Report: Global Home Security System Market Growing at 13% Annually
The residential security cameras segment posted the highest contribution of close to 22% in 2014.
CHICAGO – The global home security system market is projected to grow at a rate of above 13% during the forecast period 2015-2019 as the rising incidents of security concerns have led to increased safety measures by residential dwellings, according to a market forecast distributed by reportsnreports.com.
Advancement in technology and emergence of smart homes has led to the rise of integrated home security systems, which can be connected to smartphones and enable the monitoring of residences from remote locations.
Segmentation of the home security system market by product includes electronic and smart locks, alarms, security cameras, security solutions, DIY home security and sensors and detectors. In 2014, the security cameras segment of the global home security system market noted the highest contribution of close to 22%. This trend is expected to continue in the next five years. Security cameras are embedded with features such as Wi-Fi connectivity, rechargeable and replaceable batteries, accessibility on Android and iOS devices through apps.
With a market share of more than 48% in 2014, the Americas dominated the home security system market, followed by Asia-Pacific (APAC) and Europe, Middle East and Africa (EMEA). Following the burgeoning trend toward smart homes and smart products, people are investing increasingly on smart home security products and solutions.
With the improving economic conditions in Europe, vendors are increasingly investing in R&D. The European market is witnessing the introduction of many innovative applications and solutions such as advances in video asset management solutions. In addition, the main aim of vendors is to reduce the cost of expansion, storage and maintenance of security solutions. The changes in consumer preferences are forcing vendors to deliver innovative residential security solutions with high efficiency to survive the commoditization in the market. This trend will help Europe to stay competitive in the market among other regions.
According to “Global Home Security System Market, 2015-2019,” insurance companies offer discounts on home insurance to people who have a monitored security system installed. The discount depends on the features and sophistication of the system. According the Insurance Information Institute the discount ranges from 15% to 30%. The discount offered is substantial enough to cover monitoring and installation costs to some extent. Installation of smoke detectors, carbon monoxide (CO) detectors, and intrusion alarms leads to reduction in insurance premiums and can make the adoption of home security more economical the end-user.
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