Forecast: Global Home Security Market to Be Worth $47.5B by 2020
Research firm Markets and Markets projects a compound annual growth rate (CAGR) of 8.7% between 2015 and 2020.
According to a new report, the global home security market is projected to grow at a compound annual growth rate (CAGR) of 8.7% between 2015 and 2020.
DALLAS – The global home security solutions market was valued at $28.3 billion in 2014 and is forecast to increase to $47.5 billion by 2020, according to a report published by research firm Markets and Markets. The compound annual growth rate (CAGR) for home security is projected to be 8.7% between 2015 and 2020.
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In terms of geography, the Americas accounted for the largest market share of ~61% in 2014, followed by Asia and Pacific (APAC) with ~21%. The key driving factors behind the growth of the Americas region are the major key players located in the region and the growing concern toward security in various industry verticals, such as public places and residential areas, according to the report.
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The major players in the home security solutions market are adopting different kinds of strategies in order to achieve successful penetration and a strong position in the market. These strategies include new product development, mergers & acquisitions, among others.
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Despite the several benefits offered by home security systems, lack of awareness about technological advancements and a higher cost of security solutions are some important restraining factors, according to the report. A rise in the awareness levels among consumers and increased adoption of new technology for home security would gradually result in the cost reduction of the solution, thus driving the market further.
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