The application of artificial intelligence (AI) and deep learning in home security systems is a major factor driving home security market revenue growth
The global home security system market size was $52.80 billion in 2021 and is expected to register a compound annual revenue growth rate of 8.3% over the forecast period, according to the latest analysis by Emergen Research. The home security systems market revenue growth is mainly due to factors such as the growing awareness of home security systems, implementation of Artificial Intelligence (AI) and deep trend of home security systems. In addition, the emergence of artificial intelligence and deep learning and the proliferation of devices connected to the Internet of Things have led to increased revenue growth in the market. AI is changing home security as it can solve problems, such as human error and false alarms, that traditional home security solutions face. AI-powered home security systems can learn about a family’s daily routine and detect strange events. This is useful for families who have a large number of visitors or who travel frequently, because the home security system reduces the frequency of false alerts. Artificial intelligence also provides homeowners with peace of mind because people have a short attention span, while technology is programmed to always be on the alert. There are many challenges for home security systems including equipment complexities and with the increasing number of separate devices integrated on a similar platform, home security systems are getting more and more complex.
The home security system The market report focuses on economic developments and consumer spending trends across countries for the forecast period 2022 to 2030. The research further reveals which countries and regions will enjoy a better position in the coming years. Apart from this, the study talks about the growth rate and market share as well as the recent developments in home security system industry all over the world. Besides, the special mention of the major players in the market adds importance to the overall market study.
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Some highlights of the report
- The detached home segment accounted for the largest share of revenue in 2021. There is a growing demand for home insurance systems by independent homeowners to secure their families and property from an increasing number of burglaries and burglaries. According to FBI home burglary rates, one burglary occurs every 13 seconds, four burglaries every minute, 240 an hour, and about 6,000 every day. It also states that burglary will occur in one in three homes that do not have a security system, compared to one in every 250 homes that have a security system. There is a high adoption rate of advanced home security systems due to their various benefits. The current generation of home security solutions offer unparalleled connectivity, control and access, as well as the ability for homeowners to remotely access various functions through a computer or smartphone, driving revenue growth for this segment.
- The segment installed and monitored by professionals accounts for the largest share of revenue in 2021. The customer wants to make sure equipment is positioned correctly, home alarm is monitored and the system is properly maintained. Therefore, they are willing to pay more for an expert installation to install wireless sensors and security cameras without professional assistance. While setting up the security cameras, professionals can help customers get the best view while making sure that gadgets are not easily stolen. This may include digging, using stairs, and performing some electrical work that the average customer would find difficult. In addition, they will plan the system, install and test sensors, and correct any issues that may arise, which are key factors driving revenue growth in the segment. People who have no knowledge or background of manual work are better served by a specialist.
- The video surveillance systems segment captured the largest share of revenue in 2021. Video surveillance is the best option for surveillance purposes as it comes with many benefits. Digital video cameras offer higher resolution and wider viewing angles. In addition, with the highly integrated digital video system, consumers can watch activities on their monitoring feeds from anywhere in the world using mobile devices, computers and tablets, as long as they have an Internet connection. They can also log in and access their security system and watch live broadcasts or recorded footage, which are major benefits driving revenue growth for this segment.
- The European market accounted for the third largest share of revenue in 2021. The increasing number of collaborations and new product unveiling by major companies in Europe has led to market growth in this region. For example, on May 6, 2021, Essence Group, a major developer of Internet of Things solutions for the security and care industries worldwide, launched [email protected]+, the next generation of security and home management platform. To try out the new product, Essence is partnering with European security service providers including Securitas Direct Switzerland.
The subject matter experts conducting the study provide a deep understanding of how prominent leaders navigate potential buyers and the competitive dynamics that influence their brand’s position in the industry. home security system Market analysis provides everything a business owner needs to succeed.
The major players/manufacturers described in the report are:
ADT, Resideo Technologies Inc, Johnson Controls, Hangzhou Hikvision Digital Technology Co., Ltd, Assa Abloy, Secom, LLC. and Robert Bosch LLC. and Allegion plc. and Snap One, LLC. and ABB.
For more details on this report: https://www.emergenresearch.com/industry-report/home-security-systems-market
For a better understanding, the report divides the market into major segments such as product types and application spectrum. The report also provides estimates about the segment and sub-sector expected to grow at a rapid pace and the key factors expected to drive revenue growth for the segments during the projected 2022-2030 timeline.
Emergen Research has segmented the global home security systems market into segments by home type, security type, system type, and region:
- Home Quality Outlook (Revenue, billion USD, 2019-2030)
- independent homes
- Residential units / apartments
- Security type forecast (revenue, billion USD, 2019-2030)
- Professional Installed and Monitored
- Self-installed and professionally monitored
- do it yourself (DIY)
- System type forecast (revenue, billion USD, 2019-2030)
- fire protection system
- video surveillance system
- access control system
- access control system
- Intruder Alarm System
North Amarica (US and Canada)
Europe (United Kingdom, Italy, Germany, France and rest of the European Union)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
Latin america (Chile, Brazil, Argentina and the rest of Latin America)
Middle East and Africa (Kingdom of Saudi Arabia, UAE, South Africa and the rest of the Middle East and Africa)
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The report provides insightful information about the market dynamics of the Home Security System market. It offers SWOT Analysis, PESTEL Analysis, and Porter’s Five Force Analysis to better understand the Home Security System market, competitive landscape, factors affecting it and forecast industry growth. It also presents the influence of various market factors along with the influences of the regulatory framework on the growth of the Home Security System market.
The main benefits of the report:
- Comprehensive analysis of the competitive scenario and its changing dynamics
- Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
- 8-Year In-Depth Analysis Of The Global Home Security System Market
- Critical assessment of key market segments
- Comprehensive analysis of drivers, constraints, trends and opportunities
- Detailed regional analysis and comprehensive profiling of the company
- Comprehensive assessment of current and emerging market trends
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About Emergen Research
Emergen Research is a market research and consulting firm that provides syndicated research reports, customized research reports, and consulting services. Our solutions focus purely on your goal of identifying, targeting and analyzing consumer behavior shifts across demographics and across industries and helping customers make smarter business decisions. We provide market intelligence studies to ensure relevant and fact-based research across many industries, including healthcare, touchpoints, chemicals, species and energy. We constantly update our research offerings to ensure that our clients are aware of the latest trends in the market. Emergen Research has a strong base of experienced analysts from diverse areas of expertise. Our industry experience and ability to develop a tangible solution to any research problems provide our clients with the ability to secure an advantage over their competitors.
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