Home Security Solution Market Size, COVID-19 Impact Analysis, Regional Analysis, Application Development, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI1351
Home Security Solution Market size is expected to record considerable growth during the analysis period 2021-2027. An increase in burglaries and crime rates in residential areas is amplifying the installation of security solutions. Demand for intelligent home security systems is also driven by access to and adoption of smart home devices as they provide ease of operation, interoperability, and a seamless experience.
Advanced technologies such as IoT, AI, and connected devices are playing a pivotal role in bringing new innovations to home security management. AI combined with machine learning has the capability of making these systems smarter by reducing the chances of false alarms and improving the detection of anomalous activities. Moreover, it can offer improved video analytics capabilities, better video verification, and heightened surveillance capabilities.
Continuous technological improvements and growing consumer spending on home safety will propel the home security solution market growth. Different types of home security solutions include biometric locks, wireless locks, magnetic or electric card locks, keypad locks, cameras, sensors, and panic buttons or alarms. Security cameras are poised witness increased adoption through 2027 as more and more homeowners are focusing on improving their surveillance capabilities.
Considering the application, the access control and management segment of home security solution market will observe robust growth in the future. Consumer spending on advanced access control and management technologies such as biometric locks, magnetic and electric card locks, and wireless locks is increasing due to the rise in the number of break-ins and burglaries.
Europe home security solution market share is anticipated to expand substantially between 2021 and 2027 on account of the growing expenditure in the residential sector. The region is a major hub for tourists and international students. Consequently, the number of rented apartments is significantly high. The need to bolster the security of apartment complexes and growing product innovation by the regional companies will drive the industry growth.
Bosch Security Systems, Allegion PLC, Godrej & Boyce Manufacturing Company Limited, Ingersoll-Rand Solutions, Alarm.com, Control4 Corporation (Wirepath Home Systems LLC), UTC Fire & Security (Carrier Global, United Technologies Corporation), Tyco, Nortek Security & Control LLC, Honeywell International, Inc., and ASSA ABLOY are some of the leading providers of home security solutions.
At the all-virtual CES 2021 held in January, Alarm.com had unveiled the new Touchless Video Doorbell, which received the 2021 TWICE Picks Award. Featuring advanced touch-free capability and advanced video analytics, the Alarm.com Touchless Video Doorbell helps address a key challenge of the COVID-19 pandemic – making home visits and deliveries safer for everyone.
Home security solution companies are also collaborating with other companies to expand their product reach. For instance, in January 2021, Bosch Building Technologies had partnered with LenelS2 to resell Bosch IP cameras in the North American and European region. The deal will allow end-users to access the complete portfolio of Bosch IP cameras through LenelS2’s value-added resellers (VARs).
Opportunities & challenges for the market during COVID-19
During the COVID-19 pandemic, home security solution market forecast has been mainly impacted by supply chain uncertainties and temporary shutdown of manufacturing activities. With major residential construction projects delayed or postponed, installation of home security solutions also experienced delay in many regions.
Additionally, owing to the economic impact of the pandemic, home renovation activities showcased a decline, especially during the initial few months of the pandemic when most consumers had prioritized purchasing essential commodities. However, the impact is likely to be minimal as household security is a key concern among homeowners. All in all, the industry is predicted to witness an upward growth trend during the forecast timeline.
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