Report: Global Home Security Solutions Market to Surpass $30B by 2022
North America was the largest geographical market for home security solutions in 2014 with a market share of 37.3%
ALBANY, N.Y – The global home security solutions market is forecast to reach a value of $30.3 billion by 2022, according to a new market report published by Transparency Market Research.
The market is estimated to expand at a compound annual growth rate (CAGR) of 18.0% during the forecast period from 2015 to 2022. Rising security needs among customers at homes, the emergence of managed security solutions as an affordable option, government initiatives, and attractive insurance policies are the key factors driving the growth of global home security solutions market, according to the report.
North America was the largest geographical market for home security solutions in 2014 with a market share of 37.3%; it is also expected to be the fastest-growing market with an estimated CAGR of 18.4% during the forecast period. With the return in residential construction activities, as well as a rise in improvement and renovation activities in the residential infrastructure, the demand for home security solutions continues to grow in North America. Other growth drivers include the integration of home automation and security, intelligent buildings and service bundling.
The home security hardware segment occupied approximately 93% share of home security solutions market in 2014, according to the report. DIY security solutions are gaining popularity among the growing number of consumers worldwide due to their cost effectiveness and ease of use, which aid the growth of security solutions among home owners.
The home security services segment is growing the fastest, with an expected CAGR of 26.7% during the forecast period. The complexity of initial deployment and the need for optimal performance of home security solutions has increased the demand for the services market in residential areas.
Electronic locks was the largest segment of the home security hardware market, accounting for approximately 63% of the total hardware market in 2014. These locks are more reliable than the traditional systems, where the locking was purely dependent on keys. Electronic locks are connected to access control systems, which record all information such as time, place and the number of times the lock was used.
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