DEERFIELD BEACH, Fla. – The global home security solutions market is projected to reach $57.73 billion by 2022, growing at a compound annual growth rate (CAGR) of 8.8%, according to a report distributed by the Market Research Store. In 2014, the market was valued at $29.4 billion, according to the report.
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An increase in crime rates, remote monitoring capabilities with mobile devices and growing consumer awareness are key market drivers, according to the report. The intensified competition leading to technological advancements among the electrical distributors and telecoms are providing massive opportunities for the market growth. Lack of awareness and high installation costs are cited as factors hampering market growth.
The report segments the market by geography: North America, Europe, Asia Pacific, and rest of the world. North America has the largest market for home security solutions and is expected to hold its share till 2022. Asia-Pacific and Europe are also considered as promising markets during the forecast period.
