Home Security Systems Is Expected To Reach Staggering Market value by 2032

Pune, India, October, 2018/MRFR Press Release/— Market Research Future published a half-cooked research report on global home security system market research report — forecast till 2032.

Market Highlights

A typical home security system consists of interior and exterior motion sensors, wired or wireless security cameras, high decibel alarm systems, and control panel. Globally, the home security systems market is expected to grow from USD 54.0 billion in 2024 to USD 92.9 billion by 2032, at a CAGR of 7.0% during the forecast period. Advancement in remote monitoring and smartphone technology and increasing demand for smart homes are a few factors that are expected to drive the home security system market during the forecast period. However, lack of awareness about the benefits of security systems and high initial installation cost are expected to limit the growth of the home security market during the forecast period.

Key Players:

The prominent players in the global home security system market are United Technologies Corporation Nortek Security & Control LLC, Vivint Inc., Control4 Corporation, Honeywell International Inc. Tyco International Ltd., ADT Corporation, Robert Bosch GmbH, Godrej & Boyce Manufacturing Company Limited, Assa Abloy AB, Allegion PLC, Axis Communications AB, SimpliSafe, Inc., and HikVision Digital Technology Co., Ltd. among others.

Regional Analysis

The global market for home security systems is estimated to grow at a significant rate during the forecast period from 2024 to 2032. The geographical analysis of home security system market is done for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to grow at a faster rate during the forecast period. The US, Canada, and Mexico are expected to dominate the global home security system market in the region during the forecast period. The presence of big players and early adoption of new technologies such as IoT and artificial intelligence (AI) drives the home security systems market in North America region.

Asia-Pacific is expected to dominate the global home security system market during the forecast period. Asia-Pacific is an advanced, economical region with countries such as China, Japan, and South Korea expected to dominate the global home security system market in Asia-Pacific. Also, many governments have set safety norms for various categories. Huge development in the construction and real estate sector are expected to be prominent growth factors for the home security systems market in the region.