?
A. The hardware component segment held almost 93% of the overall home security solutions market in 2014. The dominance of this segment is due to the high utilization of video surveillance systems for monitoring home invasions, thefts, robberies, property crimes, and other trespassing incidents.
To further enhance the security of residential properties, access control and authentication systems are being added to the hardware for home security solutions. This is aimed to restrict the entry of individuals in controlled buildings. The access control systems include RFID, biometrics, and card-based access feature. Among these, biometrics is gaining popularity in the residential segment after its success in the commercial sector for unique identification features.
Q. How does North America fare in the home security solutions market?
A. In 2014, North America stood as the largest market with 37.3% of the overall market for home security solutions. With the revival of the residential sector post the housing bubble of 2007-2008 and increase in home improvements activities, the demand for home security solutions will be on the rise in this region. The region is expected to display the fastest growth in the global market for home security solutions in the coming years.