Global Home Security Market – Industry Trends and Forecast to 2031

Global Home Security Market, By System (Fire Protection System, Video Surveillance System, Access Control System, Entrance Control System, and Intruder Alarm System), Services (Security System Integration Services, Remote Monitoring Services, Fire Protection Services, Video Surveillance Services, and Access Control Services), Home Type (Independent Homes, Apartments and Condominiums), Security (Professionally-Installed and Monitored, Self-Installed and Professionally Monitored, and Do-It-Yourself (DIY)) – Industry Trends and Forecast to 2031.

Home Security Market Analysis and Size

The home security market continues to thrive with advancements in technology. From AI-driven surveillance systems to smart locks and facial recognition, the latest methods ensure comprehensive protection. This growth is fueled by rising concerns about safety and the convenience these innovations offer. As homes become smarter and more interconnected, the demand for robust security solutions is expected to soar.

The global home security market size was valued at USD 55.26 billion in 2023, is projected to reach USD 110.11 billion by 2031, with a CAGR of 9.0% during the forecast period 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation       

Market Definition

Home security involves measures and systems put in place to safeguard residences from unauthorized access, burglary, vandalism, or other intrusions. This may include installing alarms, surveillance cameras, smart locks, and motion sensors. Additionally, security practices such as locking doors and windows, using outdoor lighting, and being vigilant about who enters the premises contribute to maintaining a safe and secure home environment.

Home Security Market Dynamics

Drivers

• Rising Crime Rates Create Demand

Rising crime rates, particularly in urban centers, are fueling demand for home security systems as individuals prioritize safeguarding their residences and loved ones. This surge in demand propels the home security market forward, as consumers seek advanced surveillance, alarm, and access control solutions. For instance, in cities experiencing spikes in property crimes such as burglaries, homeowners are increasingly investing in comprehensive security systems to deter intruders and mitigate risks to their property.

• Growing Demand for Remote Monitoring and Control

The demand for home security systems is propelled by the desire for remote monitoring and control, enabling homeowners to oversee their properties from anywhere via smartphones and connected devices. This convenience fosters peace of mind, as individuals can check on their homes in real-time and even arm/disarm security systems remotely. For instance, a homeowner can receive instant alerts of suspicious activity and promptly take action, enhancing overall security and reassurance.

Opportunities

• Integration of Smart Home

The integration of security systems into smart homes is a significant driver for the home security market. By seamlessly incorporating security devices with other household technologies, such as smart locks, cameras, and motion sensors, homeowners can remotely monitor and control their security from anywhere. For instance, integrating a smart doorbell camera with a home automation system allows users to see and speak to visitors, enhancing both security and convenience, thereby driving market growth.

• Insurance Premium Reductions

Insurance companies providing discounts for homes with security systems installed serve as a significant driver for the home security market. These incentives encourage homeowners to invest in such technologies, increasing market demand. For instance, a homeowner installing a comprehensive security system may receive a 10% reduction in their insurance premiums, effectively offsetting the initial investment and making home security solutions more appealing and accessible to a broader consumer base.

Restraints/Challenges

• Cybersecurity Risks

Cybersecurity risks in connected home security devices hinder market growth as consumers fear potential hacking and unauthorized access. Concerns about personal privacy and data breaches discourage adoption, impacting industry expansion. Without robust solutions to address these vulnerabilities, consumers remain wary, stalling widespread acceptance and hindering market growth.

• High Maintenance and Upkeep

Maintenance and upkeep pose significant hurdles to market growth in the home security sector. Consumers often find the need for regular system checks and updates burdensome. This demand for ongoing attention may deter potential buyers, impacting the market's expansion. The continuous need for maintenance creates a barrier to adoption, hindering the market's potential growth.

This market,  report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In June 2023, SimpliSafe introduces the Smart Alarm Wireless Indoor Security Camera with live guard protection and AI-powered motion sensor. This innovation enables real-time crime prevention with direct communication to intruders. Its built-in siren and live agent vocal assistance serve as effective deterrents, enhancing home security measures and ensuring peace of mind for homeowners
• In May 2023, Roku ventures into the smart home market with the Roku Home Monitoring System SE, a cost-effective DIY solution developed in collaboration with Wyze Labs. This five-piece security kit includes entrance sensors, a motion sensor, and hub with integrated siren, and keypad for easy activation. It offers simplicity and affordability without compromising on security features
• In March 2023, Google and ADT partner to offer a DIY home security system, allowing users to integrate a range of Google smart home devices with ADT's customer care and security services. The collaboration combines top Google products with ADT's expertise, offering consumers a comprehensive smart home security solution with full support through the ADT+ smartphone app
• In June 2023, Volt and Ring announce a strategic partnership to enhance smart home security solutions. This collaboration aims to introduce advanced security products such as cameras and video doorbells, meeting the growing demand for comprehensive home security systems. By leveraging Ring's expertise and Volt's innovative solutions, the partnership aims to strengthen their market position
• In November 2022, Arlo Technologies unveils the Arlo Home Security System featuring a multi-sensor with eight separate functions. This system integrates with Arlo's 24/7 professional monitoring service, providing users access to security experts for emergency response. It offers advanced security capabilities, ensuring comprehensive protection and peace of mind for homeowners

Home Security Market Scope

The market, is segmented on the basis of system, services, home type and security type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

System

• Fire Protection System
• Video Surveillance System
• Access Control System
• Entrance Control System
• Intruder Alarm System

 Services

• Security System Integration Services
• Remote Monitoring Services
• Fire Protection Services
• Video Surveillance Services
• Access Control Services

Home Type

• Independent Homes
• Apartments
• Condominiums

 Security

• Professionally-Installed and Monitored
• Self-Installed and Professionally Monitored
• Do-It-Yourself (DIY)

Home Security Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by system, services, home type and security type as referenced above.

The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific is expected to show significant growth in the home security market, driven by early adoption trends and substantial disposable income. Developed countries in the region are leading this surge, investing heavily in advanced security technologies for high end security system and to protect their increasingly valuable residential properties.

North America is expected to dominate the home security market due to the prevalence of major American companies generating significant revenue within the region. This dominance is driven by advanced technology offerings and high consumer demand, ensuring continued market leadership over other regions.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Home Security Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are:

• ADT (U.S.)
• Honeywell International Inc. (U.S.)
•  Johnson Controls (Ireland)
•  Hangzhou Hikvision Digital Technology Co., Ltd. (China)
•  ASSA ABLOY (Sweden)
•  SECOM CO., LTD. (Japan)
•  Robert Bosch GmbH (Germany)
•  RTX (U.S.)
•  Godrej (India)
•  Allegion plc (Ireland)
• Snap One, LLC (U.S.)
• Schneider Electric (France)
•  Nice North America (U.S.)
•  Vivint, Inc. (U.S.)
•  Loop Labs, Inc. (U.S.)
• Canary Connect, Inc. (U.S.)
•  Scout Security Inc (Australia)